MonoX 2022 Kick-Off Update
MonoX Family, we hope you had a rested holiday season. The end of last year was hard for everyone. After a successful year with many accomplishments, it was difficult to end with that note. However, we are going to bounce back and look forward to our relaunch and initiating our compensation plan for our community. We will relaunch with additional features including protocol-owned liquidity, vault, futures, and of course more chains.
We have not been able to identify the hacker as of yet. But have been cooperating with our partners and security team over the holiday season.
As we mentioned in the previous article, we do not have $31m on hand to pay back our community immediately. As such, we are going to issue a debt token dMONO alongside a vault to use our revenue for buybacks as a way to pay users back.
Any holders of dMONO can withdraw from the vault at any time by burning their dMONO. If you wish to withdraw their dMONO for actual MONO you can do so at any time, however the transaction is irreversible. As such, if you choose to withdraw your dMONO before it reaches the owed value, it means you are forgiving the remaining portion of the debt.
For example, if a user burns 1 dMONO to get 0.1 MONO, that means that they are fine with forgiving the rest of the debt by getting 0.1 MONO immediately.
This means users who forego the rest of the debt owed to them and claim early. The rest of the tokens will go back into the pool and be distributed to the other users.
We will release an article on its own covering exactly what you need to do when the dMONO vault is deployed.
We did the best we could for the compensation plan, but we want to have input and collaboration from the community. We are setting up a DAO for the community to vote and participate in certain decisions that we will be taking in the future.
The first proposal will be on deciding the price at which we will compensate our users. The option will be between the current market price versus the price at the time of the hack. We know that it is a point of contention within the community and so we are happy to welcome your participation in the next steps of the process.
Users will also be able to create new proposals and have the community participate in the collective governance process for our next important protocol decisions.
We aim to relaunch around the end of this month. It will be more of a soft relaunch with a heavy focus on security and user experience. As mentioned above, we will be relaunching with some additional features that we have currently been working on. In the coming weeks, we will update our documentation for the community.
We are going to host an AMA to answer any questions you might have. Relevant, civil dialogue only. We’re here to move forward, not live in the past. We will choose a time and day using a telegram poll.
We have been working with some artists to design a community NFT drop and all profits will go back to the vault and compensation plan.