Latest Update (October 1)

Recently, we have released our compensation plan and platform relaunch plan. Today we are going to address several frequently asked questions from our community, and we’ll continue to update the list.

1. Why do you need to deploy the smart contract again, rather than continue to use the ‘old’ contract?

After the attack, we released an incident report in conjunction with SlowMist. All vulnerabilities have been fixed and we have also re-checked all contract codes. After comprehensive consideration, we decided to upgrade the current version to v2, and at the same time, we will do a complete audit of all the security-related codes.

2. How does v2 ensure the security of funds?

We have reviewed the flaws in our process as we decide to restart Vee.Finance in next week. To enable this, we have taken the following steps:

a) Partnering with top audit companies to audit not just the protocol smart contract code but do a complete audit of all the steps for enhanced security.

b) More thorough tests were conducted on the platform within the team and with the help of other professionals, eliminating bugs.

We believe that as we restart the protocols, we have taken the most important step towards building a strong and robust platform.

3. How will the vee tokens in v1 be handled?

According to the plan, after the relaunch of the platform, the crypto pool in v1 will be suspended and only the withdraw and repay functions will be available. The stable coin pool will have all functions available. The VEE token that users have mined will be released to users linearly after the claim, you can refer to https://docs.vee.finance/guides/claim-vee for details.

Since there is enough liquidity in the v1 stable coin pool, depositors can deposit and withdraw as they wish, so we will also suspend the rewards in this sector and migrate the unmined $VEE tokens in this sector to the v2 stable coin pool. Users can go to v2’s stable coin sector to mine. For the funds in the v1 crypto pool, as promised before, there are still rewards for mining $VEE to compensate users.

4. How much of the Treasury will be used as compensation?

We will create a compensation pool while the platform is being relaunched. The funds in the pool are accumulated from these sources:

a) Recovered funds. We are working with the police and security companies to recover the stolen funds. Once the funds are recovered, they will be immediately deposited 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.