Popsicle Finance Next Steps

1. How the next few days/weeks will look like, and what will be focused on.
2. How security processes and protocol launch plans will be approached.
3. Lastly, of course, continually discussed how re-compensation should be dealt with.

Our plans for the next days, weeks

First things first we want to give an update on where we are at in terms of releasing product(s) again.
Sorbetto Fragola is being fixed and worked on as we speak with both fixes as well as optimizations. This will be the first product that will launch again, once it has gone through the security checks discussed below.

Thereafter, as many of you know, we were close to releasing Sorbetto Limone, our multichain LPing strategy and vault. The finishing touches will be delayed due to Sorbetto Fragola. After those are complete, this code will be going through the same security checks and launch processes discussed below.

Security Processes and Protocol launch plans

Of course, after an occurrence like this, we are what you could consider paranoid about anything happening again to the pools.
Thus, once the new Sorbetto Fragola code is complete, we will be doing the following:

1. We have already set up an application with Immunefi; they are a very reputable white-hat hacker bounty program.
2. Although Peckshield and Certik definitely give bad tastes for overall auditing companies, we can confirm that we are working with Certora to do formal verifications and audits. We are also in contact with other auditing companies.

Security at this stage is our number one priority, thus we will give it time, make sure it is quadruple-checked, tests written, and much more.

Compensation Plan

Popsicle Finance stems from being innovative — the first cross-chain governance platform, the first cross-chain airdroppers. We are also coming up with a somewhat unique compensation plan.

STEP 1 of the recompensation is getting a $1 million loan from the Ironbank, with which we will immediately pay back 5% of the funds lost. Thereafter, we get a loan each month minimum of $500k, which will be used to pay back further funds.

Why do it on a monthly basis? As the protocol increases its profits again and ICE potentially increases in value, we will have more capital to get a bigger loan as well as it being less expensive.

STEP 2 is that our founder, Daniele Sestagalli, is pledging 1,000,000 ICE from his personal allocation to be streamed over 1 year to the LPers in respective value that they have lost. LPers will be able to claim this whenever they like. The thinking here is essentially again, that as Popsicle grows again, this 1,000,000 ICE will be worth much more than it is today. Thus possibly users will actually be getting back more than they have lost with the first 2 steps together.

STEP 3 is the innovative step and something no protocol or community has done before. It deals with the aspect of NFTs.

We will work to make Spirit NFTs and Berserker NFTs (Berserkers is the old Scandinavian word for bear warrior, in other words, Viking warrior).

• The Spirit NFTs are dropped to all addresses (439) that were affected by the hack.
• The Berserker NFTs (10,000) are sold in an auction sale, and the money collected is used to pay back the affected addresses.

We are still in the process of deciding how these NFTs will be distributed. We will keep you posted as soon as we know more!

Okay, why the hell is a DeFi project releasing art?

The reason is that, if you hold the Spirit NFT as well as the Berserker NFT you will not pay protocol fees on your LPs (up to $1M, if you deposit more you will pay fees on the remaining money you have deposited).

Thus there is a really strong value in holding these two NFTs together.

This means that addresses affected, can either sell their NFT, to someone who owns the Berserker. Or the user can hold the Spirit NFT and buy the Berserker.

Paying no fees up to $1M, is something extremely valuable.

So if you buy the Berserker NFT:

1) You are committing to showing you support the overall DeFi innovation.

2) You have a chance of paying no fees if you also buy the Spirit NFT.

3) You will have the dopest profile pic you will ever find.

What’s the benefit of getting the Spirit?

• You can show that you are a part of the OGs that got rekt.
• You can sell it to someone who wants to LP for free.
• Other benefits could be voted in via governance, such as priority entry into LPs and more. (help us come up with ideas here)

The NFTs will have a 2.5% trading fee, as most NFTs do. These fees will also go towards the recompensation fund. Once recompensation has occurred, governance could decide to give the trading fees to nICE holders

We believe this is a completely new way of using NFTs. Furthermore, it is a cool way of bringing the NFT and DeFi community together for doing a good deed. As well as actually bringing a very interesting use case to an NFT.

Hopefully, you see the value in this also, and we can raise funds to help us the fallen Isvikingers, and bring the spirits back to life!

Popsicle is Stronger than Ever

As of last words, we just want to portray that we have learned from this expensive mistake. The beautiful thing is it is bringing the community closer together, it is bringing the overall DeFi space more together.
As Daniele said in the AMA “In order to shoot an arrow and hit the target, you need to pull the string back”.

This was pulling the string back, we are now on the verge of springing forward!

The future is bright for the Isvikingers!

If you have any questions, want to express your ideas, or concerns join our Discord!