Meter Exploit Response Vote

Summary

The following special vote is being carried out in order to acquire the determination of veHND token-holders in the question of whether to contribute Hundred Finance resources to the compensation package offered to our users impacted by the exploit of Meter’s code.

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Background

Following the completion of discussions on the Hundred Finance forums around the topic of losses incurred by users as a result of the Meter exploit, this vote has been created to ascertain whether to contribute additional funds from the Hundred Finance treasury to the existing compensation package offered by Meter to our users.

The Meter compensation package was calculated based on the over-minted BNB.bsc deposited into the Hundred Finance protocol (currently held in the treasury multisig) and equates to 20,266.92 of the 30,000 total overminted BNB.bsc on Moonriver. Meter have said they will issue 33.8 PASS tokens per BNB (issued on the Meter mainnet). As each PASS token is to represent 1 USD in total compensation, this brings the Meter-issued compensation up to a maximum of 786,320 USD in value.

Due to the total loss faced by Hundred Finance users standing at 2,144,382 USD in value, this Meter compensation package leaves a shortfall of 1,358,062 USD in value. For the sake of simplicity, this first vote is purely to determine if Hundred Finance should contribute to reducing this shortfall. If successful, subsequent votes will be used to determine the proportion of the shortfall to be made up by Hundred Finance resources and the approach and assets used to distribute an equivalent of the USD amount.

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Vote

• The quorum required for the vote to pass has been set at 80% of the total veHND holders at the time of the snapshot.
• In order for either “Yes” or “No” to win the vote, they must obtain an absolute majority (>50% of the total votes cast).
• The vote will commence at 0:00 am UTC on Tuesday, March 1st, 2022 and last for one full week.

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Should Hundred Finance add funds to those paid in compensation to its users by Meter?

• Yes
• No
• Abstain

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Addendum

Any assets used for contribution would be drawn from those held by the protocol and acquired through activities conducted on all of its combined deployments, socializing the impact. This would include those deployments launched up until the completion of the release of the full amount.