Post Launch update
Hello everyone — It has been a turbulent 24 hours for flashloans.com with the token launch. We would like to address some of the good points as well as the bad and give a general update on the upcoming events for flashloans.com
Launch issues
Due to a delay in the liquidity being added on Pancake swap we unfortunately suffered from another user adding liquidity before the Flash loans team and users received sales at inflated prices with the FLASH tokens trading for millions of dollars and not close to the $0.05 launch price.
Why it happened
Due to the nature of decentralised finance anyone can add liquidity to a pair on a decentralised exchange. Unfortunately due to the token hitting circulation before the teams liquidity was added to Pancake swap some trades which were made in good faith purchased coins way above the launch price which was not fair on the members of our community making those trades.
The delay in liquidity from the team side was due to a suspended withdrawal on Binance which had been stuck for several hours before we needed to add to the LP, whilst this is not an excuse and we as a team take full responsibility for this delay we wanted to be completely transparent about how we got here.
I would also like to note how sorry we are for any inconvenience caused to users and hope the solution outlined below goes some way to compensating those who lost out.
The whole reason for us building Dapps is because we as a team have a huge passion for the space and want to create a professionally run, safe platform for people to boost their crypto trading strategies with flash loans.
Why it won’t happen again
We have now loaded $150k of liquidity onto each platform which will now be locked for 1 year to provide the community with the liquidity reassurance you can rely on.
What we are doing to resolve it
There are 2 sides to looking at resolving this issue for the early traders, one opinion is that until the project announces the supported trading pairs, traders should be cautious of people removing liquidity. Also if a $0.05 coin is trading for millions of dollars within a few minutes of this indicates something is likely wrong so in future please check with the admin as to what’s happening.
The second propspective is that a large number of you have joined the Flash loans community in good faith to support the project and purchase some FLASH tokens but got let down on this occasion.
One of the reasons we set up the Flashloans project is to give people a trusted place to access flash loans with a team they can rely on with a long term vision for the project.
For this reason we have chosen to support all those who were affected by issuing a one off airdrop to the wallets affected by this.
We are continuing to run an analysis on how many people have been affected and to what degree so we will be announcing an update here soon with the values for this and the addresses of who will be receiving this airdrop. We will be announcing this in a seperate article coming soon.
Project updates
Below we have listed some of the most frequently asked questions we have had from the community and our response to these.
What’s happening with Coinmarket Cap and CoinGecko
Both applications have been completed and we are regularly checking with the teams how progress is going.
Will you lock the liquidity
Yes, We will be locking the full liquidity for 1 year to give the community confidence around these issues.
Is this a Scam / Rug pull
No, We have a bit of a rocky launch but the token is now distributed and we are now in a position where we can concentrate on the building of the platform.
Launch Announcements
flashloans.com has two big events coming up with staking going live on the 15th of November and the platform going live in the first weeks of December.
We cannot wait to open access to the platform so you can see how easy it is to build and execute a Flashloan using our UI.
Website Facelift
We have just deployed the updated website which includes a link to the different trading pairs, The Duck Bridge, and an updated team and investor lists.
Website — https://flashloans.com/
Brighter days ahead
One of the positives to gain from the launch is that the only way is up for flashloans.com from here. We have one of the most innovative new products in the space, backed by a great team built on the best possible domain we could wish for. The power of Flashloans is going to be huge in the industry for a range of different applications, and we intend to be the leading force behind this!
Thank you for all the community support so far, it means a lot and we look forward to the next update coming soon.
Website — https://flashloans.com/
