🔴Stage 2 - Drained projects

Recovery of Affected Projects

Several projects featured on the old FEGex, some old SmartDeFi projects, and ROX token encountered a vulnerability that resulted in the depletion of LP funds. In response, the FEG team is fully committed to supporting the projects that rely on the foundational mission of both FEG and FEGex.

To address this situation, the FEG team has not only worked to reclaim the affected funds through traditional methods but has also developed a variety of strategies to generate new funds. We are proactively pursuing these initiatives to restore and reinforce the projects impacted.

Timeline

The timeline for Stage 2 of the recovery process is currently undetermined and will depend on trading volumes since the funding sources for this plan are derived from trading taxes. This project is designed for the long term, and the rate of fund generation and accumulation is a critical factor.

For example, the planned vesting period for ROX holders is set to extend over two years. Therefore, it is challenging to provide a specific timeline for the accumulation of the necessary funds at this stage.

The repayment of the LP loan is prioritized, indicating that the accumulation of necessary funds to address the shortfall will commence only once this loan is fully repaid. The prioritization of this loan repayment is crucial as it served as a vital support, enabling the project to maintain its operations. With this foundational stability restored, we are now positioned to move forward and generate the funds required for this phase of the recovery process.

Planned Actions:

• Accumulate funds to replenish the liquidity pool for affected projects.

• Distribute new FEG tokens to ROX investors.

• Provide reimbursements to development teams listed on FEGex.

• Compensate investors from previous SmartDeFi projects.

Strategies for Fund Generation

To facilitate the accumulation of funds for the support of projects, we have adopted several strategic measures:

• Introduction of new FEG taxes designed to generate funds progressively.

• Implementation of a nominal trading fee for projects initiated on the new SmartDeFi Launchpad.

• Transaction or subscription fees on the new Bridge and FTW (P2P) Limit-Order platform.

• Plans to explore monetization options once traffic levels on the Aggregator support such initiatives.

Commitment to Affected Investors

We are dedicated to ensuring that all affected investors are reimbursed. Our volunteer community-driven team is actively executing the outlined actions and investigating additional strategies to expedite the recovery process. Updates will be provided as we complete each subsequent phase of the plan.