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As stated in Discord a clear no. $SBR Liquidity Reserves should not re-appropriated for ecosystem grants or to compensate losses caused by individual team member. (FWIW, despite multiple attempts, I did not get a response from the team on why they would tap the Liquidity Reserves in the first place.) |
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We are now months past the Cashio Exploit. It is time for our community to assess and provide feedback on our plans to make everyone whole. We would also like to put a special emphasis on the potential to flip the current Saber Wars incentive structure on its head.
As for the CASH Exploit, we’ve been able to convince the exploiter to return some funds (approx. $15m out of $40m claimed by users for refund via our verification tool) there is still $24.5m in outstanding refunds and $25m in the exploiter’s wallet. Unfortunately, since we made our offer to the exploiter to keep the remaining ETH as a white hat bounty - the price of ETH has plummeted leaving them with <20% of the bounty they could have claimed just a few weeks earlier.
Because of this fact it is unclear when or whether the funds will be returned - we have been focusing intensely on what we can do with the resources we could gather to provide a system with the highest probability of succeeding in making victims whole in a sustainable manner while the exploiters decide to do the right thing or are brought to justice by the authorities on the case.
At the same time, we’ve entered an extreme bear market with L1s, large stable coins, and mostly everything else crashing. Although this is unfortunate for most of us in the space, it highlights the need for diversifying sustainable, low risks investments & stores of value.
Furthermore, within the Saber Wars there is a clear problem of mercenary farming where the $SBR token is currently only serving the purpose of being a reward/dumping token, since retail rarely votes (or cares about votes on gauges) compared to protocols.
Our solution: Ouroboros. A two token protocol that has OURO and BOROS, where OURO is a stablecoin minted from LPs - and BOROS is a Treasury Token that can be purchased from a POM with Ouro. veBoros is used to control the SBR/SUNNY in the Treasury, and to earn Call Option Rewards as sustainable APY for participating in the system. The Call Option Rewards allow users to purchase Boros at its floor price, and either sell it at the spot price or lock it for a higher veBOROS balance.
TLDR, heres a diagram explaining the proposed system for the new protocol around launch:
Below will be the short summary, and if you are confused by unfamiliar terminology please check out this Key Terms page.
The notion site has more details, and will include the latest information from the development team as we finalize the exact functions people want to see in this protocol.
Here, you can see the main open questions from the team regarding what we would like some feedback on.
So with all that being said, here’s the things we hope to achieve with this revival:
Thank you for taking the time to read this, and having patience with us as we put it all together. We await your feedback - particularly on these three points.
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