DeFiPie compensation plan & next steps

We know it’s been a tough (and even scary) couple of weeks in DeFiPie, so here is some good news to cheer you up. For the past few week, we’ve been hard at work on a compensation program and token model for community, and now it’s finally finished!

Basics about $PIE token

First of all, we’d like to say that we’ll be creating a new token due to the hacking of our main application. With this activity, we’ll able to make future things easier and sweeter. The Uniswap listing price will be equal to $1 USD (based on ETH price at the day of listing).

«How To» with old $PIE token

Old $PIE tokens won’t be accepted anymore, but we understand that currently we have a lot of community members with old $PIE tokens. There is a solution: all $PIE holders have to deposit old $PIE tokens to the DeFiPie application and receive pPIE tokens in exchange. Those who will have pPIE tokens will receive new locked $PIE tokens (we’ll announce the address of the new smart contract a bit later). DeFiPie team will create custom smart contracts, where you have to deposit (stake) your pPIE tokens and only in this case you’ll able to receive new $PIE tokens. We won’t support exchanges or cold wallets with old $PIE tokens. You’ll receive new $PIE tokens only if you’ll deposit pPIE tokens into a special smart contract developed by the DeFiPie team.

Vesting periods for new $PIE tokens

There are two main reasons in vesting for $PIE tokens:

• A lot of users were able to buy old $PIE token were extremely cheap (under $0.01) and with a $1 USD listing price, we can expect a massive price dump. In this case, we have to support a price and save money flow in the DeFiPie project and we’ll be introducing vesting terms for swapped $PIE tokens.
• We can’t prioritize only $PIE holders because a lot of people lost other investment assets. And we can’t restore other investment assets immediately because of a lack of money. These two groups of investors should have equal terms and timelines for compensation.

Vesting timeline:

• DayZ (zero day or day of listing): 0% of your total holdings;
• 30 days after listing and next 2 months: 1% of your total holdings;
• 4–6 months: 2%;
• 7–9 months: 3%;
• 10–12 months: 4%;

During 1st year, you’ll able to receive only 10% of your total holdings.

• 2nd year — 25%;
• 3rd year — 65%.

Total vesting timeline — 3 years

Terms and conditions for $PIE token

1. You’ll able to buy fully unlocked tokens during listing.
2. We’ll remove old $PIE token from all exchanges (exchanges won’t support token swap).
3. You won’t farm new $PIE tokens by staking old $PIE tokens.
4. The community will receive a guaranteed allocation to buy new $PIE tokens for $1 USD based on the total holdings of old $PIE tokens (you’ll have 1% allocation from your total $PIE holdings).
5. You have to claim new $PIE tokens.
6. You’ll able to claim new $PIE tokens from a special smart contract for each Ethereum block.
7. If you want to farm new $PIE tokens in the new DeFiPie app, you have to deposit new $PIE tokens in the new DeFiPie app.
8. You’ll receive new $PIE tokens only if you don’t have unpaid loans in the DeFiPie app.

Compensation program for those who did not lose an $PIE token (another investment)

We’ll try to do our best for all investors and partners, but unfortunately we can’t compensate all amounts of money right now. That’s why we’re introducing a compensation program for other investors and partners.

1. Investors and partners, who were ready to convert their holdings to the price a day before the hack (12 July) will be in #1 queue. They’ll be able to receive a 25% APY bonus on their investment amount.
2. You’ll able to receive compensation on your native investment without any APY, but you’ll be in #2 queue.

First of all: queue #1 — the most important, and we’ll try to compensate all holdings to these partners and investors. If you want to receive compensation in your native investment — it’s queue #2 and we’ll compensate this part only after queue #1.

We are working on several other exciting updates, like updated token model, rebranding and another cool perks, so stay tuned! The best place to find out all the news is the official DeFiPie Telegram community — join it now.