Tinyman’s new ride is out of the shop and on the tracks, this time more resilient than before.
What a start to a New Year!
Like everyone, Tinyman didn’t know what the new year would bring. What started as an exciting beginning in 2022 turned into a crazy rollercoaster. We all experienced the unexpected and had to make sudden turns. But, in the end, Tinyman bounced back, patching its contract, getting it battle-tested, and now out on the track with an improved ride wearing the brand new uniform. What’s important is that it is glad to be up and running with you once again.
This blog post will not be a postmortem for the events we’ve experienced; that is still in the works. So instead, we’re going to look ahead and tell you Tinyman’s plans for 2022. What the team is working on and how we plan on achieving our goals.
Before we begin, if you haven’t already, take a minute to visit our new website, where you can find the updated version of our roadmap.
Tinyman picking up where it left off
The first item in the list has two sides: audit completion and mainnet launch. After the improvements on the smart contracts, Tinyman protocol v1.1’s new patches were audited by two audit firms and received the green light from both. We have also created a bug bounty to invite community developers to look through our contracts. As a result, we already received a valid bug report, which was a minor issue that got fixed before moving on with the mainnet launch. Upon reviewing the details, the team awarded the person a $1,000 bounty and an NFT to honor our first successful bug hunt.
Our bug bounty program is being extended to collaborate with partners such as ImmuneFi and developer communities across the blockchain ecosystem which will further contribute to the safety of Tinyman v1.1 smart contracts.
Secondly, as a part of the Viridis Phase II: Aeneas Liquidity Program, we’re building a staking protocol for a selected number of pools. Within the scope of this initiative, we’ll be rewarding extra ALGOs to LP holders with a certain frequency, which will attract more friends to our beloved Tinyman. We hope to finalize the work and inaugurate the protocol after celebrating the Meme Competition featuring Tinyman’s first-ever official NFTs as rewards.
Compensation under construction
As we’ve always said, we’ll be as transparent as possible. So on that note, we want to talk about the compensation program. This event has not been easy for the team and our users; however, we are trying to find the right solutions to reimburse the lost funds. Finding out precisely who lost what requires some development work. This is why we’ve created a dedicated team just for this. First, we collect all the data from the chain and then analyze it to avoid mistakes. Once we have the list of addresses and the actual losses suffered by the attack, we’ll be building a backend structure, so users can visit the V.1 page to claim their lost amounts in ALGO. This will be the first part of our compensation package; for this, we’ll be paying out around 3 million USD to these users. We want to remind you that this task will take time, and we are committed to seeing it through.
As a second phase, we also plan to airdrop rewards to our users who were LPs during the event once our governance token comes out. This is still in the works, but this allocation has been added to our tokenomics.
For now, this is all we can share about our efforts as we kindly ask for your patience. We believe that there is a delicate balance between using our limited resources for developing the product and the compensation program. However, we think the evolution of the product is crucial for our ecosystem to grow, so we have to push forward on both sides.
Tinyman Token and Analytics Updates
We began working on Tinyman’s governance token structure to release it in Q2. We received a lot of questions about this, and thinking about how the Tinyman protocol can be governed by its users is an exciting challenge for the team. The roadmap for the governance token is still being fine-tuned, but as we release our token, we want there to be a utility to it. So rest assured the governance portal will be on its way shortly after our token launch.
The team is also busy shaping the new Analytics and Accounts pages. We realize that one of the dire needs of our users is to track as much critical data as possible on a straightforward interface. That will only contribute to the transparency of the historical transactions of the ASAs and help many users to arrive at more educated decisions. We do our best to listen to our community, and one feature requested a lot is calculating taxes. This will also be on our list when updates for Analytics arrive.
You are your community.
Just before the incident, we had kick-started a new community outreach strategy. This strategy involved accommodating more people, projects, and ideas around Tinyman’s social circles, especially on our Discord channel — where we feel that we will welcome all participants in a structured manner. We updated the Discord channel and bootstrapped some channels and roles as part of this strategy. You have probably seen the new roles: “tinyleads” and “tinyambassadors” if you are already in there. These are our community leadership roles respectively in and outside of our ecosystem.
We are looking forward to increasing the number of roles to incentivize other contributors across various areas. One of the most significant communities we want to reach out to is the developer community. Therefore, we are working on creating educational pieces, grants, and outreach programs specifically for those of you who want to build. So, whether you are a designer, programmer, community leader, project owner, etc, if you are interested in creating and taking part in a side-project in Tinyman, please write to one of the admins in our Discord, Reddit, or Telegram channel to start discussing what we can do together!
We are listening
Do you have any questions about the migration to v1.1, or are you interested in contributing to the Tinyman project? We are always ready for your ideas; find us at:
