$NearX Reimbursement Plan


















$NearX Reimburs...


$NearX Reimbursement Plan

3 mins read / updated on Fri Sep 08 2023


Dear Stader Near Fam,

Thanks a lot for your patience. We have completed indexing of the data before and after the exploit. Further to our comms on 18th August detailing reimbursement to users who lost during $NearX contract exploit, we are sharing information regarding:

  1. User eligibility for reimbursement
  2. Exchange rate and conversion
  3. Contract migration/ re-launch
  4. Security measures & timelines

Detailed explanation for each of these is as below:

  1. User Eligibility for Reimbursement

Users are defined based on two criteria mentioned below:

Criterion 1: Pre-Exploit via Snapshot

The exploit happened at the block height of ‘72133414’. The pre-exploit snapshot is being taken one block before the exploit transaction, hence, at the block height of ‘72133413’.

For each $NearX user, the pre-exploit snapshot will capture the following:

  1. $NearX Holdings in user’s wallet
  2. $Near Holding ($NearX in unstaking period; unstaked $NearX ready for withdrawal)
  3. $NearX <> $Near LP on REF and Jumbo

Criterion 2: During the exploit snapshot

The Stader smart contract was completely paused at the block height of ‘72140610’. The ‘During the exploit’ snapshot will include all transactions after the exploit till the pausing of $NearX transfers.

For each $NearX user, the ‘During the exploit’ snapshot will hence capture the following transactions between blockheights ‘72133414’ and ‘72140610’:

  1. $Near staked on Stader Dapp
  2. $NearX unstaked on the Stader Dapp
  3. $Near withdrawn from Stader Dapp after unstaking
  4. Swapping of $Near for $NearX on Ref and Jumbo LP
  5. Swapping of $NearX for $Near on Ref and Jumbo LP
  6. Liquidity provision/withdrawal to/from $NearX <> $Near LP on Ref and Jumbo

Users will be reimbursed based on their holdings and transactions as per Criteria 1 and 2 outlined above.

  1. Based on the ‘Pre-exploit’ snapshot, the corresponding new $NearX tokens and $Near will be sent directly to the user’s $Near wallet address. Refer to Table 1 in Section “Exchange rate and Conversion” for further details.
  2. For ‘During the exploit’ snapshot, $Near spent on interacting with $NearX smart contract and the $NearX<>$Near LP on Ref/Jumbo will be reimbursed.

Current $NearX will be phased out and new $NearX will be issued.

2. Exchange Rate & Conversion

‘Pre-Exploit’ Reimbursement

Table 1

Users will receive $NearX and $Near airdrop in the same proportion as their LP holdings pre-exploit

Illustration 1 : $NearX and $Near in wallet and Dex’s

Here is an illustrative example of a user’s assets and associated reimbursements:

Based on the pre-exploit snapshot, the user will hence get a total of 496.81 new $NearX tokens and 294.23 $Near in their wallet.

‘During the Exploit’ Reimbursement

As per transactions considered in Criteria 2, users will be reimbursed for the $Near spent on interacting with $NearX smart contract and $NearX<>$Near LP across Dex’s (Ref and Jumbo) post the exploit and prior to pause of $NearX transfers. For example:

Illustration 2: Swap on Dex’s

Total Reimbursement = 43.27 $Near

Users can review the following google sheet to check the balance against their wallet addresses under Criteria 1 and 2.

Link to Google Sheet

In case of any discrepancies, users can fill the following google form to highlight the same before 1st September 2 pm UTC. Please provide relevant transaction IDs clarifying the discrepancy.

Link to Google form

3. Contract Migration/ Re-Launch

We are exercising utmost caution while we upgrade the contracts. Following are key steps we will follow during this update:

  1. Total $Near holdings staked on Stader Dapp will be migrated to a new smart contract and staked across the same validators.
  2. The new $NearX tokens minted will be equal in count to the old $NearX tokens with $NearX:$Near exchange rate of ~1.0153. This is the same as the pre-exploit exchange rate.
  3. Our security and audit experts will conclude a security audit on the migrated contracts.
  4. The corresponding new $NearX tokens and $Near will be sent directly to the user’s $Near wallet address. The $NearX/$Near LP on REF and Jumbo will be created anew and users can provide liquidity to the new LPs.

4. Security measures & timelines

For reinforced security, Stader is working with various security experts/ audit firms for the auditing of the upgraded smart contracts. The migration and audit is expected to take 2–3 weeks post which users will have access to their corresponding $NearX and $Near.

We will share exact timelines as we conclude audits and contract upgrades on our Twitter Near Handle soon.


Stader Labs

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