Migration from Titano Finance to V2

Certik audited, Skynet monitoring enabled, and the launch of SWYCH, a brand new decentralized exchange.

Migrations can be a messy business in the decentralized finance space. A successful migration can make or break a protocol as it attempts to adapt and change.

One of the things that makes DeFi possible, immutable smart contracts, also makes migrations essential as protocols develop. For most projects, migrating to a new token is a hectic time, filled with anxiety, headaches, and setbacks.

However, for Titano Finance, their migration on April 22, 2022 was just another day in the office. This went smoothly and required virtually no intervention from token holders. From automatic staking to automatic migration, this ease of use was in line with their approach to building a complete DeFi project that makes life easier for investors.

To understand how monumental the Titano migration was, we first need to look at the issues with the V1 Titano Contracts, and what was upgraded and changed. Certik, the lead auditors of the blockchain protocol, identified several issues with the original Titano contract and they worked with Titano Finance to ensure the following issues were all resolved:

1 – MINT function has been removed – Titano’s V2 contracts remove the mint feature, which previously allowed Titano to mint an infinite number of tokens. This function is now gone.

2 – The Rescue Token function has been removed – A rescue token feature can be useful if someone sends money to buy Titano to the wrong Titano wallet. However, this also creates vulnerabilities. The Rescue Token feature has been removed in the new Titano Contracts.

3 – Buying and selling fees have been capped – Currently, Titano has a 13% buy fee and an 18% sell fee when you buy or sell the token. The Titano V2 contract eliminates Titano’s ability to increase these fees beyond these amounts. However, the project can choose to reduce these costs to zero.

4 – Treasury and RFV wallets are now multi-signature – Treasury and RFV wallets now require multiple signatures to make changes to the contract, such as the buy and sell fees mentioned above.

5 – Improved security and code logic – Titano V2 contracts have improved security and code logic, making them stronger and more secure.

Additionally, Titano’s protocol is now monitored 24/7 by Certik’s skynet system.

The second major issue Titano faced was its exposure to Pancake Swap, a third-party decentralized exchange (DEX). Every Defi protocol must have an exchange to allow users to buy and sell their tokens when they want to enter or exit the project. As the DEX provides this service to the protocol, it takes a percentage as payment to facilitate trade. However, since Pancake Swap is not interested in holding Titano or any other token for the long term, they sell these tokens on the open market at random times. This can lead to increased price volatility and selling pressure. Rather than fighting Pancake Swap over their percentages and how they sell them, Titano launched SWYCH, a brand new DEX. Fees collected during Titano swaps will now be used as a source of income, for redemptions and burns. All of which will contribute to upward pressure on prices.

SWYCH does not limit itself to offering swaps on Titano. SWYCH aims to become the de facto Dex for all DeFi protocols and has committed to burning all tokens they collect through fees. Also with over 80,000 wallets and 125,000 social media followers, Titano has positioned itself to give instant visibility to every project by listing its token on SWYCH.

With the launch of the new contract, safety will always be a priority. Titano Finance has demonstrated that they are not only serious about security today, but indefinitely in the future by activating Certik SkyNet. Certik’s Skynet program allows real-time monitoring of the protocol to detect any irregularities. It’s like going from calling the police after a break-in to having a security team standing at the door. Skynet will be instrumental in protecting the protocol on a daily basis.

Now that the contract upgrade is complete and SWYCH is launched, Titano will focus on building other utilities. In less than a week after the migration, they have already brought back the fan-favorite PLAY protocol and this time, under the watchful eye of Certik’s SkyNet. Titano PLAY is a weekly no-loss raffle game where players enter a raffle to win huge sums of Titano tokens. The added benefit of Titano PLAY is that a percentage of the prize pool is actually burned, meaning it has a deflationary effect on the ecosystem. There are also more utilities coming soon, with a lottery, weekly buyouts, passive income NFTs, and more. Just because the contract upgrade is over doesn’t mean Titano is done innovating.

For DeFi enthusiasts looking for a project that puts innovation, security and ease of use as selling points, Titano have proven once again that they are a force to be reckoned with and that they will lead the way in this ever-changing space.

Certik audited, Skynet monitoring enabled, and the launch of SWYCH, a brand new decentralized exchange.

Migrations can be a messy business in the decentralized finance space. A successful migration can make or break a protocol as it attempts to adapt and change.

One of the things that makes DeFi possible, immutable smart contracts, also makes migrations essential as protocols develop. For most projects, migrating to a new token is a hectic time, filled with anxiety, headaches, and setbacks.

However, for Titano Finance, their migration on April 22, 2022 was just another day in the office. This went smoothly and required virtually no intervention from token holders. From automatic staking to automatic migration, this ease of use was in line with their approach to building a complete DeFi project that makes life easier for investors.

To understand how monumental the Titano migration was, we first need to look at the issues with the V1 Titano Contracts, and what was upgraded and changed. Certik, the lead auditors of the blockchain protocol, identified several issues with the original Titano contract and they worked with Titano Finance to ensure the following issues were all resolved:

1 – MINT function has been removed – Titano’s V2 contracts remove the mint feature, which previously allowed Titano to mint an infinite number of tokens. This function is now gone.

2 – The Rescue Token function has been removed – A rescue token feature can be useful if someone sends money to buy Titano to the wrong Titano wallet. However, this also creates vulnerabilities. The Rescue Token feature has been removed in the new Titano Contracts.

3 – Buying and selling fees have been capped – Currently, Titano has a 13% buy fee and an 18% sell fee when you buy or sell the token. The Titano V2 contract eliminates Titano’s ability to increase these fees beyond these amounts. However, the project can choose to reduce these costs to zero.

4 – Treasury and RFV wallets are now multi-signature – Treasury and RFV wallets now require multiple signatures to make changes to the contract, such as the buy and sell fees mentioned above.

5 – Improved security and code logic – Titano V2 contracts have improved security and code logic, making them stronger and more secure.

Additionally, Titano’s protocol is now monitored 24/7 by Certik’s skynet system.

The second major issue Titano faced was its exposure to Pancake Swap, a third-party decentralized exchange (DEX). Every Defi protocol must have an exchange to allow users to buy and sell their tokens when they want to enter or exit the project. As the DEX provides this service to the protocol, it takes a percentage as payment to facilitate trade. However, since Pancake Swap is not interested in holding Titano or any other token for the long term, they sell these tokens on the open market at random times. This can lead to increased price volatility and selling pressure. Rather than fighting Pancake Swap over their percentages and how they sell them, Titano launched SWYCH, a brand new DEX. Fees collected during Titano swaps will now be used as a source of income, for redemptions and burns. All of which will contribute to upward pressure on prices.

SWYCH does not limit itself to offering swaps on Titano. SWYCH aims to become the de facto Dex for all DeFi protocols and has committed to burning all tokens they collect through fees. Also with over 80,000 wallets and 125,000 social media followers, Titano has positioned itself to give instant visibility to every project by listing its token on SWYCH.

With the launch of the new contract, safety will always be a priority. Titano Finance has demonstrated that they are not only serious about security today, but indefinitely in the future by activating Certik SkyNet. Certik’s Skynet program allows real-time monitoring of the protocol to detect any irregularities. It’s like going from calling the police after a break-in to having a security team standing at the door. Skynet will be instrumental in protecting the protocol on a daily basis.

Now that the contract upgrade is complete and SWYCH is launched, Titano will focus on building other utilities. In less than a week after the migration, they have already brought back the fan-favorite PLAY protocol and this time, under the watchful eye of Certik’s SkyNet. Titano PLAY is a weekly no-loss raffle game where players enter a raffle to win huge sums of Titano tokens. The added benefit of Titano PLAY is that a percentage of the prize pool is actually burned, meaning it has a deflationary effect on the ecosystem. There are also more utilities coming soon, with a lottery, weekly buyouts, passive income NFTs, and more. Just because the contract upgrade is over doesn’t mean Titano is done innovating.

For DeFi enthusiasts looking for a project that puts innovation, security and ease of use as selling points, Titano have proven once again that they are a force to be reckoned with and that they will lead the way in this ever-changing space.