STEEL compensation (07 May 2021 ValueDeFi incident)
1 min readJun 16, 2021
TLDR: ~ 41,685 TITAN from Dev team allocation will be used to compensate STEEL users who were affected.
Background
On 07 May 2021, STEEL users in the following two farms were affected by the ValueDeFi incident:
IRON-STEEL 60%-40% ValueDeFi vFarm
STEEL-BUSD 70%-30% ValueDeFi vFarm
The losses calculated for these two pools amount to $1,528,440 in total.
Compensation Plan
Please head over to https://polygon.iron.finance/compensation and check the allocated amount of TITAN for compensation.
- Affected users will be compensated on the Polygon and receive TITAN
- We assume that 1 IRON = 1 BUSD
- We assume that 1 STEEL = $2.1 (actual price at the time of the incident)
- On top of that, we want to compensate the users for foregone profits so that every $1 lost will be covered by $1.5 worth of TITAN. In other words, want to make sure our affected STEEL holders feel FULLY compensated.
Assuming that 1 TITAN = $55, an amount of 41,685 TITAN from Dev team allocation will be allocated for the compensation. That’s about 0.3% of weekly TITAN emission
Please submit your complaint to admins within next 48 hours, before the compensation amounts are fixed.
