The BSC project is trying to earn the good will of investors back after the unfortunate exploitation.
ValueDeFi has commenced compensation plans for the pools exploited in the recent strings of hacks. The move aims to restore users’ confidence as hacks are becoming quite rampant with the project.
The Compensation Plan and Detailed Summary
After a series of hack events involving human and smart contract errors, which started late last year in November 2020, the ValueDefi team has commenced a compensation plan for affected pools.
In their post detailing the compensation plan, the team breaks down the figures, the affected pool, and allocates reserved funds.
Summary of Losses and Planned Compensation
Recap: Total Losses
Total loss at vBSWAP/BUSD 98/2 profit sharing pool:
vBSWAP – 7,342.75
BUSD – 205,659.22
Total loss at vBSWAP/WBNB (70/30) + vBSWAP/BUSD (98/2) + BDO/vBSWAP (70/30) pools + WBNB vault:
vBSWAP – 8,713.693815425671
WBNB – 8,888.38352660905
BUSD – 39,295.38534264648
Total loss at gvVALUE/BUSD (98/2) + gvVALUE/BNB (50/50) + VBOND/gvVALUE (60/40) pools:
gvVALUE-B – 2,557,651.422062519
WBNB – 1,745.2313015839943
BUSD – 223,203.6251411501
VBOND-B – 945,497.6497149196
The First Compensation Plan:
Recap: Total amount to be compensated
vBSWAP – 16,056.443815425671
BNB – 10,633.6148281930443
BUSD – 468,158.23048379658
All vBSWAP users will be compensated with 3,056.443815425671 from the Reserve Fund and 13k vBSWAP extra mint.
174,055.488635629258637 BUSD left from the Reserve Fund will be used. Hence each user will receive 37.17% of their original BUSD; the remaining compensation amount will be in IOU token, with more details later.
The team will use 564.333900676476538 BNB left from the Reserve Fund. Hence each user will receive 5.3% of their original WBNB; the remaining compensation amount will be in IOU token, with more details later.
There haven’t been too many reactions as regards the compensation plan due to a handful of factors:
The market is down considerably from its last high, and it continues on a downward spiral. This means the general mood for crypto is tilting towards bearish as the public sentiment is down, hence the very low reactions from CT users.
ValueDeFi has lost a lot of confidence from users already. Thus, the community does not feel the need to engage in the discussion.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.