The Diamond Hold Migration

The Diamond Hold presale was a rush, having sold out and raised $120,000+ in the space of under a minute is one of the most successful presales we’ve seen ever. On top of that we reached a $1,500,000 market cap in the space of one hour, which is a phenomenal feat.

However, as most of you may be aware by now the Diamond Hold contract is being migrated to a new contract in order to fix a major bug that prevented the auto-liquidity protocol from working.

Hopefully this article will help alleviate some of the confusion or concerns you may have, so that we can grow from this and crack on stronger than ever.

How does auto-liquidity work?

Auto-liquidity is a token mechanism that was popularized by the SafeMoon project, by which a portion of every transaction is taken (called the “liquidity tax”) and sold back into BNB which is then provided to the existing liquidity pool.

The way this works in the code is that the contract will build up this “taxed” portion inside of it, and once a certain amount of tokens are reached it will then try to execute a “swap and liquify” event. Which works as follows:

1. Half of the token balance is sold for BNB (swap)
2. The remaining half of the token balance is paired with the BNB it just acquired from the swap
3. This pairing is then sent to the liquidity pool (liquify)

The way PancakeSwap liquidity pools work is that they cannot send you tokens and simultaneously put tokens back in, this is called a circular liquidity event.

Due to this, any buy orders (PancakeSwap sending you tokens) cannot allow this liquidity event to take place, otherwise the transaction will fail. Therefore the swap and liquify logic can only be triggered by sell orders to prevent withdrawing and depositing to a liquidity pool simultaneously. This is how SafeMoon works, and this is how all of the copy cat projects work.

This is why the contract builds up these tokens over each “buy” and “sell”, because the actual swap and liquify can only work on a “sell”.

The Problem

In the Diamond Hold contract, a line was commented out that allowed this event to take place on buy orders, which meant that with the auto-liquidity feature enabled you couldn’t buy or receive tokens from PancakeSwap.

The last thing we want is for this to bite us in the future, and we want to make sure that while we are still in our infancy stage we can make the required changes to put us in a stronger position moving forward.

The Solution

We are migrating the contract over to a version 2, where we will fix the bug.

The reason is that it is just too risky to let a bug like this exist in a code base, and so migrating the project to a fixed contract will allow the entire project to thrive.

We understand that this might be an uncertain event for a lot of you, so we want to compensate those of you that stand by us with an airdrop of DHT2.

The migration process will be as follows:

1. Take a snapshot of everyone’s wallets at Friday 07/05/2021 9:30pm UTC and lock transactions.
2. Transfer any available liquidity from the existing LP over to the new contract so that the new token has a healthy start.
3. Deploy the new contract and distribute to everyone their new tokens identical to their previous balance.
4. As an extra thank you for holding, each wallet that stays on will instantly start at Tier 2.
5. Half of the community wallet will be burned, and the other half will be distributed amongst you as an airdrop based on the percentage of supply held

You will not need to do anything during this process. It will be handled by the development team.

We will be completely transparent about this entire process and communicate the exact transactions that occur to prove that there are no misdeeds happening here.

To answer some of the questions you may have, here are some pointers:

• The new token and contract will be deployed tonight before the freeze.
• The dev locked team wallet will remain the same.
• The dev locked marketing wallet will have it’s unlock time extended, with vests in between it so that there isn’t any risk of a token dump from our end.
• The dev locked community wallet will be completely relinquished: 50% of its contents burned straight away, and its remaining 50% airdropped to everyone who stood by us (each wallet we captured on the freeze).
• The funds will appear in your wallet the following day as we will need to spend time going through them all.
• Your wallet will start immediately at Tier 2, giving you a head start to any newcomers.

You still have time to decide if you still want to hold your tokens or sell them. We are not doing anything with the current V1 contract until 9:30pm UTC.

At that point we will freeze transfers, and take a snapshot of everyone’s wallets and their balances.

What about liquidity?

In terms of liquidity, 12% of the current pool is available to us which we will transfer over to DHT V2. Then once we get access to the community tokens, we will use those to try and recover as much of the liquidity as possible so that we can move it across.

We will then be able to lock the new LP pair tokens and provide proof of that as we do it. A lot of this rides on trust, and you can see that if we didn’t have good intentions we wouldn’t have come forward in this way.

Conclusion

Thank you all for being so understanding, we’ve been overwhelmed with gratitude and the support and patience you’ve all been showing us. Together we will rise as a community, and we will reach new highs.

With love,

The Diamond Hold Team