Report on SOY IDO 17/11/2021 event

Consecutive round endings

On 17/11/2021 three “daily” rounds of SOY token IDO ended within 30 minutes period.

TL;DR

IDO Contracts work as intended. Funds are safe, there are no exploits in IDO. There was a mismatch with the description published in this article, we apologize for any inconveniences caused. Description will be fixed as soon as possible.

Here is the security audit report for IDO contract performed on 2/11/2021 by Dexaran: https://gist.github.com/Dexaran/c636a22da54bd1efd6f56a9c06a9ddac

IDO auction explained

IDO contracts follow the model of dutch auction. There are two versions of IDO contracts — one runs “daily” auctions, the other runs “weekly” ones. In fact, these auctions are expected to last 1 day or 1 week, but they can last longer or shorter if some special criteria are met (see the max_price and min_price criteria below).

  • 30% of “weekly” rewards become available after the end of a round immediately and 70% are locked for 1 year.
  • max_price of 0.186 * 1.6 = $0.297

Description/Documentation mismatch explained

At the moment of the IDO launch we had multiple variations of the contract discussed.