We are excited to announce that the compensation page is now live.
The unravelling of the Terra protocol had a ripple effect on many protocols throughout the entire cryptocurrency space. Green Planet, which had markets for UST, aUST, and LUNA, experienced issues when liquidators were unable to properly liquidate positions due to the Terra chain being halted and Chainlink abruptly stopping price feeds for Terra assets.
In response, the Planet community decided to take action and proposed allocating 5% of Green Planet’s fees towards users who were impacted by the disruption caused by the Terra fallout.
Please note that the compensation amount is determined based on the prices of July 26th, which marks the launch date of Green Planet 2.0. Affected users can check their total compensation amount on the compensation page.
The initial amount of $8888 collected through Green Planet’s fees will be first used to compensate 230 users who have suffered losses ranging from $10 to $100. This approach has been adopted to provide full compensation to a significant portion of the affected users within a shorter period of time since they constitute a small percentage of the overall compensation plan. After the complete payment of this amount, we will enable compensation for the remaining users.
Initially, we have added $1800 to the compensation contract (the amount accumulated since the proposal passed) as the first round of compensation. Going forward, we plan to add funds to the contract every one or two weeks, based on the amount collected from Green Planet fees with the compensation being paid in USDT.
Affected users have the option to either claim their compensation in each round or wait until more funds have accumulated before making a claim. Even if you choose not to claim for several weeks, your share will always be protected by the contract. Moreover, after making a claim, you can claim again once the next round of funds is added to the compensation contract. However, please note that only the 230 users mentioned earlier are eligible to make a claim for compensation at this time.
Please note that any Terra tokens supplied to Planet or addresses with balances under $10 are not eligible for compensation.
We want to end by expressing that we are committed to gradually recovering all the losses that our users have incurred due to the Terra protocol situation. We acknowledge that the current compensation amount might seem small, but we view it as a meaningful start. We appreciate the community’s support and remain committed to our vision of Decentralizing the Planet’s Finances through our DeFi products for years to come.
