An Update on Popsicle Finance

Dear Isvikingers, it has been a while since our last update on the situation.
A lot of things have been happening behind the scenes, and we would like to thank each one of you for the patience you have given us during the last weeks.

We would like to give you an overall update on the situation Popsicle is facing right now.

Audits and Security Checks

First of all, an update on how the audits and the Immunefi’s program is going.

Our Audits are still in progress. The companies hired to do this are being really professional and analyzing every bit of code of the new version of our v3 LP optimization tool. Unfortunately, perfectionism takes time, and despite being what we demand, it is making the whole process quite slow. We understand your frustration, and we assure you that we are feeling the same emotions.

The Immunefi program is also going really well. We have just given out our first bounty of 5K dollars, to a long-time community member who found an issue that led to an improvement of the overall code. We are also receiving a good amount of reports, meaning that the program is working as intended. If you want to find out more about this, please have a read here. We would like to have as many eyes on the code as possible!

USDT Repayment and Loan Management

We are finally ready to start the Iron Bank loan, all the parameters can be found in our previous article here. The first 1 Million USDT repayment is coming, and it will be proportional to the amount lost in the hack.

What does this mean and how big will the first repayment be for each user?

Well first and foremost, this means that each user will receive a different amount of USDT.
In order to find how much each user deserves, we are using the following proportion:

Monthly Loan : Total USD value hacked = Monthly Repayment for Each User : Total amount lost for Each User

This way, we can easily compute how much each user will receive each month. We are getting all this data from a snapshot taken 1 Block before the hack. We will provide the list of addresses (Censored for privacy reasons), together with the total value of the LP lost per address across all pools in the hack next week. You will also find how much your first repayment will be.

Due to Ethereum gas fees being very high, we have decided to distribute the repayment via Fantom!

We will airdrop a small amount of FTMs to each address compromised by the hack to cover your gas fees, in case you want to bridge them back to Ethereum.

Users will get fUSDT dropped to the same address they LPd with on Popsicle however on Fantom Opera network. The fUSDT can then be bridged via multichain.xyz, only paying the fantom fees which are negligible. You can find a tutorial on how to do so in this video here.

The First repayment is coming on the week starting the 6th of September, together with a more in-depth update article which will describe exactly how this whole process will look like! We are nearly there Isvikingers, thanks for the patience!

ICE Repayment

The same thing will happen with the distribution of the 1M ICE coming from our founder Daniele's personal allocation.

We will use the same formula used for the loan repayment, but we will price the 1M ICE using TWAP. The nominal value of ICE at the time the calculations will be added to how much you have been repaid thanks to the loan.

We do not currently have a timeline for this, but it will not be long.

NFT Updates

We are still designing our NFTs and taking into account the community input has proved to be extremely valuable. We do not have many updates to give you on this front, but more news will be coming soon!

We’d also like to give special credit to two of our awesome community members that have been helping out immensely here: BowTiedWallaby and Pechnatunk, the progress wouldn’t be possible without you.

Products

While we wait for the audits on the V3 Optimizer, we are actively developing and improving our V2 optimizer. We expect to deliver it for audits shortly after the re-launch of Fragola.

Popsicle Merchandise

To conclude, we would really like to thank the community member Rugsy#4847 for building the first Popsicle Merchandise shop!
You will be able to buy a lot of cool gadgets with your favorite cryptos, and 100% of the profits will be used to buy ICE and distribute it to the hack victims. If you want to find out more about this, or need support, you can have a look at the #merchandise channel in our Discord and chat directly with Rugsy! Bear in mind that this shop is independent of the Popsicle Team, but we fully support it!