USP Compensation Page: A Step-by-Step Guide
Check out our new page to see how much compensation you’ll be receiving in our first claim. Want to understand the calculation process behind it? Our latest article has got you covered!
We are pleased to announce that the page for checking your loss value is now available. Access the page to review your loss value now: https://airdrop.platypus.finance/usp-compensation
*Note: You have to sign the message with you wallet before accessing the USP compensation page.
We have taken great care to ensure the accuracy of our calculations. However, if you identify any errors on your pre-attack balance or post-attack actions, please submit a Google form along with supporting evidence within 3 days. The form can be found in the section below.
We would love to help you out with understanding each section of the page so that you’re fully informed about our calculations.
Important timestamps
Pre-Attack: Feb-16–2023 07:16:53 PM +UTC (block height: 26343613)
Post-Attack: Feb-16–2023 07:51:08 PM +UTC (block height: 26344650)
Pool Pause: Feb-16–2023 08:46:11 PM +UTC (block height: 26346338)
Compensation Page Walk Through
The page consists of three sections: the overview, the pre-attack net value, and the post-attack adjustments. Each section serves a unique purpose and is designed to provide you with a comprehensive understanding of your loss value.
We hope that this brief description helps you navigate the page more effectively!
Overview
The overview section provides you with essential information about your liability, recovered funds in the first compensation, and the amount of compensation you can expect to receive. Your liability is determined by adding together the “Pre-attack Net Value” and the “Post-attack”.
For a more detailed breakdown of our calculation process, please refer to the following sections.
Pre-attack Net Value
The Pre-attack Net Value section contains a list of your deposit on the main pool, your USP balance, and USP debt at the pre-attack timestamp. Following values have been used to calculate the net value for each user:
- User’s deposited amount of USP in the main pool
- User’s deposited amount of USDC in the main pool
- User’s deposited amount of USDC.e in the main pool
- User’s deposited amount of USDT in the main pool
- User’s deposited amount of USDT.e in the main pool
- User’s deposited amount of BUSD in the main pool
- User’s deposited amount of DAI.e in the main pool
- USP balance in user’s wallet
- USP debt for those who have a borrowing position
To keep things simple, we’re assuming that all stablecoins, including USP, had a value of $1 at the pre-attack timestamp. To calculate your pre-attack net value, we used the following formula:
Pre-attack net value = sum of main pool LP token amount + USP balance – USP Debt
As an example, let’s consider Alice, who has deposited 1000 USDC as collateral in the main pool, borrowed 400 USP, and purchased 200 additional USP, bringing her total USP balance to 600.
To calculate Alice’s pre-attack net value, we use the following formula:
Net Value = Deposited stablecoins including USP + USP Balance — USP Debt — Stability Fee
Using the values from Alice’s account, we can calculate her pre-attack net value as follows:
Net Value = 1000 (from her deposited 1000 USDC) + 600 (from her 600 USP balance) — 400.02 (her 400 USP debt plus stability fee) = 1199.98
Therefore, Alice’s pre-attack net value in the protocol is 1199.98.
Post-attack Adjustment
After the attack, there were many actions taken by users that may have affected their net value. For example, users may have purchased USP at a lower price or repaid their USP borrow position at a higher stability fee. To ensure fair compensation, we have manually examined all post-attack actions on a case-by-case basis, and recorded them in this section.
The post-attack actions taken by users can be categorized as follows:
- Swap stable to USP (Arbitrage)
Adjustment: The amount of stables that are used to swap for USP will be added to the “pre-attack net value”. - Swap USP to stable (Panic Sell)
Adjustment: The amount of other stables should be subtracted from the “pre-attack net value”. - Repay
No adjustment is needed as users are not charged the stability fee after the attack. The USP amount they repaid would be refunded as they are already included in the pre-attack snapshot. - Deposit stables (not including USP) to the main pool
Adjustment: The deposited amount of stablecoin will be added to the “pre-attack net value”. - Deposit USP to the main pool
No adjustment is needed as the USP they had were included in the pre-attack snapshot. - Withdraw stables from the main pool
Adjustment: The amount of withdrawn stablecoin will be subtracted from the “pre-attack net value”. - Withdraw USP from the main pool
No adjustment is needed.
What Should You Do If You Find Any Wrong Calculation?
If you find any discrepancies or errors in the calculation of your loss value or in the post-attack action list, please submit a form with supporting evidence within three days of the page going live. The deadline for submission is March 3rd, 11:59 pm UTC.
Google form: https://forms.gle/ZKz8zYEvfYMMVqvq8 .
We would appreciate it if you could provide some supporting evidence to help us better understand the issue. This will allow us to address it as quickly and accurately as possible!
Please note that this page is only intended for LPs of Platypus. Just a little reminder for the LP of our yield aggregators, i.e. Vector, Echidna and Yield Yak, the refund of your deposit will be handled by the relevant platform.
When Will Compensation Be Available?
Our team will dedicated to reviewing and examining all feedback received through the Google form. Once we finalize all calculations, the first compensation will be ready for users to claim within the month of March. We will keep you informed of any future updates regarding the compensation.
Final Words
Our unwavering commitment to our valued users and LPs is paramount, and we want to emphasize that refunds to all affected users remain our top priority. Our team continues to work closely with relevant parties to recover any remaining funds and ensure that our users are well taken care of. We are grateful for your continued support and patience during this challenging time, and we are confident that together, we will emerge stronger than ever.
USP Compensation Page: A Step-by-Step Guide was originally published in Platypus.finance on Medium, where people are continuing the conversation by highlighting and responding to this story.
