This was not an easy decision by any means for the WifeCoin team. The act of swapping contracts means admitting fault, it invites FUD onto the scene, and it sometimes can turn otherwise eager investors the other way. However, this is not always the case as there have been several tokens that have had to do so and had a terrific turnout due to their transparency about the situation (100X Token did this). This will be the case for WifeCoin as we have a very engaged team and a dedicated developer who will keep the community in the loop at all times now that the decision and plans are set in stone.
What was the problem?
The liquidity tax function of the contract had a critical flaw. It was sending the liquidity tax of all transactions to an unknown and inaccessible location on the V1 PancakeSwap platform. This meant that the token was not accumulating liquidity as it should have been the entire time. The transaction should have been sending liquidity to the V2 PancakeSwap LP.
Why did this happen?
When the contract was running functionality tests on the testnet it was performing flawlessly. The problem was that this was happening while PancakeSwap was converting over to V2 and the testnet being used for WifeCoin was on V1. So had the token been launched on V1, everything would have run perfectly. However, it was launched on V2, where all new projects were being directed because of the retirement of V1. Essentially, the original WifeCoin contract was unintentionally set up for V1 and then launched on V2, thereby having the LP tax function set up to pour liquidity into V1 where the token did not reside.
What was our initial plan to mitigate this problem?
Our initial plan to fix this problem was to use the dev wallet to manually provide liquidity to the token. This meant that a designated individual or individuals would need to be ready at any time to make a sale from the dev wallet, pair that BNB up with tokens and deposit it into liquidity. This makes for a lot of room for human error to take place. Unfortunately, a human has to be ten times as vigilant to keep up with a computer. The team decided that it would be more advantageous for ourselves and for the token to pursue other avenues of approach.
What was the final decision?
The team took the week following the discovery of the fault to try out the manual option and talk with the developer about how the process of a new contract would go. The developer, shortly after discovering the fault on May 9, 2021, began working to remedy it. After much deliberation, mathematical number crunching, and general social impact discussion, we officially declared that the best option for the community and for the token was to continue forward with a new contract that functions as intended and frees up the time of the admins to focus on marketing and growth. There is a privately funded presale for the new WifeCoin token to provide initial liquidity.
Why is additional LP important to a token?
The short answer is that it provides cushion for sales and reduces volatility of the price. When there is an abundance of additional LP in the token, sales can happen and it will take a larger amount of selling to affect the price greatly. With high volume and a percentage of each sale going into the liquidity, a token can create a large amount of additional LP just through buys and sells and become more resilient to sells over time.
The team appreciates your commitment to the growth and success of WifeCoin. If you are reading this and considering purchasing our token, we assure you that we will strive to give you the best experience we can deliver. We look forward to growing in value and community alongside each and every one of you.