A September to remember
Moving into September there were a lot more eyes on X7 with the additional information and products that were released. The community had solidified around the launch of the DAO and constellation tokens and started to permeate into social media.
Some big names took note and started investigating and investing in the X7 ecosystem. One of these big names was CultDAO. Based on research from the CultDAO community members and their guardians, a proposal was made to invest into X7.
This provided a great opportunity for the X7 community to educate a wider audience about X7 and led to the first ever AMA, hosted by Cultmander from CultDAO. And it was timely. At first, the proposal was not going in favour of X7, as the CultDAO community had a lack of information on the protocol.
The AMA quickly changed this due to the excellent explanations from the well educated and engaged community. The proposal passed successfully and CultDAO became the first DAO to invest into X7 Finance. The recorded AMA can be found below.
CultDAO x X7Finance AMA #1
The upgrade
As all of this was going on, the devs decided to throw an unexpected curveball. They announced that to achieve the maximum amount of censorship resistance, reduce centralization risk and achieve long term flexibility, a complete ecosystem upgrade was going to take place: the migration from v1 to v2.
It was framed that v1 was an MVP that had paved the way for the roll out of the final infrastructure for the protocol in a v2 migration. Well thought out deficiencies and mitigations were detailed to the community, aswell as information on which tokens would be migrated/merged. In addition, this was an opportunity to improve the liquidity, especially on the constellation tokens.
Throughout the whole of September on-chain messages, regular transactions and contract deployments were being executed from the connected ecosystem wallets. The team was obviously working and the entire community was watching the process on-chain, waiting in anticipation.
On the 28th of September 2022, the migration from v1 to v2 took place. To emphasize the X7 motto “Trust no one, trust code, long live DeFi”, the developers created a smart contract to automate the entire migration process. This contract was verified in advance, giving the community time to read the code.
Many skilled researchers and developers from the community provided their feedback in the community chats. It was exceptional. Not only was the code very clean and organized, but there were lines in the code that not even the experienced developers in the community could understand! Again, it is clear that we are dealing with a talented team.
