bEarn’s BUSD Vault compensation progress: Phase 2

BEARNDAO
3 min readJun 15, 2021

Dear Community,

One of our main priorities for this month has been to work on the compensation process for the BUSD bVault & ValueDefi incidents. We recognize this has been a difficult period for all users, not just for those directly affected, but also for #hodlers and loyal supporters of the ecosystem. Thank you all for your patience and please accept our apologies for any delays.

At this time, we would like to give an early announcement that we are currently working on making our ecosystem available on the Polygon network (more information will be provided in the coming days). In addition to this, you will be pleased to hear that we will also be moving forward with Phase 2 of compensation consisting of the following:

  1. BUSD bVault (Alpaca Strategy):

With 80% of BUSD returned in Phase 1, the remaining BUSD (20%) value will be compensated as below:

  • 20% will be returned in bDEX
  • 20% will be returned in BDO V2.0
  • Claim UI is in final testing and will be deployed very soon (for the above 2 points)
  • 60% in a new token to be launched on Polygon (vested linearly over 6 months). This UI is currently under development for the Polygon network.

Note: An additional 5% bonus in the above token (same vesting conditions) will also be provided.

  1. MDG pools: 70% will be compensated in the form of MDG (provided by Midas team). Claim UI will be deployed by 19:00 UTC July 16th: https://www.bvaults.fi/compensate
  2. BDO/BUSD 80/20: 80% of compensation value in BDOv2 on a 1:1 ratio (each BDO lost due to the incident will be returned by 1 BDOv2)

We have been working with ValueDefi and will continue to pursue communication with them in order to work out a plan to cover the remaining 30% of MDG pools and 20% of BDO/BUSD pool. More information to be provided when it’s available.

Stay #strong & Keep #growing

Moving forward together! We will continue providing support by means of all of our social channels to ensure the benefit of all our users. Many actions have been taken into account to deliver the best compensation plan for both you and the ecosystem to push forward and keep growing stronger together! The darkest time of the crushing market has passed, and this is the time we will unite as a community to achieve greater things than we have ever done before.

Much appreciation to all of you! We would like to give the deepest thanks for being with us through thick and thin in this journey!

Exciting news for you

  • ⚽️ bEarn EURO Betting — the hottest sports betting platform in the crypto space will be going live soon!
  • 🚀 IDO bLaunch Programme!
  • 🌐 Major New UI to simplify all our ecosystem
  • 🐸 bPepe (NFTs market)
  • 🏦 BDO Partially Collateralized
  • 🎟 bLottery V2
  • 💰 Multi-Peg: Coupons/Bonds update
  • 💸 Double-dipping for Boardroom stakers
  • 🤝 More partnerships
  • 🥇 More community campaigns

About bEarn Fi

bEarn Fi is a cross-chain product in Decentralized Finance (DeFi) that at its core provides yield generation, algorithmic stablecoin, gaming aggregation, cross-chain bridge, treasury, lending, DEX, yield calculator, lottery, NFTs, and governance on multi-chain: Binance Smart Chain blockchain (BSC) and Ethereum blockchain.

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Mail: contact@bearn.fi

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