TL;DR
- zkLend has announced a comprehensive compensation plan for affected depositors, aiming to address financial losses and restore confidence in the platform.
- Deposits in unaffected pools will receive full refunds, while those in affected pools will get partial refunds and claims on zkLend’s recovery pool.
- A fair and transparent claims review process has been established, with a dedicated portal for depositors to submit their claims and receive compensation.
In response to the recent exploit that affected its platform, zkLend has announced a comprehensive compensation plan for its depositors. This plan aims to address the financial losses incurred by users and restore confidence in the platform.
The Compensation Plan
The compensation plan unveiled by zkLend is designed to provide relief to depositors affected by the exploit. Deposits in pools that remain unaffected are anticipated to receive complete refunds, whereas deposits in the impacted pools will be eligible for partial refunds and will also have claims on zkLend’s recovery pool. The plan also includes a detailed process for reviewing and approving claims to ensure fairness and transparency.
Full Refunds for Unaffected Pools
Depositors in pools that were not impacted by the exploit will receive full refunds. This measure is intended to reassure users that their funds are safe and that zkLend is committed to maintaining the integrity of its platform. The full refunds will be processed promptly, allowing users to regain access to their funds without delay.
Partial Refunds and Recovery Pool Claims
For deposits in affected pools, zkLend has outlined a plan to provide partial refunds. In addition to these refunds, affected depositors will have claims on zkLend’s recovery pool.
This pool is designed to compensate users for their losses over time, as the platform recovers and generates revenue. The combination of partial refunds and recovery pool claims aims to mitigate the financial impact on affected users.
Claims Review Process
To ensure a fair and transparent compensation process, zkLend has established a claims review portal. Depositors can submit their claims through this portal, which will be reviewed by zkLend’s team.
The review process is expected to take two weeks, after which approved claims will be processed for refunds and recovery pool allocations. This structured approach aims to provide clarity and assurance to affected users. zkLend’s comprehensive compensation plan demonstrates its commitment to addressing the financial losses incurred by its depositors.
By providing full refunds for unaffected pools and partial refunds with recovery pool claims for affected pools, zkLend aims to restore confidence in its platform. The claims review process further ensures fairness and transparency, reinforcing zkLend’s dedication to its users’ financial well-being.
