Latest Update & Details of Compensation Pool and Relaunch Plan (October 2)

Dear users,

Recovering the stolen funds has been our primary goal since the attack, and we suspended our platform contract services to protect users’ property. Ever since we have been preparing to restart the platform. After conducting several tests internally, we have submitted the latest version of our smart contracts to SlowMist for audit. After the audit is completed, we expect to go live with the mainnet upgrade (V2) next week.

While V2 is online, the V1 crypto pool will only be open for withdrawal and repayment functions, and to prevent the liquidation of the user’s assets, we will set the interest rate of deposits and loans to 0%. In addition, users in the V1 pool can continue to get mining rewards for the amount they supplied in the V1 crypto sector. 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. Thanks to our supporters, who continue to provide constructive suggestions. Meanwhile, the function of the V1 stable coin sector will be completely open, users can perform borrow/deposit operations at any time, mining rewards for the stable coin sector will be migrated to V2, users can go to the V2 stable coin sector for liquidity mining.

There are 466 depositors with more than $1 net supply in the V1 crypto sector, according to the voting results carried out last week, we’ll compensate the users with the tokens they supplied.

Here is the token distribution of the compensation pool:

*6,731.69 WETH

*193.79 WBTC

*5,838,308.61 USDT

*18,971.3 AVAX

*37,525.28 LINK

Note:

1. Due to some users borrowed tokens they did not supply, so the debt will be converted to the top tokens they supply. The number of tokens in the pool may vary due to price fluctuation. The number listed above is based on the snapshot on September 25th at 8:58 EDT. The first deposit will be on October 31, 2021, EST. By that time, we’ll update the numbers of each token in the pool, according to the price on that day.

2. If the stolen funds are recovered, since the hacker already exchanged them to BTC and ETH, we’ll convert the remaining BTC and ETH to the other tokens like USDT/AVAX/LINK.

3. After the relaunch, we will deposit platform revenue into the compensation pool in proportion to the USD value of each token on a monthly basis. Everyone will have the same pace to get compensated.

Thank you for your support!

Vee.Finance Team

October 2, 2021

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