How does the “Lockbox” work?

General
1

Maybe I’m exposing my ignorance here, but I have no idea how this WLFI Lockbox thing works.

So I go activate the Lockbox and my wallet balance goes to zero? Where did my WLFI go? Can I still see it? Is it still mine? There is nothing about this on the website despite them sharing the link. I have no warm fuzzies on this lol. Anyone know more about this than I do (which is zero)?

51 Likes
2

The contract has not been deployed yet, and nobody outside knows the details yet. Please be patient.

As a developer, here is my speculation on how it will be implemented: Your WLFI will go to the Lockbox contract. The owner will still be your wallet address, so it will still belong to you; you will just need a transaction to transfer it out. (The lockbox will control how much you can transfer.)

16 Likes
3

Any idea what this means: “The vast majority are approved to connect and activate immediately. Only a limited number that don’t meet compliance requirements are restricted from using the Lockbox”. What compliance requirements are they talking about?

12 Likes
4

Perhaps it is related to a KYC (Know Your Customer) rescreening that did not pass, but we do not know for sure.

2 Likes
5

The post from WLF says explicitly “your wallets WLFI balance will show zero after activation. This is expected.” How is my wallet still the owner in that case?

6

Think of it like depositing your WLFI into a bank (contract).

Your account address is 0xA, and the lock contract address is 0xL. When you activate, all of your WLFI will be transferred from 0xA to 0xL. This means your balance at 0xA will become 0, since everything is now stored in the lock contract. Inside the lock contract, there will be a record in mapping(address => balance) showing something like 0xA → your WLFI amount. So that the contract can apply the lock with a 20% unlock mechanism.

9 Likes
7

Thanks for the insight, I appreciate you taking the time to explain. Basically something akin to transferring it to a centralized exchange until it is unlocked, then it comes back to the wallet? Not sure I’m crazy about that but it doesn’t sound like any options exist. Odd to me that they would announce this, provide a link, tell everyone to do it before Sept 1, and there is nothing there, not even a mention of it.

3 Likes
8

Ah, buried in the thread it says the Lockbox will go live Monday August 25th.

2 Likes
9

This is just my personal speculation. The smart contract is actually quite different from a centralized exchange. It really depends on how it is implemented. If implemented without manual governance functions, then nobody can change the data except for the owner. They will likely put it online on Monday, so there is no need to hurry.

3 Likes
10

It remains related to your wallet address but will work like a multisig wallet.. means it needs another signature to be unlocked

2 Likes
11

Maybe, but they should explain that further. Thanks for your response.

2 Likes
12

Am I understanding this correctly? We activate the lockbox and our wlfi amount will become 0 because it is moved from our wallet to it. Then the wlfi team will send us 20 percent and the other 80 percent is a matter of the future.

13

You can move the unlocked amount out, which is 20%. You have to start the transaction yourselves, the wifi team will not do that for you .

The remaining 80% still belongs to you but requires another governance vote before it can be moved.

2 Likes
14

Will these transfers require Ethereum gas fees?

1 Like
15

Only going live on Monday. I don’t recommend selling any the way futures ripped.

1 Like
16

yes, of course. all ERC20 tokens will require gas to move.

1 Like
17

If the wallet balance will be zero, where will we be able to see our WLFI balance? On the website? If it is no longer associated with our wallet, what proof do we have of ownership? How do we claim it? I am hoping for some very detailed information on this tomorrow.

18

I’d like to know how I know I’m eligible. They say anyone who didn’t receive the airdrop won’t be eligible. I didn’t receive it because I’m Venezuelan.

1 Like
19

In standard WLF fashion, this announcement definitely produced more questions than answers :sweat_smile: They have said the release of the Lockbox would be accompanied by more information, I hope it will answer all of our questions.

1 Like
20

You’ll just need to log in with your wallet! No worries…

Then the smart contract will transfer the amount of WLFI you’re entitled to (the first 20%)…

My only concern is that if it lags, we might receive our WLFI after the big pump at launch — and that wouldn’t be cool for us if it happens that way.

That’s all.

3 Likes