We are happy to bring an update on the focus of the bridge for Charli3 holdings.
Since the Nomad bridge hack of August 1st, 2022, many token holders on ERC20 have been stuck with their investments on the Ethereum platform. This situation is very unfortunate and we have discussed it many hundreds of times internally as well as in the community.
We are happy to announce that we are bumping up the development of the bridge ahead of other products!
initially, we felt we needed the ODV and VRF products out first, to ensure products for upcoming customers. However, the severity of the issue with holders being stuck has not sat well with us at all, so we have decided to prioritize a bridging solution over these next products.
Current focus
The current focus of Charli3 is still on improving and upgrading/enforcing the node network security, and features for customers and internal operations. This ensures the company's survival as we bring on customers and begin gaining revenue while building trust in the community from projects and people. This is the focus to protect all holders, users, and the team.
Why isnt the bridge up already?
Due to the nature of the Nomad hack, 3million+ tokens that were meant to be burned were flooded back onto the market. This means we can not use any normal bridge, as these tokens would take away from current holders if allowed to be part of the functional circulation. A chain snapshot has been taken prior to Aug 1st, which will whitelist holder’s wallets for the exact amount of C3 tokens held in that wallet prior to the hack. ONLY tokens held before the hack are eligible. Users of Adax CEX are also not included in this and need a lot of custom help to validate their holdings.
This unfortunate situation leaves us in a spot where we need to check every wallet and do each transaction manually. Taking this time and money away from regular development for many weeks has not been viable and would be unbelievably detrimental to the company in development to this point. When the current Oracle improvements are done and things are stable and smooth for onboarding new customers, we will then work on the bridge as our next priority.
Thank you all for staying with us this whole time, and we look forward to building that larger community together
