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@jacek
1/9 GM Degens, after careful consideration—because it affects you most of all—we’ve decided to share with the community the difficulties we’ve been facing in migrating DEGEN L3 to a new service provider, which has delayed some exciting features. https://paragraph.xyz/@degentokenbase/a-frustrated-migration
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@jacek
2/9 To recap what happened to the chain: - DEGEN L3 was processing $200k+ in bridge volume per day - @conduit pushed a bad upgrade without notifying us - this caused 54 hours of downtime and led to $160k in lost user funds - then bridge volume dropped by 75+% over the next month
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@jacek
3/9 In the aftermath, @conduit: - refused to take ownership for damages to our community - refused our requests to upgrade the chain - withheld our sequencer fees - demanded a new contract absolving them of responsibility - negotiated said contract in bad faith over 3 months
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@jacek
4/9 We've been trying since early August to reach a solution with @conduit to migrate DEGEN L3 hosting away from their services Finally, a signed draft has arrived, but the last 3 months, particularly last week, have disillusioned us as to their motive and sincerity.
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@jacek
5/9 Ultimately, we have determined that they are not operating in good faith and are likely to maliciously comply with the proposed contract to delay the migration even further. We have an exciting upgrade that requires only a single signed transaction from the @conduit team—
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@jacek
6/9 But they aren't willing to make the necessary chain upgrades, despite owning the rollup keys. They've told us our new provider needs to handle it, and spent 3 months dragging their feet and delaying delivery of a migration plan...so our new provider can't access the chain either.
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@jacek
7/9 We always strive to do what’s best for the community, and we hope that @conduit will do right by you by promptly complying with the necessary steps to begin migration. Should they refuse, we hope this serves as a warning to other chains considering their infrastructure needs
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@jacek
8/9 As always, we can’t thank you enough for supporting DEGEN and for making this community as wonderful as we know it to be. This small speed bump will have no effect on tipping, the Base token, or any other aspect of the DEGEN ecosystem outside of L3.
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@jacek
9/9 So please feel free to keep tipping and contributing! If you feel it’s better to bridge off the chain, we totally understand. We’re hopeful that we’ll be able to restore trust in the DEGEN L3 before long. We love you all! The 🎩 stays on, Jacek and Colton
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@jacek
Update: https://x.com/degentokenbase/status/1854673494388490247
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@shareg24
Please pin the update, thank you!
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