Compensation for the loss of the vault due to position wear will be implemented on November 11 (UTC-4)

Bagels Finance
2 min readNov 9, 2021

Dear Bagelers,

On October 7, Bagels Finance DAO proposed BIP002 — a compensation plan for the loss of the vault caused by the wearing of positions(margin can’t cover borrowing) on September 26. After the voting of the Boardroom, it finally won 72.38% support. BIP002 proposal will be implemented on November 11(UTC-4).

In addition, the gBTC loss caused by the second wearing on October 2nd will also be compensated. The total loss of position wearing of vault was $29,963.9 in these two cases, and a total of 199759.3 BAGEL will be compensated to these users according to 0.15 BUSD equal to per BAGEL . The details of the loss and compensation for each lending pool is shown as follows:

These users will get $BAGEL compensation according to the proportion of holding of gBNB, gBUSD, gUSDT and gBTC at BSC block height of 11243892, 11243841, 11217745 and 11547865. The specific compensation list is as follows:

Bagels will airdrop corresponding amount of $BAGEL to your wallet at 2:00 (UTC-4), November 11.

Thanks for your understanding and support! Bagels Finance is also constantly improving its version of the liquidation contract system to ensure thatBagels can quickly liquidate positions with excessive risk during high market volatility to ensure depositor safety. In addition, Bagels Finance insurance pools will be launched soon. Please stay tuned.

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