The distribution of assets in accordance with the final compensation plan has began.
The final compensation plan currently includes 100 percent compensation for customers with a Net balance on the protocol of less than $1000 at spot prices (total of deposited assets (stable coins and volatile assets) less borrowed assets).
Based on the entire net asset value of the users’ deposits, the distribution has been arranged as follows.
- Users with a total net asset value of less than or equal to $1000 will receive a 100 percent upfront payment for their full net balance.
- Users with a total net asset value of more than $1000 will receive 25% upfront compensation in their individual assets and the remaining 75% in EZ IOUs.
- Please note: That EZ IOUs will be provided at a 25% discount off the EZ spot pricing. For more information, see the prior announcement.
Reference Prices of Assets taken for final Distribution
Asset Wise Compensation Calculation
Example for understanding
Let us suppose, a user has the following net assets balances in the EasyFi lending markets on Polygon as per snapshot before the security incident.
Now, the compensation to the user A is being paid as follows:
Prior to distribution, extensive preparations are made.
The following are some of the steps.
- Account reconciliation: It was critical that they performed a thorough and complete reconciliation on EasyFi for each user account, referencing the snapshot’s chosen date and time. This was a massive undertaking.
- Data Finalization: The next phase was to determine the net assets to be compensated both in original assets and EZ IOUs which required a lot of data extraction and calculating and took a long time.
- Contracts for EZ IOU: The tech team was also creating, developing, and testing swap contracts for the new EZ token contracts while accomplishing the above.
- Integrating EZ IOU: Once completed the above, EasyFi will integrate and test these contracts with the EasyFi dapp (front end) to allow users to claim EZ against IOU when the tokens unlock per Polygon block.