Substantial Funding Injection for User Recovery
A leading decentralized perpetual futures protocol built on Solana has disclosed a major financial commitment totaling $147.5 million, dedicated exclusively to remedying user losses stemming from a recent security exploit. This significant backing, led by a major stablecoin issuer alongside several key ecosystem partners, underscores strong confidence in the protocol's path forward.
A Multi-Faceted Recovery Strategy
The comprehensive recovery plan is structured across several key components:
- Credit & Grants: The cornerstone is a $100 million revenue-linked credit facility, supplemented by ecosystem grants and liquidity loans for market makers.
- Dedicated Recovery Pool: A separate "User Recovery Pool" will be established. This pool will be funded progressively by a share of the protocol's future trading fee revenue, aiming to address the approximately $295 million in outstanding user losses over time.
- Tradable Recovery Tokens: To protect user rights and provide flexibility, affected users will receive a distinct "Recovery Token." This token represents a claim on the recovery pool and is designed to be transferable, offering users an immediate liquidity option.
Protocol Relaunch: Security Audits and Settlement Migration
In preparation for a secure and stable relaunch, the project has engaged top-tier blockchain security firms OtterSec and Asymmetric to conduct thorough audits of the updated codebase. Furthermore, to enhance settlement efficiency, the protocol plans to migrate its core settlement layer from USDC to USDT. Assets within the protocol's insurance fund remained untouched during the incident, providing an additional layer of security for the recovery process.
These coordinated actions demonstrate the protocol's committed effort to responsibly build a safer, more robust, and user-centric future for decentralized finance.