The compensation pool will be open on October 31 | with Tutorial

Published on: 17.10.2021

Vee Finance announcement, They will open the compensation pool on October 31, 2021, EDT. Details and tutorials are as follows:

Who is Eligible？

All users who supplied in V1 Crypto pool but were unable to withdraw their assets after the attack. Their relevant wallets will be eligible to withdraw funds in the compensation pool.

How much you are eligible for?

There are 466 depositors with more than $1 net supply in the V1 crypto sector, here is the token distribution of the compensation pool (the number listed below is based on the snapshot on September 25th at 8:58 EDT.):

6,731.69 WETH

193.79 WBTC

5,838,308.61 USDT

18,971.3 AVAX

37,525.28 LINK

Note: The numbers above will be updated according to the system snapshot on October 28, 2021.

According to statistics, the total revenue of Vee.Finance V1 crypto sector in September and October is 52 ETH, 2.13 BTC, 168 AVAX, and 16,508 USDT, but unfortunately, all these revenues have been stolen by the hacker, along with V1 users’ assets.

In addition, the revenue in the V1 stable coin sector is 3063 Dai, 3069 USDC, and 6938 USDT. But because users did not pay back Dai and USDC in time, there is not enough liquidity for them to withdraw the platform revenue. So the current total available revenue for the V1 stable coin sector is 6938 USDT. Overall, the stable coin sector was not impacted by the hack, and there’s enough liquidity in USDT. They would urge every participant in the V1 stable coin sector to pay back their loan, so that they can take all their principles out to V2, to enjoy the higher returns.

In order to restore enough liquidity for USDC and Dai, they are going to bring the original interest rate back, so the suppliers will enjoy interest return and borrowers will have to pay interest on October 19, 2021, EDT. They would urge the users to pay back the loan and take the principle out, for their own interest.

As of October 16, 2021, the revenue in V2 is 4.2 AVAX, 0.0027 BTC, 0.056 ETH, 1,001 USDT, and 667 USDC, which is equivalent to 2298 USDT.

So, as of today, the total revenue available for the compensation pool is 9236 USDT.

According to the compensation plan, they will deposit all the retrievable revenue into the pool on October 31, 2021. The number of tokens deposited will be calculated as a percentage of their dollar value and the token price will be based on a snapshot as of October 28 EDT, since there would be processing time for the team to exchange the revenue for compensation tokens according to the size of different pools. And we will take out the reserve income on the 28th of each month in the future.

The eligible users can withdraw funds at any time according to their share. For example, there is $300K in the compensation pool in October and a user’s withdrawable share is 1%, the share he would withdraw is $3,000. When there are new funds in the compensation pool, the user can then continue to withdraw funds according to his share.

Loss Calculation

Shares that can be withdrawn by a single user = net loss / net loss of all users.

Net loss = supply balance — borrow balance — accrued interest on borrow balance

How to claim your share?

1. Connect your Eligible Wallet.

2. Go to the Compensation page
(https://v1.vee.finance/dashboard/compensation). You will see the Withdraw Button on the Compensation page, then click Withdraw to claim your share. If you are NOT eligible, the Withdraw button will be greyed out.

3. After the transaction is confirmed, return to your wallet to see the.

About Vee Finance

Vee Finance is a DeFi lending platform for traditional financed and crypto users alike. They are committed to bridging the gap between traditional finance and DeFi and providing users with better digital asset management services.