Malt status update and building for the future
We first want to say thank you to the community for the incredible show of support. Everyone has been working hard to provide suggestions and solutions while encouraging us more than we could have ever asked for. It was truly special to have a call on Discord with over 100 community members who were all engaged in the vision we share. We are a team with a big dream and a passionate community behind us.
We are feeling even stronger conviction in where we are heading now that we’ve withstood where we have been.
The future looks bright for Malt V2. We have deconstructed the events of the V1 launch and have learned an immense amount about what can be improved. V1 has given us an even bigger network of talent and resources that we are using to build an even better V2. We believe we are still on course to build the best algorithmic stablecoin in Defi.
As most of you are probably already aware, the biggest shortfall of V1 was a bug in the liquidity mining contract that resulted in LP tokens being locked in the contract.
Our immediate priority is to make it right for those who were forced into a loss due to these protocol errors.
This defines our order of priorities like this:
- Locked LPs and Arb holders
- Locked LPs were entirely forced to stay bonded and therefore had no options and are the worst affected. Unbonded LPs were told they could bond back, but couldn’t. Therefore we will treat them as if they were locked.
- Arb token holders were left with a non-transferable token after finding out about the issues with the protocol.
2. Malt holders — These individuals have had the option to sell but made the conscious choice to hold. This can be considered as speculation and not a forced loss due to protocol errors.
We are carefully working through the cost basis of the whitelist mentioned in a previous announcement. LP token holders who are currently not bonded (and the LP was created before block number 15638175) will also be added to the whitelist. Meaning, any address still holding LP tokens, whether locked or not, is included in that whitelist if that LP was created before block number 15638175.
If you hold Malt tokens in addition to LP tokens (locked or otherwise and created before block number 15638175) or arb tokens, then you will also be included in the whitelist.
After much deliberation, we have decided on a course of action for the current Malt holders who hold zero LP and zero arb tokens.
If you fall into this category you will not be eligible for any reimbursement. While we regret the outcome for these individuals we have to focus on those who were put into a situation that forced a loss due to protocol bugs.
With this order of priorities clearly defined, we are working towards calculating the cost basis of all eligible addresses. We want to get this right so please bear with us while we work on it. We’ll keep you updated and give you a more specific timeline soon.
Thank you for your patience and continued support. We are excited to see how far the team can go with the support of this amazing community.
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Twitter:
https://twitter.com/MaltProtocol
Telegram:
https://t.me/maltprotocol
Discord:
https://discord.gg/malt
