Symmetric Telos Improvement Proposal #5- Relaunch

Symmetric Telos Improvement Proposal #5 Telos Relaunch

Purpose: Following a recent security incident, Symmetric plans to relaunch on Telos on February 28th. This proposal authorizes that relaunch and encumbers funds from the treasury to repay and distribute rewards lost in the adverse event. For a full breakdown of what happened, see: 📄 Incident Report – Detailed timeline and impact. 📄 Post-Mortem – What we learned and how we’re strengthening security.

Step One- Relaunch Symmetric Redeploying the Protocol New contracts have been deployed to replace the compromised Vault contract. New liquidity pools will be created which will feature similar make-ups as before, and users will be guided on migrating their funds. The front end is updated and the updated protocol, complete with security upgrades addressed in the post-mortem, will go live on February 28th. **Step Two- Addressing Lost Rewards ** $2,000 in lost rewards (owed to the community) will be replaced from the treasury and distributed to the new pools. This includes $1250 in USDM incentives and 8500 wTLOS.

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Proposal: I propose that we relaunch the protocol on February 28th, 2025 as described above. I also propose we use treasury funds to reimburse and distribute lost rewards as described above. A yes vote authorizes these actions immediately upon approval.
Submitted by Wdude, February 26th, 2025