FAQ About Vee.Finance V2 Mainnet Relaunch

According to the plan, V2 mainnet will be relaunched on Avalanche on October 7th, EDT. Today we are going to address several frequently asked questions from our community, and we will continue to update the list.

1. How will the tokens in V1 be handled after V2 mainnet relaunch?

While V2 is online, the V1 crypto pool will be open for withdrawal and repayment functions. Due to the lack of liquidity and to prevent the liquidation of the user’s assets, we will set the interest rate of deposits and loans to 0%. Since the 0% interest rate will not bring any cost to the borrow users, and the supply users will not get interest accordingly, so V1 suppliers will continue to earn VEE mining rewards, but not the borrowers. This is also the feedback we got from the community.

The function of the V1 stable coin sector will be completely open, users can borrow or supply at any time, so we will adjust the mining rate of the V1 stable coin sector to 0 and migrate the mining rewards to V2, users can go to the V2 stable coin sector for liquidity mining.

2. Is the token reward for mining V2 the same as for V1?

Yes, the same. We have not made any changes to the tokenomics and the rewards for mining in both V1 and V2 are VEE tokens.

According to the roadmap for V2, we will migrate the mining rewards from the V1 stable coin pool to the V2 stable coin pool and adjust the mining rate of the V1 stable coin sector to 0. Depositors in the V1 crypto pool will continue to receive VEE mining rewards.

3. What have you done to prepare for restarting V2?

To ensure that V2 mainnet restart, we have completed the necessary fixes, and we put all contracts through a re-check and modification. Please check the update on Github Commit.

V2 smart contracts have passed security audits by SlowMist. The audit report is available here. In addition, we are executing all unit tests in more detail to test all functions and extreme scenarios are also being implemented to prepare for attacks through smart contracts.

4. When do you start the compensation plan?

According to the compensation plan, we have decided to bear all the losses, and 100% compensate all lenders/depositors. We are creating a compensation pool after V2 mainnet relaunch. The funds in the pool are accumulated from these sources:

a) Recovered funds. Once the funds are recovered, they will be immediately supplied into the compensation pool.

b) Platform revenue. We will credit the entire month’s earnings of the platform to the compensation pool at the end of each month. The first deposit will be on October 31, 2021, EST.

5. What’s the latest update on the stolen funds?

We are still working with on-chain security auditing companies to closely monitor the flow of funds.

ETH address

0x330432eEB335d4DcfFC5E5AF4b9aAA0beD07D083

0xEe33902b81eb4b4A6988EB4Ebbf7E9A72fd2E0B6

BTC address

bc1qllja47tmhaf30au66vresj4797660q9zjw2q09

bc1qzx0rxtmcnzda8tjtuxxdp2yzs7duc759qykj6r

bc1qvv780kyw0w567ljswctvdge2mc40f25e45z3xz

bc1qtf2wyfxax3rsyqrky20ghkxv9d8glx5acvkckp

bc1qa8n6edadf5kqjsnzg6f3q485ft3mj5k2zavddz (moved to CoinJoin)

bc1q8nwwahgsx6x4j4x2y0j5wpmac3ju5qf35s9atr (moved to CoinJoin)

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A lending protocol platform on Avalanche that bridges the gap between traditional financial users and crypto users. https://vee.finance/home

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Vee Finance

Vee Finance

A lending protocol platform on Avalanche that bridges the gap between traditional financial users and crypto users. https://vee.finance/home

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