Dear DeFiners,
We want to extend our gratitude to you all for your support over the past few days. While the team is still working closely with our partners to identify the attacker, we need to resume all functions of our DeFiner Savings contract to ensure smooth operations for our users. We want to formulate a remuneration proposal even if the fund hasn’t been recovered from the hacker yet.
The proposal is to issue debt tokens and help to recover the funds for the affected users. Here are the details.
The following debt tokens had been issued to help recover the loss of users who deposited the following assets before the attacking event at block height 7447772.
The price feed of each debt token will be the same as the corresponding token. 1 OKB will always equal 1 OKBd within the DeFiner savings contract. The corresponding debt token will be added to affected users' borrow balance. Users can only withdraw the corresponding token after the corresponding debt token is repaid either by DeFiner or the user himself. (See below for details of how users can purchase the debt token.) The borrow balance is only a mechanism that we use to issue the debt token. So don’t worry it won’t generate any interstate rate for you.
Here’s an example. Let’s say that Alex was affected and he had 100 OKB in deposit at the time and Alex was issued 50 OKBd in borrow. If Alex repays 10 OKBd, his borrowing power will be increased by 20OKB (10 OKBd divided by collateral factor which is 0.5). Therefore he will be able to withdraw 20 OKB.
DeFiner protocol will purchase back the debt tokens. The initial purchase back will be 20% of the total debt. The rest of the 80% will be distributed to affected users over a certain period of time (maximum 4 years). The debt token distribution is based on the weighted of outstanding debt token borrow balance on DeFiner savings. The speed of repurchase is also based on the fund recovering progress and the overall profitability of the DeFiner platform.
Buy back address: 0x7f89D1C986779D2f336A29f1507ab88FE7F29DE9
We are also going to open trading pairs of debt tokens and USDT on JSwap. This gives flexibility to the affected users who want to recover their funds earlier. In this case, the debt token will be traded at a market-driven price. Users can buy those debt tokens at a market price.
For example, Alex bought 20 OKBd at a price of 10% of the OKB price to repay the DeFiner savings contract. Alex will be able to withdraw 40 OKB.(20/0.5)