TrotelCoin

<p>Remember when we started the Fjord Foundry Liquid Bootstrapping Pool three months ago? We put 5 million of TROTEL into sales.</p><p>Now, we&#39;ve finished that process and raised $500. We want to explain how we&#39;ll use this money transparently with you.</p><h3 id="an-overview">An overview</h3><p>Let&#39;s be honest, $500 isn&#39;t much to work with. Most of it will be used for emergencies or to cover operational costs like RPCs and infrastructure.</p><p>We could also use some of the money for marketing.</p><p>The good thing is that the funds are in USDC, so they&#39;re liquid and we don&#39;t have to sell our revenue tokens on the market.</p><h3 id="the-process">The process</h3><p>As usual, our plan is to vote on proposals when we need to use these funds for specific operations, so you can participate in the decision-making process.</p><p>Over the next few weeks or months, we&#39;ll be focusing on improving the current TIP process to make it more decentralized and enhance our governance system.</p><p>The first step will involve categorizing TIPs into different groups such as protocol changes, application features or fixes, and treasury management.</p><p>Our goal is to engage the community in making the best decisions possible for our treasury, while also maintaining flexibility.</p><h3 id="a-hack-worths-120-dollars">A hack worths 120 dollars</h3><p>On Friday, January 28th, 2024, we faced an API attack that allowed a malicious actor to mint 1.8 million tokens. As a result, 700,000 TROTEL were transferred to an address we control and promptly burned. The remaining tokens were sold on Uniswap by the hacker.</p><p>We have since resolved the issue, making our system more robust and resilient. This error could have been much more costly. While our on-chain operations are secure with audits from independent parties and rigorous testing, the weak point remains in our Web2 centralized infrastructure, which we plan to decentralize as the project grows.</p><h3 id="security-measures">Security measures</h3><p>The hacker exploited a vulnerability in our API endpoint, allowing him to mint any amount from 0 to 100,000 TROTEL. To prevent further abuse, we&#39;ve implemented changes: now, we directly fetch users&#39; pending rewards balances to prevent cheating.</p><p>Additionally, we&#39;ve introduced weekly limits on TROTEL claims, set at 1,000 tokens per week per user. You can claim your tokens every week as needed, with a global maximum minting cap of 100,000 TROTEL per week. This measure helps us control inflation from the Web2 side.</p><p>Importantly, this incident did not impact staking or any of our smart contracts; it was confined to the API.</p><p>We&#39;re committed to building this product with your input and have invested heavily in vision, marketing, knowledge enhancement, and security measures to ensure your safety and satisfaction.</p>

We raised $500 to improve blockchain education

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TrotelCoin

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