ZZZ Community Update — Snoozer Resolution

zzz.finance
Aug 29 · 2 min read

OVERVIEW

Dear ZZZ community, we at the ZZZ Community Team are saddened by the recent event that affected the Snoozer Pool. We thank you all for your patience, feedback and support while our team of devs crunched the numbers to come up with a viable plan to give back and make the community members who have been affected by this event to be once again made whole.

We propose the following, that a new pool is created mirroring Snoozer that will be funded with 2,000,000 NAP which will be available to be farmed over a 4 week period. We propose that 3% of all NAP yields from this pool will be put into a COMPENSATION FUND so that we can help the community mitigate losses and gain trust back on the ecosystem.

In addition to the yield compensation, the new pool will have a dynamic % of NAP tokens left in the pool depending on the amount of addresses who are boosting their yields (more boosts bought = more compensation). After the pool is finished it will enable a function to be called to eject these remaining tokens to a hard coded address, the compensation fund wallet.

We have all the addresses and their corresponding lost UNI / gained NAP value and after the pool is finished people will be able to claim a weighted % of their losses back from the compensation wallet. This mechanic will also be proposed for future pools until people are made whole.

COMPENSATION MECHANICS

For the addresses who lost funds over the event, we are using the following formula to calculate the amount of NAP tokens to be compensated from the compensation fund:

Total lost USD = NAP/ZZZ UNI deposited USDNAP/ZZZ uni withdrawn USD + total NAP profits USD claimed.

Compensation for losses follows the pricing BEFORE the error:

1 NAP/ZZZ UNI = $26.77

1 NAP = 0.55$

USD NAP amount reduced from current remaining snoozer pool yields follows the current price of $0.15.

Total Compensation = Total lost USD + (Total value of NAPS left in pool * 0.15) * 1.85.

Total USD that was lost before pool rewards with pre-error pricing: $639653

Total USD lost after pool rewards = $639653 — (330000 * 0.15) = $590153

TOTAL NAP COMPENSATION: $590153 * 1.85 = total of 1,061,258 NAP.

zzzfinance

Community-centered DeFi-project

zzz.finance

Written by

zzzfinance

To be considered a thinktank to further adapt new ways of governance and how assets can be further specified to benefit its members and the whole crypto community. Its whole value is determined by contribution and innovation.

zzz.finance

Written by

zzzfinance

To be considered a thinktank to further adapt new ways of governance and how assets can be further specified to benefit its members and the whole crypto community. Its whole value is determined by contribution and innovation.

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