Anonymous developers of the Harvest Finance protocol today announced an “engineering error” compensation program in October.
Payment of funds to users will be carried out with help a separate GRAIN token. Tokens will be credited to users’ accounts in proportion to the incurred loss. There will also be a distribution of $ 2.5 million transferred to the project address after the attack.
“If you are an injured user and, for example, lost 100 USDC, you will receive 7.39 USDC or USDT and about 92.6 GRAIN,” the developers explain..
They also note that testing of the system is still ongoing, and more details will be released as the release approaches. “The allocation is based on $ 33.8 million, not $ 24 million,” they add. Initially it was assumed that the damage from the attack was $ 24 million, but later the amount was recalculated.
The GRAIN buyback will be carried out over time based on the platform’s income. Moreover, GRAIN can be used for staking on the Uniswap exchange to receive payments in the main token of the FARM project.
Amid today’s announcement, Harvest Finance has grown 10.5% to $ 463 million, according to DeFi Pulse, making it the eighth largest DeFi project in existence. At the highs, the volume of assets in Harvest Finance exceeded $ 1 billion. At the same time, the FARM rate remains at local lows of about $ 123, where it dropped after the attack.
Not everyone appreciated the eagerness of investors to re-bring money into the project. DeFi contributor Chris Black writes: “Harvest Finance is making a comeback in the top 10 DeFi despite no change to the anonymous devs’ God Mode vulnerability. Well, we can’t keep people away from us. “.
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