Autofarm — Venus reimbursement
The time is finally here. First and foremost, we want to thank our community and the Venus community for helping out in returning the funds by voting on the VIP. We feel just like all affected users that this issue has taken too long and what remains now is to refund users as quickly and securely as possible.
After the successful approval of the Snapshot vote and VIP on Venus Protocol, the next step is to return the funds to all affected wallets. We are glad that we can finally move forward. Below we have set out the process for reimbursements and what affected users need to do next to claim their funds.
There were a total of 10839 affected transactions where funds went to the Venus treasury. The amount of assets returned by Venus is 85% of the total losses from those transactions. We understand that for some users this may not feel fair, but based on the negotiations with Venus, considering the factors affecting both protocols and communities, this was the maximum amount we could get back. In light of this, and to further reimburse affected users and partly compensate for this difference, Autofarm will use 50% of AutoSAFU to provide affected users with additional $AUTO, which will be claimable as part of the refund process.
Currently, AutoSAFU holds approximately 746 $BNB therefore 373 $BNB is used to swap for 416 $AUTO for this further reimbursement. This means that at the time of writing users will be refunded approximately 88% in total. For more details on the AutoSAFU reimbursement, see this article.
A designated reimbursement smart contract has been set up for affected wallets to claim their refunded assets. The steps to claim are described below:
Step 1: go to https://autofarm.network/venus-reimbursement/
Step 2: connect your wallet (this must be the wallet that was affected by the withdrawal fee issue) and make sure you are connected to the BNB chain.
Step 3: the amount of assets plus additional $AUTO to be claimed will be shown, if this is correct and you agree with this, click the checkbox and click “Claim reimbursement”.
All the assets are claimable from the designated reimbursement smart contract until blocknumber 31991194 on BNB chain, which is approximately 12 months from now. After that period, the Autofarm community ($AUTO holders deposited in the SAV) will decide through a governance vote what will be done with any remaining funds (e.g. amplifying vaults, used for CEX listings, further reimburse people who already claimed, etc).
If you experience any issues with claiming your funds, fill out this form and we will get in touch within a week. Please note that unfortunately we are unable to transfer funds to an alternative address in case of lost access to an affected wallet, as it is not possible to verify account ownership on DeFi.