Lif Token Upgrade

Spencer
Winding Tree
Published in
3 min readSep 13, 2021

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Update: The upgrade was successful! Please note the address of the new contract: 0x9C38688E5ACB9eD6049c8502650db5Ac8Ef96465.

Here’s a piece of advice. Let’s say you’re working on your shiny new ERC20 token. You read the standard (created way back in 2015) and you see this:

From https://eips.ethereum.org/EIPS/eip-20#abstract

So, you think, these two methods are optional and creators of interfaces that will be working with ERC20 tokens will know better than expect these functions to be present. Wrong!

While the standard is explicit about this, ALL the interfaces out there rely on this OPTIONAL methods. I mean, all of them!

And so our sad story begins. Fast forward to 2020, and everyone and their mother has an ERC20 and they’re all trading it on Uniswap, and Uniswap doesn’t give a unicorn dump about tokens that don’t have those optional functions implemented. Should I say it again?

And guess what? We’ve decentralized the 🦄 out of our token. Meaning we can’t change it in any way. Well, mistake have been made, and the only option left for us was to create a completely new smart contract, with those pesky optional functions in right places, and a whole range of new features, like:

  • It is DeFi-friendly (has EIP-2612 ‘permit’ function),
  • It supports gasless meta transactions,
  • It has a mechanism that prevents users from losing tokens, when they’re sent directly to the token contract.

So, what now? Well, two things.

Token Ticker: Vote until September 17

Internally we have a discussion about the token ticker. Should we keep it as “LIF” or should we change it to “LIF2”? Since we haven’t been able to reach a conclusion internally, you will have to decide. All the Lif holders will be able to vote on this issue on our Snapshot DAO.

Token Swap

We’ve created an awesome app that makes the transition to the new Lif token breezy. It will be available on https://lif.windingtree.com. Bookmark it!

Key Details of Token Upgrade

  • It will solve Uniswap and Coin Market Cap problems
  • The evergreen “what is the price?” question will be a thing of the past
  • Token supply will not change, tokens will be exchanged 1-to-1
  • In order to exchange your old Lif, you will have to send it to a special smart contract. Your old Lif will be burned and you will immediately receive the same amount of new Lif. All of this will be done via just a few button clicks in the dApp that we created. Easy breezy!
  • The old token will be in circulation until the community decides to pause the old Lif smart contract
  • The new token will be upgradeable. Token holders will be able to create and vote on proposals for token upgrades

Discussion

As always, let’s discuss this (and any other) topic in our telegram: t.me/windingtree.

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