Hello everyone,.
27 Jun 2023, 14:01
Hello everyone,
As we approach the final phase of the reimbursement process, we are now 99% certain we've captured all bugs and have begun collecting the final data to calculate the actual reimbursement values for our short-term reimbursement plan.
IMPORTANT NOTE - this reimbursement plan is ONLY for users that held DEI or LPs with DEI BEFORE the incident.
Our Short-Term reimbursement approach primarily targets users that held DEI before the incident. However, we are also mindful of the users who purchased DEI after the incident; they will be considered in our long-term reimbursement plan.
Now, we'd like to explain in detail how we calculate the reimbursableAmount for affected DEI users who had DEI before the incident:
Starting with the total DEI in wallets and held in LPs together with USDC before the incident, subtract USDC that was removed via LPremovals and subtract DEI sold into LPs or burnt via redemption contracts.
Note that transferred or bridged DEI will not be subtracted from your balance.
The final value, referred to as the 'reimbursableAmount,' represents your final balance.
userDEIbefore plus userUSDCbefore minus
userUSDCamountWithdrawn minus
userDEISold =
reimburseableAmount
For your options, there are two plans.
First, a short-term reimbursement plan paid out in USDC that carries a haircut USDC amount. Secondly, a long-term reimbursement plan is paid out in a newly launched DEI (expected in Q4), which carries a haircut DEI amount.
You can either get USDC now or wait until Q4 and receive a newly launched DEI later. Since DEI was only 90% backed, taking USDC now would mean a higher haircut.
Therefore the Haircut in USDC is more significant than in (Q4 relaunched) DEI.
To illustrate: Suppose you have a 10,000 reimbursableAmount, with a hypothetical haircutUSDCAmount value of 0.65.
You decide to take 40% in USDC now, redeeming 4000 of your reimbursable amount, which leaves you with 6000. You would then receive 2600 USDC now (4000 * 0.65).
Please note that the 65% haircut for USDC is hypothetical. The actual haircut values will be released, likely by the end of this week, alongside a new website where you can check your values.
To simplify the accounting for the long-term reimbursement plan, we will provide you with one bDEI for each $1 amount that you couldn't claim because of the given haircut percentage.
Using the previous example, you would receive 2600 USDC now and 1400 in bDEI, and you would keep 6000 as reimburseableAmount for claiming later (the remaining amount of your initial 10,000).
These bDEI will be redeemable for other currencies as soon as the protocol can repay the outstanding amount.
We are committed to making this process as fair, transparent, and convenient as possible. We understand this is a challenging time for all Deus community members, and we appreciate your understanding and patience. Your trust in Deus remains our top priority. We promise to keep you updated throughout the process and are grateful for your continued support.
Please don't hesitate to contact us with any questions or concerns.
Join the DEUS Discord server for the main discussion area, thanks! 🫡