KnitFinance Relaunching Bitgert Network Bridge
Thank you so much for the support we are getting from our community. You might have noticed that we had launched our bitgert network last week and just after our launch our team has figured out the issue in user flow where some of community members also help us to rectify the same, we immediately paused the operations and prevented further misuse of users funds.
Here is what happened
Usually our team had integrated the bridge as per standards we are following where each token is pegged 1:1 collateral and only gas and swapping fees are applicable later on it was found that bitgert network charging the gas fees for each transaction and some of those transactions are minting in multiples of wrapped tokens while burning facing some issues which disturbed the economics of ecosystem. To take this issue seriously our team has paused all the operations on the bridge and started rectifying the issues.
We found out few issues listed below
- User minting the tokens in multiple of what amount was passed.
- Extra tax was charged for each swap operations
- Burning of wrapped tokens was not happening properly.
Our team takes time to identify the issues and take multiple trials and integration cycles to fix those issues, while doing so we again found some issues which we feel should not be made public and it took us more time to fix that hence the delay happened in our relaunch.
Now our bitgert bridge is ready to use at app.knit.finance
If you still have any issues or fix required please let us know at firstname.lastname@example.org.
Follow Knit Finance across official channels: