Claim Process Update 1
Step one completed: we have confirmed the claim filed by the MonoX team.
- MonoX’s USDC reserve pool is temporarily frozen (any pending deposits / withdrawals will be be invalid)
- Regarding basket selection, any pending changes in adding / removing MonoX’s policy will be invalid.
- TIDAL staking pool is temporarily frozen for deposits / withdrawals.
Next steps:
A proposal with the payout amount will be submitted onto the claim page in the next few days and will be open for a 72 hour voting period after submission.
Under the current situation, MonoX’s total loss amount is about 31 million USD, total coverage amount is 1 million USDC due to its current coverage status. 1 million USDC will be proposed to be deducted from monoX’s pool for payout (unless any sort of refund happens during this time).
TIDAL staking pool will reimburse 100k USD in TIDAL tokens to the USDC reserve providers after payout. The reimbursed TIDAL will reflect the average price the day before the hack on Nov.29th. at a price of $0.00725. 13,793,103.4 TIDAL tokens will be deducted from the current staking pool. This is a -2.83% deduction from the total pool.
The voting result will be finally validated by the risk committee (Tidal team and Halborn security) to ensure the correct outcome.
The minimum voting threshold is 30,000,000 TIDAL counts, and the pass ratio is 50%.
We are planning to launch the proposal and vote in a few days to save some time for any changes that might impact the payout. The voting process will take place approximately 72 hours. We are expecting to complete the entire claim process by the end of next week.
The claim and payout process is an important aspect for an insurance protocol to become successful, as it will be a validation of our service. We appreciate our community members’ support in helping to execute the process successfully.
