31/03/2022
Flag Network FAQ
We are temporarily suspending group chat for the sake of avoiding creating FOMO in the group. We'll reopen the chat once we've resolved the issue (expected 24-36 hours).
During troubleshooting, we would like to provide some frequently asked questions received from users:
1. Why has the number of tokens in your wallet decreased? Where have the reduced number of tokens gone?
As previously announced, we use the Rebase function to reduce the token supply, helping us control the token price and prevent dumping.
The Rebase function has the effect of reducing or increasing the supply of all FLAG token holders by %.
For example, If we use this function to reduce the supply by 10%, the number of tokens of all holders will be reduced by 10%.
If you have 10,000 tokens, the number of tokens after the Rebase will be 9,000. This amount of tokens will completely be gone and is not transferred to any other wallet address.
In the situation of dumping, we decided to use this function to reduce the current supply by 90%. The current total supply of FLAG tokens is 98,000,000, which can be checked here:
https://bscscan.com/token/0xa5496935A247fA81B1462E553ad139d2FD0af795
This means that if you own 10,000 tokens, the number of tokens will now be reduced to 98 tokens . This is normal because the number of tokens decreases but the value of the tokens remains the same.
2. What exactly is the problem that Flag Network is facing?
We have wrongly set up the unlock time of a smart contract, resulting in 100% of the tokens purchased from this smart contract being unlocked, specifically as follows:
https://bscscan.com/address/0x0b4c17600b398009c62ae27614f840520bf2d56c
We tried to buy in to stabilize the price, but the selling volume was too large. The total trading volume sold within 24 hours was 8 million USD, which can be checked here:
3. What will the troubleshooting and project development plan look like in the future?
The project will continue to grow and focus on building the platform even if the token price does not live up to expectations.
The above incident has damaged Flag Network's budget, which will affect investors in the short term.
We will continue to stabilize the price and unlock tokens on time.
4. In addition, we have compiled 40 frequently asked questions here. While the group chat is suspended, please find your answers here:
https://docs.google.com/document/d/1JPTVuF11uvQVNRdbdw2hvojZuc6xxuS1tBXY57H95Ic/edit?usp=sharing
