Dear community members,
We would like to start off by thanking you all for your patience and support while we worked on a plan to make users affected by the recent oracle failure whole. We would like to initiate a forum discussion focused on the compensation process for the affected users.
We understand that the recent oracle incident has had a significant impact on some users accounts, and we are fully committed to addressing this issue and providing fair compensation.
After a diligent assessment, the team has calculated the total amount owed in compensation to affected users to be $20,163.5. To facilitate a clear understanding of the compensation breakdown, we have prepared a comprehensive sheet that outlines the details for each user. The sheet includes the addresses, the amounts of stATOM collateral liquidated, and the amounts of collateral users got back after liquidation. To calculate the net loss, we considered the market value of the tokens on the day of the incident and deducted the CMST that was minted by the wallets.
As a part of our initiative to make affected users whole, we would like to propose a pro-rata reimbursement of 20,163.5 CMST to be paid out to the affected wallets, to be paid from the CMST deposited in the protocol’s collector module. All fees and revenue generated by Harbor protocol accumulates in the collector module. The collector module currently has 25,074 CMST, which it has collected in various fees since its inception. We acknowledge that due to market price fluctuations and the stability fees accrued by the vault, there may be a slight variation of ±1 to 2% in the actual compensation amount.
We have also introduced (in our previous forum post) an initiative to waive the 0.5% drawdown fees on stATOM vaults for the next 60 days so that users can recreate stATOM vaults without being charged again.
As we navigate through this process, we want to emphasize that our team is readily available to address any queries or concerns you may have regarding the compensation. We are here to assist you and ensure that all your questions are promptly answered.
We would also like to take this opportunity to reassure you that we have taken corrective measures to prevent similar incidents from occurring in the future. Your trust and confidence in our platform are of utmost importance to us, and we remain dedicated to upholding the highest standards of security and reliability.