EDIT: The latest recovery plan (edited 22/11/2023) with a recovery rate of 42% includes all LPs on Aerodrome.
The Beefy smart contract address and CoW solver address have also been replaced with the underlying users’ addresses.
In response to the valuable feedback and insights from the Raft community regarding the initial draft of the recovery plan, we’ve further developed the compensation plan to ensure the utmost fairness and equity for all affected users.
As a reminder, 3,963,192.62 DAI from the peg stability module (PSM) will be distributed to users impacted by the incident, taking into account their R exposure before the hack (November 10, 2023 06:44:11 PM | Block: 18543410) and their holdings and interactions within the protocol as of the snapshot time (November 14, 2023, 09:48:47 PM | Block: 18572928).
We’ve expanded the eligibility criteria to accommodate various scenarios. To qualify for compensation, users should meet the following requirements:
1. Holdings Requirement: They must hold R (either idle, in RR, or LP tokens) as of the snapshot time. Buyers of R before the announcement on 11 November 2023 have also been considered.
2. Trading Activity Restriction: You have been excluded from the compensation plan if you did not have exposure to R before the exploit but traded any R after the exploit.
3. Special Case for MEXC Users: Users holding R in MEXC must provide proof that they purchased these tokens before the exploit date. They should also provide proof to MEXC that they owned the R at the snapshot time.
Compensation (in DAI) has been calculated differently for three categories of affected users:
1. Liquidity Providers (LPs)
Methodology: Compensation will be based on the USD value of each LP position at the snapshot time. The R/RAFT liquidity pool has been added to this list since the last draft.
The liquidity pools considered for the compensation plan include:
- R/sDAI (Balancer)
- R/DAI (Balancer)
- R/wstETH (Balancer)
- R/RAFT (Balancer)
- R/wstETH (Maverick)
- R/rETH (Maverick)
- R/ETH (Maverick)
- R/USDC (Uniswap V3)
- R/USDC (Aerodrome)
2. RR Holders
Methodology: Compensation will be based directly on the amount of R held in RR (Ethereum mainnet and Base) at the time of the snapshot.
3. R Idle Holders
Methodology: Similar to RR holders, users who had exposure to R and bought R between the security incident and the announcement advising users not to buy R are considered in the recovery plan. However, the amount of R they purchased will be deducted from their total exposure.
Anyone who bought R after the announcement is ineligible for this compensation plan.
Under this latest proposal, those who sold R for an average price below the current recovery rate (45%) between the hack and the snapshot time will be compensated with the difference.
4. veRAFT Holders
Methodology: All users who held veRAFT before the exploit have been included in the compensation plan based on their R and RAFT exposure underlying the veRAFT token.
Check out the compensation distribution details (updated) in the spreadsheet below:
The current draft of the recovery plan is open for comments and feedback from the community until 23:59 UTC on Wednesday, 22 November 2023.
WE KINDLY ASK EVERYONE TO PROVIDE FEEDBACK IN THIS GOVERNANCE FORUM.
After this feedback period, the plan will be finalized and implemented, with regular updates and further information on how to claim the final compensation.