The compensation pool is available

Vee Finance
2 min readOct 31, 2021

The compensation pool is now available, and eligible users can claim their share.

How to claim your share?

1. Go to the Compensation page (https://v1.vee.finance/dashboard/compensation). Then connect your wallet, and you will see the “Withdraw” Button on the Compensation page.

2. Click Withdraw to claim your share. If you are not eligible, the “Withdraw” button will be disabled.

3. After the transaction is confirmed, you can return it to your wallet to check the transaction and balance.

Who is Eligible?

All users who supplied in the V1 Crypto pool but were unable to withdraw their assets after the attack. Their relevant wallets will be eligible to withdraw funds in the compensation pool.

How much available income?

There are 444 depositors with more than $1 net supply in the V1 crypto sector, here is the token distribution of the compensation pool (the number listed below is based on the snapshot on October 28th EDT):

*6,764.25 WETH

*188.94 WBTC

*5,677,845 USDT

*18,620 AVAX

*36,645.6 LINK

The total revenue of Vee.Finance V1 crypto sector in September and October was 52 ETH, 2.13 BTC, 168 AVAX, and 16,508 USDT, but unfortunately, all these revenues have been stolen by the hacker, along with V1 users’ assets.

The revenue in the V1 stable coin sector was 3,063 Dai, 3,069 USDC, and 6,938 USDT. But because users did not pay back Dai and USDC in time, there is not enough liquidity for us to withdraw the platform revenue. So the current total available revenue for the V1 stable coin sector is 6,938 USDT.

As of October 28, 2021, the revenue in V2 is equivalent to 5,915 USDT. So the total revenue available for the compensation pool is 12,853 ​USDT.

How much are you eligible for?

We have supplied all the retrievable revenue into the pool. The number of tokens deposited has been calculated as a percentage of their dollar value and the token price based on a snapshot as of October 28 EDT.

The eligible users can withdraw funds at any time according to their share.

For example, the compensation pool has the equivalent of $12,853 in tokens and a user’s withdrawable share is 1%, the share he would withdraw is equivalent to $128.53 in tokens. When there are new funds in the compensation pool, the user can then continue to withdraw funds according to his share.

Loss Calculation

Shares that can be withdrawn by a single user = net loss / net loss of all users.

Net loss = supply balance — borrow balance — accrued interest on borrow balance

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Vee Finance

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