Editor's Note: This article comes fromHoneycomb Finance News (ID: fengchao-caijing), Author: Kyle, reproduced by Odaily with authorization.

Editor's Note: This article comes from

Honeycomb Finance News (ID: fengchao-caijing)

Honeycomb Finance News (ID: fengchao-caijing)

, Author: Kyle, reproduced by Odaily with authorization.

More than a month after being hit by the flash loan attack, Harvest Finance has finally put its compensation plan for users into practice. On December 7, the agreement launched a claim website, and damaged users can receive USDC, USDT and GRAIN tokens to reduce losses.

The compensation is for a security incident on October 26. Harvest was stolen about 33.8 million US dollars due to a flash loan attack, causing some users to suffer losses. Whether they can recover most of the losses depends on the price of GRAIN tokens.

The new currency issued by Harvest was quickly listed on Uniswap. The opening price of GRAIN was about US$0.21. As of 3:00 pm on December 8, GRAIN fell to US$0.12. According to this price, damaged users can only get back 18.5% of the loss.

As a one-stop DeFi mining platform, the biggest feature that Harvest advocates is "peace of mind". It can automatically help users track and deal with different mining projects, save gas fees, and can also carry out certain maintenance on the projects they mine. audit. As a result, users who pursued "peace of mind" shouted "too pit".

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Harvest issues new coins to compensate users

On December 7, Harvest Finance, a one-stop income farming DeFi platform, launched a claim portal to compensate users who suffered losses due to flash loan attacks one month ago. According to the data released by Harvest, the attacker has returned $2.48 million to the deployment contract, which reduced the damaged funds of users to 15%~13.5%.

Harvest wants to compensate previously affected users with USDC, USDT and GRAIN tokens. In the official claim website, after the damaged user completes the login, they can receive USDC, USDT two stable coins and the new currency GRAIN.

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Harvest Receiving Compensation Page

A Harvest Chinese community administrator revealed to Honeycomb Finance that the compensation is calculated based on the snapshot of user assets in the block before the flash loan attack. Each damaged user can receive 7.39% of USDT and USDC, and 92.61% of the amount lost. % of GRAIN. Taking the loss of 100 USD as an example, the user can receive about 7.39 USD stable coins and 92.61 GRAINs.

The former is "hard currency" and accounts for a minority; while the latter is a newly issued asset and accounts for the majority of claims. Therefore, whether the user can finally recover most of the losses depends on the price of GRAIN.

According to the official introduction, GRAIN is a "repurchase token". Shortly after the hacking incident, the community voted on GRAIN. The market repurchases GRAIN and provides liquidity support for this new currency on Uniswap.

Additionally, the community voted to incentivize the GRAIN/FARM Uniswap trading pair. This will allow holders of FARM and GRAIN to lock and mine on Uniswap to obtain more FARM.

In other words, this liquidity mining incentive will help increase the market demand for GRAIN, and theoretically alleviate the selling pressure.

This solution is also Harvest's final "answer sheet" for users. Since the flash loan attack on October 26, the entire Harvest community has suffered a severe loss of about 33.8 million US dollars, accounting for about 3.2% of the total lock-up volume (TVL) in the protocol before the attack. It quickly fell from $253 to $153, and continued to fall to a low of $115 within 4 days.

After more than a month of voting and discussion, the compensation plan has finally been released and implemented. Can GRAIN help investors recover their losses as much as possible?

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Insolvent users bluntly say "too pit"

According to the real-time collection data of GRAIN, as of 3:00 pm on December 8, 203 addresses have received GRAIN, and about 1/3 of the claim progress has been completed.

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As of 3:00 pm on the 8th, about 1/3 of the GRAIN collection progress has been completed

Prior to this, GRAIN has launched UniswapV2 and opened the GRAIN/FARM trading pair. As of 3:00 p.m. on December 8, GRAIN quoted $0.12, a 42.8% drop from the opening price of $0.21.

Based on this price, if the user loses $1,000 due to the attack, the user can receive 73.9 USD stable coins and 926.1 GRAINs. While the total value of GRAIN is about $111.13, the user has received a total of $185 in claims, which is far from the actual loss of $1,000.

"It must be dissatisfied." The damaged user "porter" told Honeycomb Finance that before Harvest was attacked, he deposited about US$60,000 in assets for mining, and lost about US$7,800. Now after receiving the compensation, I still have a loss of 6,000 U.S. dollars, which is "too bad."

Financial blogger CryptoApprentice is also a damaged user of Harvest. After seeing the compensation plan, he also posted on Weibo to express his dissatisfaction, saying, "The team does not take responsibility at all."

In this regard, the Harvest Chinese community administrator told Honeycomb Finance that the repurchase robot will continue to repurchase GRAIN at the market price until all losses are compensated.

According to this, if the user does not sell the GRAIN after receiving it, the price needs to rise to $1 to compensate for the loss. Based on the market price of $0.12, it needs to rise by 733%.