[NEWS] THE CALCULATION OF FOTA TOKEN HAS CHANGED FROM 12H HIGH TO 6H HIGH
🔥 LEAKING 🔥 THE CALCULATION OF FOTA TOKEN HAS CHANGED FROM 12H HIGH TO 6H HIGH
️🥊 On the upcoming update, after completing the 5th Submission – The Ascent, players have to “Confirm” on the Metamask wallet, and the Rewards will be distributed as FOTA token.
️👉 FOTA Token will be calculated as the highest price in the period of 6 hours (6h high) instead of 12h high like the current update V.1.0.1.
️🎯 To reduce the risk of spoofing, we used the price 12h high (in V.1.0.1). When using real-time price, there will be vulnerabilities that make the system susceptible to price manipulation, which causes great damage to the project and users. In addition to building a security mechanism to ensure benefits for the community, FOTA also optimizes the utility experience at the same time. Therefore, the upcoming update will be more optimized by changing the price from 12h high to 6h high to bring better convenience to users.
❓ Reasons why we use price 6h high instead of the real-time price:
- Anti-Spoofing (https://academy.binance.com/en/articles/what-is-spoofing-in-the-financial-markets)
- Control the influence of price manipulation attacks by big sharks.
- Price balance, avoid dump – pump by Market Makers.
- Some example cases of Spoofing in 2022: Mango Market (https://www.coindesk.com/tech/2022/10/20/defi-exchange-mangos-114m-exploit-was-market-manipulation-not-a-hack-ex-fbi-special-agent-says/), Fortress Protocol (https://cryptopotato.com/fortress-protocol-hacked-for-3-million-drained-of-all-funds/), GMX (https://cryptopotato.com/gmx-plummets-20-on-worries-of-price-manipulation-of-avax-usd-on-reference-exchanges/), New Free DAO (https://halborn.com/explained-the-new-free-dao-hack-september-2022/).
😘We believe that this change will bring you guys a better and more interesting experience.
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