DeFi

Raydium Releases User Compensation Proposal

Key Points:

A user compensation idea has been made public by Raydium. Officially, Raydium will still allocate the required amounts within its capability to enable users to be reimbursed even if the exploiter does not plan to refund the monies.
In order to create the framework for a future user funds repair approach, it has also required time to gather data and obtain an accurate estimate of the impact of the exploit.
Raydium previously said that it would raise the whitehat bug reward it offers to the protocol’s exploiter.

Raydium has released a proposal for user compensation. Officially, Raydium will still allocate the required amounts within its capability to enable users to be reimbursed even if the exploiter does not plan to refund the monies. Options for the precise procedure or logistics for payment will be presented later.

The goal of this discussion is to decide how best to use the available resources to make users whole. A follow-up proposal should go through the specifics of how compensation will be administered, particularly as they relate to third-party protocols affected by this attack.

In addition, it has taken time to collect data and get an accurate estimate of the impact of the exploit in order to lay the groundwork for a potential remediation strategy for user funds.

The platform offers a number of potential proposals to restore operations:

Grant the team permission to use its Squad’s multisig to use the withdrawPNL instruction and collect unclaimed PNL from the vaults.

Grant the team permission to exercise positions in the treasury, with consideration to on-chain liquidity and potential market impact for low-cap tokens, to obtain target balances in assets affected by the exploit.

After exercising its positions, Raydium will share updated balances of the treasury and compensation options.

In an effort to hasten recovery, Raydium previously said that it would raise the whitehat bug reward it offers to the protocol’s exploiter. Raydium will provide the whole value of the compromised RAY as well as 15% of the remaining funds if the exploiter returns the stolen money.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.