We thank you for your patience while we patch and deploy a fix for the bug. Looking back over the past 48 hours, we have done our best to reduce the asset loss. We tracked all the on-chain data and counted the total loss. In total, we found 17 addresses that were affected by this bug, of which 12 addresses totaling 448.339 WETH principal were liquidated by hackers. The actual loss to the victims is 134.5017 WETH which is 30% of the principal.
We are grateful for community support and encouragement. Here’s our compensation plan to the victims: We are willing to compensate the remaining 30% of original locked WETH in the form of SoETH from our SodaDev Pool. For example, if you locked 100 WETH, borrowed 70 SoETH, and lost your locked principal, we will send you 30 SoETH as compensation.
If you agree with this proposal, please follow the instructions below to claim your compensation:
- Send exactly 0.000020200923 ETH or WETH to your own address that was affected as an agreement of the compensation.
- When we detect the agreement transaction, we will transfer the SoETH to you.
We also want to thank the weibo user who first found the bug and made the first liquidation bug test which was reported to the team so that the community was reminded to avoid more serious losses. We would like to offer 1 ETH as a reward.
The community is voicing their desire for a security audit and we hear you! We are preparing for a full audit to validate the code and give more trust to the community.
Boost Up SODA
Based on a community proposal, we will change the SODA allocation weight of different pools to protect and ensure the long term development of the project.
- Increase SODA-ETH-UNI-V2-LP pool from 5x to 20x rewards.
- Increase SoETH-ETH-UNI-V2-LP pool from 2x to 4x rewards.
- The other pools will remain the same.
As a result, users who provide liquidity to SODA and SoETH pools can gain even more SODA’s.
The above adjustments will need to go through the TimeLock process and will take effect in approximately 48 hours. In order to respond quicker in the future, we will change TimeLock from 48 hours to 24 hours.
To The Future
SODA is not another yield farming project. The long term goal of SODA is to provide more liquidity and valuable financial services to the Ethereum ecosystem. The current goal is to generate more collateral backed assets from SODA borrowing.
After all initial 100,000 SODA tokens are distributed at the end of the launching phase, we will let all the SODA holders vote to decide on what we should do with the remaining 900,000 SODA.
For example, some community members proposed that we should cap the SODA total supply at 200,000 and use the remaining 100,000 as a long term incentive for those who receive loans.
We are open to all proposals as long as it’s for the best interest of all the SODA holders, and for the long term positive direction of the project. If you have a proposal you would like to share, please submit your proposals via Discord.
Our Discord server: https://discord.gg/Tbzh8tF #Proposals Channel
The SODA Team