[OIP-3] Action to Shield OpenOcean Community from Potential Risks from the Poly Network Exploit

Background:

On July 2nd, 2023, an attack on the Poly Network compromised the security of their main bridge resulting in the unauthorized transfer of multiple assets. 57 different assets were affected across 10 blockchains. Included in those is a significant number of $OOE tokens across multiple chains such as Ethereum, BNB Chain, Arbitrum, and others. Team has taken immediate actions to protect the interest of token holders, and all user assets are currently safe.

Immediate Actions Taken

OpenOcean team has moved swiftly to ensure the security of our platform and ours users’ assets:

• Initiated immediate conversation with Poly Network to assess the situation and understand the potential risks.
• Temporarily suspended $OOE trading pairs on OpenOcean platform, and restricted $OOE's on-chain liquidity.
• Notified centralized exchanges to halt $OOE deposits as a precautionary measure, to safeguard user assets from potential malicious activities.

Rationale:

To avoid the risk of the hack event, we will take the above steps and migrate the $OOE token to a new contract on BNB Chain based on the following rationales:

• As $OOE is a fully decentralized token,migrating to a new contract will allow OpenOcean community to regain control and prevent any potential misuse of the stolen tokens.
• The $OOE liquidity mining pools operate in a fully decentralized manner, preventing us from halting transactions or blocking the exploiter's address from trading.
• Since the majority of our users' assets are on the BNB Chain and considering the recent cross-chain bridge security issues, we've decided to remain $OOE deployed solely on the BNB Chain momentarily for security and convenience.

The Proposed Method and Implementation:

To mitigate further risks, OpenOcean team proposes and encourages the community to take the following protective measures to secure both our token holders and the overall ecosystem:

• OOE Token Holders:
  A new $OOE contract on the BNB Chain will be deployed. All token holders, including those on BNB, ETH, and other chains, you can effortlessly migrate old $OOE to new one on BNB Chain at 1:1 ratio.
• Liquidity Providers on OpenOcean(LPs): Liquidity providers on OpenOcean BNB and Ethereum chain, you will be able to manually migrate the liquidity to a new contract. New $OOE liquidity pools will be established with boosted APR. To incentivize early LPs, the first 2,000 LPs who stake in the new liquidity pools for at least one week, will be rewarded with a special utility NFT.
• DAO Staking: DAO staking from both Ethereum and BNB networks will be migrated to the new contract exclusively on the BNB Chain. No action will be needed for BNB Chain DAO Stakers, while for those stakers on Ethereum chain, please open a ticket in OpenOcean Discord ticket channel to get support for the migration process.
• Vault (Single Staking): Single staking migration will be facilitated on the BNB Chain. No action will be required from BNB Chain stakers, while Ethereum Chain stakers will need to manually migrate their $OOE to a new contract on BNB chain.

Urgent Community Vote

In light of the emergent circumstances and in order to protect users' assets from potential risks, we have to expedite the entire proposal process. Kindly request your understanding and cooperation during this time.

Future Consideration and A Sincere Thank You to Our Community

We would like to extend our heartfelt gratitude to the OpenOcean community. Your patience, support, and understanding are invaluable as we work through this situation together and look forward to a more secure and prosperous OpenOcean.