STEEL compensation (07 May 2021 ValueDeFi incident)

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.

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

In case of complaints please join here: https://t.me/steel07maycomp. Please submit your complaint to admins in that channel within next 48 hours, before the compensation amounts are fixed.

partial-collateralized stablecoin on bsc and polygon — https://iron.finance/