$NearX Reimbursement Plan
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:
Detailed explanation for each of these is as below:
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:
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’:
Users will be reimbursed based on their holdings and transactions as per Criteria 1 and 2 outlined above.
Current $NearX will be phased out and new $NearX will be issued.
2. Exchange Rate & Conversion
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.
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.
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:
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.
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