Iron Finance

Iron Finance Compensation (08/2021 update)

Iron Finance Compensation Committee, ca 17 August 1921

Introduction

Over the past three weeks, the Compensation thread in our Discord has attracted literally hundreds of users who have been actively engaged in the discussions on how to design the compensation for our June incident. The following two discussion topics are:
1️⃣ What block height(s) should be taken for the snapshot?
2️⃣ How to design and execute the compensation plan?

The compensation will include the following users:
Polygon
▶ TITAN and TITAN LP holders
▶ IRON and IRON LP holders
Binance Smart Chain
▶ STEEL and STEEL LP holders
▶ DND and DND LP holders
▶ dTokens LP holders

1️⃣ What Block Height(s) Should Be Taken For the Snapshot?

https://discord.com/channels/796661871871918080/871730874331299890/871760515695788033
https://discord.com/channels/796661871871918080/871730874331299890/871957595773095946
https://discord.com/channels/796661871871918080/871730874331299890/872499527314178078
https://discord.com/channels/796661871871918080/871730874331299890/875168452355178496
https://discord.com/channels/796661871871918080/871730874331299890/876228134050091081
https://discord.com/channels/796661871871918080/871730874331299890/876228134050091081
suggestion received via DM

2️⃣ How to Design and Execute the Compensation Plan?

https://discord.com/channels/796661871871918080/871730874331299890/871877389418905640
https://discord.com/channels/796661871871918080/871730874331299890/874672952866648094

3️⃣ Next Steps ❗️ ❗️ ❗️

🔸 STEP 1:

▶ Compensation Committee Candidates (in no particular order):
sevar#6721, wubs#3003, mic333#4521, johnsanc#0177, GQ#6783, AltFreq#1337, starkiller4299#4886, IMissMyEx#4472, amaziz#9697, marzy#3642, WallStreetBets#271, Meito#8052, Enorm#6061

▶ These community members will be given a “Compensation Committee” Role and automatically be given access to a non-public channel which will be used solely for the compensation discussion.

Debate existing snapshot proposals

Announce the decided snapshot date(s)

Compensation Committee Member

🔸 STEP 2:

Debate compensation design proposals

Announce the full compensation plan publicly (September) and prepare for compensation start

▶ Optional: If Compensation Committee agrees, make the compensation discussion channel public and view-only

4️⃣ Final Thoughts

https://discord.com/channels/796661871871918080/871730874331299890/874603758179471360

The compensation plan must focus on finding a reasonable way to satisfy affected users, while being mindful of current ICE token holders. Only such approach gives us the best chance for a successful compensation, without putting the price of ICE at risk which would destroy any compensation efforts as well as hurt ICE users as a consequence. In other words, and to be very clear: if the ICE market cap is low and the whole project gets into trouble because of the compensation, then no one gets anything and we all lose. Thank you for reading this article as we continue developing Iron Finance

Building a user-friendly, multi-chain stableswap and lending ecosystem. Community chat: http://discord.gg/ironfinance