Belt Finance
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Belt Finance

End of the 4Belt:r4Belt ratio and Compensation

A year ago, Belt Finance was attacked with a flash loan exploit and suffered damages to our funds, and more importantly, to the trust of our users. As Belt is a service designed for bringing peace of mind to its users, the emotional and monetary damages inflicted upon us and our users were all the more heartbreaking. After releasing the incident report, we sought to find a solution that would hopefully return the trust vested in us, by the way of compensating our users for our shortcomings.

Our team was committed to reversing the damages incurred regarding this incident and remains committed to developing Belt Finance to be the best yield optimizer possible.

The solution we presented at the time was 4Belt Compensation: remedy 4Belt, which included the new mining distribution rate breakdown for Belt Finance on BNB.

4Belt:r4Belt ratio and Compensation

Liquidity mining with r4Belt was activated for the amount of r4Belt or 4Belt, whichever has a lower balance. If you have a lower amount of 4Belt compared to the r4Belt you receive, you receive the boost for the amount of 4Belt you have. This is not an LP, but a conditional compensation release. The reasoning behind this mechanism was not to lock in our users but to correctly target and compensate our loyal users that support the platform. This helped sustain and grow the platform as a whole and make the compensation more successful and expedited. The users who were previously using 4Belt tokens were not greatly affected in terms of BELT rewards, as their 4Belt tokens will be generating close to the same amount of BELT rewards they previously were. The only difference now was that their r4Belt tokens were generating additional yield, to compensate for losses incurred.

The Team’s Intent

We, the Belt Finance team, felt deep remorse for what happened, and how it has affected our users and did everything possible to take responsibility. While we were aware that not all of our users were satisfied with the compensation methods we had chosen, we strongly believed it to be the most optimal solution we could present at that time.

End of the 4Belt:r4Belt ratio and Compensation

4Belt Compensation: Remedy 4Belt (r4Belt) will end and disappears into history.

  • Estimated Target Date: Tue Jun 28 2022 18:48:26 GMT+0900
  • Countdown for block: #19080170
  • End of Keeper, which sends a certain portion of the team quantity issued in every block to the reward pool
  • Removes BELT distribution for r4Belt reward pool from MasterBELT contract
  • Redistributes the amount of BELT allocated to the existing r4Belt reward pool to other pool

As compensation does not occur in the 4Belt — Remedy Pool from the end of the compensation, if you deposited your assets in the pool should re-deposit them in other liquidity pools such as 3Tether or 4Belt.

Although we faced an unexpected incident, this did not discourage us. We conducted a bug bounty program with Immunefi and additional audited by Dedaub in time for the launch of Belt Finance 3.0. Belt Finance is a cross-chain Yield Optimizer that supports BNB, HECO, and Klaytn chains, providing optimized APR for 3Tether, 4Belt, KLAY, etc. The market’s been unstable for the past few months. Pools made up of stablecoins such as USDT/USDC/BUSD/HUSD/DAI can be a way to protect your assets.

In the future, we will continue to strive for the growth of Belt Finance, which will lead to the connection and integration between various blockchains and yield optimization through multiple strategies.

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Belt Finance

Belt Finance

Belt.fi is an AMM protocol that incorporates multi-strategy yield optimizing on Binance Smart Chain (BSC)