VIP - 2: A new VAB token Polygon contract in light of the Multichain.org shutdown.

Dear Vabble Community,

In the light of recent events with Multichain.org, we are proposing a custom resolution for VAB Token on Polygon.

For those unaware of the current situation, please read the following thread by Multichain themselves:

https://twitter.com/MultichainOrg/status/1679768407628185600?t=xsDac1_eo9JaelQBJG7fog&s=19

Why do we need a solution?

We bridged VAB token to polygon using the Multichain.org services which means multichain are in control of our Polygon smart contracts. Unfortunately, Multichain has been shut down and the remaining team no longer has access to smart contracts. We have liquidity locked with Multichain and communities holders to the sum of 137M VAB tokens and approx $15K in stable coin for liquidity. Since there has been no movements of funds and arrests of the perpetrators have been made, it is likely that this locked wallet will remain in limbo indefinitely. However, it is possible that at some point in the future a bad actor within the Multichain ecosystem can manipulate the smart contracts, access the locked VAB, and influence our markets. We do not want to see such actions unfold.

Please see Multichain Liquidity wallet here: https://etherscan.io/token/0xe7ae6d0c56cacaf007b7e4d312f9af686a9e9a04?a=0xd8e473bb0a7090c6a58a0e5ff2d0159b671dc4ab

PLEASE NOTE: If you have purchased VAB on Polygon, there is nothing to worry about. If you have bridged VAB to Polygon before July 7th, there is nothing to worry about. If you bridged VAB to Polygon via the Multichain bridge after July 7th, it may be stuck. If this is your case, open a support ticket on our discord.

Furthermore, any users who want to bridge to polygon via Multichain cannot do so, therefore we require a new bridge.

The Proposed Solution:

1. Remove unlocked liquidity from the pool on polygon.
2. Set up a new bridge.
3. Transfer VAB token from Vabble treasury to Polygon (to replace 137M VAB).
4. Develop and deploy a new polygon smart contract.
5. Setup a new pool with the new bridge with the liquidity from step 1.

The development of our own Polygon smart contract will allow current Polygon VAB holders to exchange old VAB to new VAB on polygon at a 1:1 ratio.

The current polygon address can be found here: https://polygonscan.com/token/0xed28b1890fbb4aa9ded528c1034fed278ff68f5d

We will develop our own User Interface for all current Polygon VAB holders to complete the swap.

The new smart contract will adhere to the best standards of development and security including but not limited to preventing re-entrancy attacks, limiting gas-usage.

The contract will be upgradable so we can periodically add new VAB tokens to it to support everyone that requires the swap.

The contract will also include a function to allow us to withdraw the old VAB tokens after community members have swapped them.

Vabble’s priority is with the safety of our community members and maintaining stability within the Vabble ecosystem. While this proposal will require additional work that was not anticipated, it will allow for an efficient resolution to the Multichain shutdown and provide a more secure method for future bridging of VAB.

We look forward to discussing this proposed solution with you in discord.

Regards,

Vabble