Vee.Finance: Roadmap for V2

VEE Team has been working hard to accelerate its design and product so that it will be able to relaunch on Avalanche mainnet this week. Now we would like to share Vee.Finance’s roadmap for restarting the platform.

Fixing Vulnerabilities

At the time of this announcement, we have completed the necessary fixes, The code that led to the hack has been fixed and we directly deactivated the Trade function temporarily. Of course, we put all contracts through a re-check and modification. Please check the update on Github Commit

https://github.com/VeeFinance/vee-protocol

We are continuing to perform all Unit Tests in more detail to test all functions and all implementable scenarios so that the same event does not occur in the future. In addition to the Unit Tests, extreme scenarios are also being implemented to prepare for attacks through smart contracts.

Security audits are also very important in DeFi protocols. We are partnering with SlowMist to audit not just the protocol smart contract code but do a complete audit of all the security-related steps.

Mainnet Upgrade

For security reasons, we will resume operations with a mainnet upgrade(V2) and restart the supply and borrow functions after audit is done. V2 will also provide users convenience to buy or sell VEE within the Dapp, as well as supporting VEE farming with tokens in the wallet.

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.

Executing Compensation Plan

With the relaunch of Vee.Finance, we will create a compensation pool. The pool dedicated to paying out depositors who suffered losses will be created. Inside the pool will be five tokens AVAX, WBTC, WETH, LINK, and USDT, and users can withdraw funds at any time according to their share.

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

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 funds in the compensation pool are accumulated from all revenues from the platform and stolen funds (if recovered). If the stolen funds are recovered, since the hacker already exchanged them to BTC and ETH, we will convert the remaining BTC and ETH to the other tokens like USDT/AVAX/LINK.

Moreover, we will deposit platform revenue into the compensation pool in proportion to the USD value of each token monthly. Everyone will have the same pace to get compensated. 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.

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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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