Stablecoin Resupply to Burn 6M Tokens Post-Exploit
DeFi protocol Resupply has proposed burning six million reUSD tokens in the insurance pool as part of a recovery plan after a $10 million exploit. The exploit manipulated the crvUSD-wstUSR pair, disrupting the platform's solvency checks via its oracle and exchange rate calculations. Currently, funds remain on-chain, with the protocol monitoring the situation. Resupply has covered 2.86 million reUSD of the loss, leaving a bad debt of 7.13 million reUSD. The proposed plan suggests burning 6 million reUSD of this debt via the insurance pool, which is about 15.5% of the pool's total. The remaining debt is to be managed by the DAO through future revenue streams. A user retention program is also planned, offering additional RSUP tokens to those who remain in the insurance pool after the burn.
FAQ
❓ What is Resupply's plan to address the exploit?
Resupply plans to burn 6 million reUSD from the insurance pool and manage remaining debts with future revenue streams.
❓ How will users be affected by the token burn?
Users in the insurance pool will receive additional RSUP tokens, despite the burn of reUSD.