Goledo Reimbursement Phase 1: Methodology
Goledo is ready to announce the details of its lending pool reimbursement plan. In this article, we will detail how users will be able to claim their reimbursement, the tokens involved in reimbursement, and the formula used to calculate reimbursement amounts. Let’s get right into it!
Claiming Your Reimbursement
Goledo will be creating a web page for users to claim their tokens. All addresses that were designated in our previous Medium article will be able to connect to the site and claim their tokens. Click the link below to see if you are eligible for this first phase.
All compensation amounts are based on the snapshot the team took when the lending pool was closed, and before any liquidations occurred.
Snapshot block height: 88464094
Tokens Used for Reimbursement
Goledo will be using two different tokens to reimburse users. CFX and USDT will be used. Which tokens users receive will depend on the tokens that were in the lending pool at the time of the snapshot. Here is a breakdown of when you receive CFX vs. USDT:
· CFX will be used as compensation if users had xCFX or CFX on the lending pool
· USDT will be used for all other tokens that were in the lending pool
Criteria for Reimbursement
Our previous article listed the addresses eligible for the first wave of compensation. Goledo used certain requirements to establish who was eligible. Here are the requirements:
1. Amount in the lending pool must be less than 20K in assets
2. KYC information had to be submitted
a. Any users who submitted fake or substitute documentation were not eligible
b. KYC information must be accurate
Determining the Reimbursement Amounts
As mentioned before, the Goledo team took a snapshot after closing Goledo’s lending pool and prior to any liquidations. This snapshot is the basis for a user’s token reimbursement. However, there were adjustments made for some. Here are the adjustments made to a user’s reimbursement:
1. xCFX tokens were converted to CFX based on the xCFX:CFX conversion rate of 1.1195 posted by Nucleons analytics page for January 29th, 2024 (The conversion number is rounded in the article for brevity)
2. All other token prices are based on their respective prices as displayed on CoinMarketCap’s February 5th closing price.
3. If a user was borrowing tokens at the time of the snapshot, users will have their reimbursement reduced by that amount.
4. Users who participated in the purchase of lending pool tokens at depressed prices immediately following the hack will have their reimbursement deducted by the gains made through the arbitrage of said tokens.
Here is an example of what a user’s compensation would look like:
A user had 10 CFX, 10 xCFX, 10 NUT, and 10 USDC in the lending pool. The user also borrowed 10 ABC.
The user would be reimbursed 21.195 CFX (10 CFX + (10 xCFX * 1.1195)). The user would also receive 70.95 USDT ((10 USDC * 1) + (10 NUT *7.2197) — (10* 1.1248).
This is only the first phase of reimbursement. We understand this is a very difficult moment for the community. Goledo will continue to provide up-to-date information on social media whenever we can.
Stay tuned!
About Us
Goledo is a cross-chain lending and borrowing protocol based on Aave. Depositors can take overcollateralized loans, or earn passive income by depositing their digital assets into the algorithmic liquidity market.
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