Announcing Pika V4 Upgrade

Pika Protocol is relaunching its v4 version to add new improvements and address some issues found in the previous version.

Why the Relaunch?

In our previous version, we recently discovered that a few traders took approximately $120k in profit from the vault by taking advantage of an issue found in a contract function. Our developers promptly implemented corrective measures, addressing the issue and updating our smart contracts to minimize the impact. However, to fully rectify this issue, we must redeploy our vault contract, necessitating that all depositors manually migrate their funds to the new version. Rest assured, we intend to fully reimburse those vault depositors affected and will announce details related to this shortly..

Benefits of the New Launch

Beyond addressing the identified issue, we’ve utilized this relaunch as an opportunity to introduce several improvements:

1. Asset Upgrade: We’ve changed the vault asset from USDC.e to native USDC, minimizing bridging risks and aligning with the growing adoption from our user base.
2. Risk Mitigation in Vault PnL Calculation: a buffer is added to store the realized PnL, and it is streamed to vault balance in a few days rather than the immediate impact to depositors. This results in more fairness and risk reduction for the vault.
3. Enhanced Oracle Contract: Our Oracle contract has been fortified to prevent any potential impact on the vault in the rare case of L2 sequencer downtime.
4. Future-Ready Contract: The contract has been updated to support account abstraction in our upcoming releases.

We’re pleased to share that these new contracts have undergone a thorough audit by PeckShield before deployment, ensuring an added layer of security.

Launch Details

1. The previous version is now named “v4 legacy” and is in close-only mode. Access it at v4legacy.pikaprotocol.com.
2. The new and improved “v4” is live at pikaprotocol.com, welcoming both traders and vault depositors. All 50 trading pairs from the previous version are supported, though some smaller pairs may experience initial tradability delays due to low liquidity.
3. Traders should close v4 legacy positions and open new trades on the v4 version.
4. Vault depositors can seamlessly migrate their funds to the new version using the “Migrate” button in the legacy version.
5. The v4 legacy version will continue to be maintained for the next three months.

We extend our heartfelt gratitude to the Pika community for your continued support. We remain committed to enhancing our product for the benefit of all users. We are very excited for you to experience the new and improved v4.

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