π’ Big announcement! π’
Odin Fun V2 is LIVE! πππ
We deployed V2 to our regular domain (odin dot fun) and we moved the V1 deployment to legacy dot odin dot fun.
V2 is a new, fresh version of Odin Fun where user funds are fully secured and backed 1:1 with the Bitcoin in the protocol. This means users can freely deposit, trade, and withdraw as they desire.
We have some exciting new features coming soon (that you all have wanted for a very long time). It will be fun to finally get these out for all of you. I think you are going to love them.
For more context about what this means and why this happened, read on below:
1. We reopened Odin Fun after collaboration with our Chinese communities, being fully transparent about the deficit in user funds. We increased fees (0.5% -> 1%) and committed to using all profits to pay down the deficit. We were all hopeful that liquidity could stabilize and we could continue to grow.
2. Unfortunately, things didn't work out as expected, and over a few weeks the liquidity in the platform slowly dropped to zero. This means users could still trade in the platform, but they couldn't withdraw without another user depositing funds into the protocol first.
3. This wasn't good for anyone. So we've been hard at work over the last 2 weeks and we finally have a good solution. We've redeployed Odin Fun as a new fresh protocol and we are calling it Odin Fun V2. Because it is a fresh deployment of the protocol, it means user funds are fully backed 1:1 and users can deposit, trade, and withdraw as they desire. User balances don't carry about from V1 to V2 and tokens launched won't carry over either.
4. We've deployed V2 to odin dot fun and we've moved V1 Odin Fun to legacy dot odin dot fun. So you can still go to legacy dot odin dot fun and login to view your previous balances. And then you will have to deposit new funds to V2 to trade.
5. Our goal in deploying Odin Fun V2 is to start to build liquidity, traction, and trading in Odin Fun again so that we can (1) work together to build an incredible Bitcoin trading platform, and (2) to use all V2 profits to pay down the user funds deficit in the V1 platform.
6. We will continue using V2 profits to pay down the V1 deficits, but in the meantime we are working with various Odin Fun communities to find an interim solution. For example, maybe a community could raise enough funds to port a token, user balances, and liquidity over from V1 to V2. Please let me know if you have ideas to help.
7. As part of this process if you have comments, questions, concerns, or feedback, please submit a ticket within Odin Fun and we will do our best to accommodate you.
Thank you!
- Bob