BIP 103 Restitution Amendments

BIP | Badger Improvement Proposals
1

Amendment 1

  • Original Clause: 400k BADGER will vest linearly over the 12-month life of the new program and is withdrawable when vested
  • Proposed Clause: 400k BADGER will vest linearly from months 7-18 of the restitution program and be withdrawable as vested
  • Impact: This has the affect of delaying the withdrawal of these rewards from months 1-12 until months 7-18.

Amendment 2

  • Original Clause: Early (remBADGER) withdrawals are permitted, will cease vesting and will not be able to be re-deposited
  • Proposed Clause:
    • remBADGER will vest linearly during the final 12 weeks of the program
    • The vesting schedule is weekly
    • Vested remBADGER may be withdrawn
    • After remBADGER is withdrawn, rewards will continue to accrue per their vesting schedule (ie. no penalty for withdrawals)
  • Impact: Early withdrawals are prevented for the first 9 months. When withdrawn, however, they will continue to earn rewards until the end of the program.

Amendment 3

  • Original Clause: remBADGER withdrawn prior to the expiration of the prior restitution program is not eligible for the new restitution program

  • Proposal: Allow @Andy, address 0x138Dd537D56F2F2761a6fC0A2A0AcE67D55480FE, to re-deposit to the restitution vault by converting 1788 BADGER to remBADGER.

  • Context: @Andy held 1,788 remBADGER which he withdrew in December 2023

    • This was done after the service provider posted a notice on the legacy site that all vaults would stop receiving rewards
    • Andy interpreted this to mean remBADGER rewards would stop early
    • Reinstating Andy would dilute other existing victims by .25% (1,178 / 726,034)

Amendment 4

  • Original Clause: remBADGER withdrawn prior to the expiration of the prior restitution program is not eligible for the new restitution program
  • Proposal: @Pharos, address 0x6d0BBe84eBa47434a0004fc65797B87eF1C913b7, to re-deposit to the restitution vault by converting 20,950 BADGER to remBADGER.
  • Context: @Pharos held 20,950 remBADGER which he withdrew in December 2023
    • Full context of his position can be found here, in Discord
    • By exiting the remBADGER vault for the initial restitution program, Pharos knowingly chose to forfeit the last two months of rewards
    • His position is that he did not agree or decided to be excluded from any future compensation efforts
    • Reinstating @Pharos would dilute by 2.9% (20,950 / 726,034) other existing victims who remained in the vault and are eligible to re-deposit

Amendment 5: If full restitution is realized, based on the BADGER 4-hour TWAP, the restitution will be deemed complete and rewards will stop accruing.

  • Amendment 1: 400k Vesting Moved to Months 7 -18
  • Amendment 2: remBADGER Vesting & Withdrawals Moved to Months 10-12, no penalty
  • Amendment 3: Allow Andy to Re-Deposit to Restitution Program
  • Amendment 4: Allow Pharos to Re-Deposit to Restitution Program
  • Amendment 5: Program Complete if Full-Repayment on 4-hour TWAP

0 voters

1 Like
2

Hope this is going to give us badger holders some confidence, some mixed views.

2 Likes
3

Regarding Amendment 4: Allow Pharos to Re-Deposit to Restitution Program

Pharos provided clarification about his situation in the Badger Discord here.

Regarding the initial restitution program he says, "By exiting the remBADGER vault, I knowingly chose to forfeit the last two months of rewards but I did not agree or decided to be excluded from any future compensation efforts that might have arisen after the clearly mentioned end of this specific compensation effort. "

I have update the language in the amendment to reflect this context.

2 Likes
4

Just my final words about all this.
I truly and personally deeply think that I did nothing wrong and that I respected the terms that were set in the BIPs.
I will get penalised and excluded from the continuation of the restitution effort. So be it. I can’t do anything.

It proved impossible to have a dispassionate and non biased opinion about this subject. That many are willingly twisting or ignoring words and argue in bad faith is certainly not pleasant and disappointing.
But it is even more painful because this does not come from remBADGER people. It is mostly coming from people that are not and will not be impacted and that are not victims of the hack. I do not understand.

It is how it is but I would like to thank remBadger holders and ay that I appreciate that they did not join and try to shut me down, argue or contradict what I was saying.
It is really nice, as it would have been easy to pile on especially because they are the one that stands to loose something in the form of a dilution of the emission. So thank you for that.

2 Likes
5

Question was asked about whether Pharos and Andy held their Badger. This is what I see:

Amendment 3
Andy withdrew remBADGER on Dec 16 '23 and received 1,758 BADGER. Andy did not sell and currently holds 2,088 BADGER. Here’s a DeBank link.

Andy
Andy1149×191 36.1 KB

Amendment 4
Pharos withdrew remBADGER on Nov 9 '23 and received 20,200 BADGER which were then immediately sold (same day). He holds ~300 BADGER currently. Here’s a DeBank link.

Pharos
Pharos1150×347 76.4 KB

2 Likes