DeltaPrime Reimbursement Plan | Metaverse Post

Published: October 18, 2024 at 7:00 am Updated: October 18, 2024 at 11:45 am

DeltaPrime, a leading DeFi prime brokerage, has unveiled a robust reimbursement plan following the recent security breach on September 16th. This resulted in a loss of $5.98 million on the Deltaprime Blue (Arbitrum) protocol. DeltaPrime committed to fully compensate all affected users through a combination of strategic measures and community-focused initiatives.

In response to the incident, DeltaPrime has implemented a comprehensive reimbursement strategy that prioritises user recovery and long-term protocol stability. Key components of the plan include:

Reimbursement Tokens (rTKNs): All affected users will receive rTKNs, representing $1 of future revenue until full reimbursement is achieved. These tokens are fungible and can be exchanged for their dollar equivalent over time as DeltaPrime generates revenue.
Compensation: The rTKNs received by any user equates to 1.4 times their damage in the attack.
Stability Pool Allocation: The Stability Pool will contribute $1.33 million towards reimbursements, reducing the total impact to $4.65 million. This pool has been built through platform revenue and liquidation fees.
Founders’ Contribution: In an unprecedented move, DeltaPrime’s founders have committed 33% of their team allocation of PRIME tokens for sale at a discounted rate to affected users. 100% of the dollars raised will be donated in an effort to make every affected user whole as fast as possible.
Incentives for Continued Participation: Users who maintain their savings within the protocol will benefit from accelerated reimbursement rates, receiving repayments twice as fast compared to those who withdraw entirely. This approach encourages sustained engagement, supports the protocol’s recovery and growth and, in turn, leads to faster reimbursement for all affected parties.

The PRIME tokens offered by the founders present a unique opportunity due to their heavily discounted price and non-inflationary mechanics. This initiative aligns with DeltaPrime’s commitment to maintaining token value while enhancing decentralisation.

Why Full Repayment is Anticipated

DeltaPrime’s confidence in achieving full repayment is grounded in its historical performance and robust financial health. Over its one-and-a-half years of operation, DeltaPrime has consistently demonstrated strong growth, with an average of $44 million in user deposits over 2024, and an average of $64 million over the 30 days prior to the atack. The protocol generated $2.7 million in revenue over 2024 (3.6 million annualised), showcasing its ability to generate substantial income even amid challenges within a sustained bear market. These financial metrics underpin DeltaPrime’s capability to fulfill its reimbursement commitments while continuing to innovate and expand.

Enhanced Security Measures

In light of the recent breach, DeltaPrime has redoubled its efforts to enhance both protocol and operational security. To reduce smart contract risk, the protocol currently is undergoing its 8th audit with renowned security provider BlockSec.
Additionally, DeltaPrime has implemented rigorous operational security protocols, including comprehensive internal security workshops, a replacement of all physical devices through a reputable supply chain and enhanced monitoring systems for real-time threat detection. These measures are designed to safeguard user assets and rebuild trust within the community.

DeltaPrime remains dedicated to rebuilding trust with its community through transparent communication and decisive action. The protocol’s ongoing security enhancements and strategic partnerships underscore its commitment to user fund safety and operational integrity.

Detailed information about the reimbursement plan is available on DeltaPrime and any questions can be asked directly by joining the conversation on Discord.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Gregory, a digital nomad hailing from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With a wealth of experience in the financial industry, his insights and expertise have earned him recognition in numerous publications. Utilising his spare time effectively, Gregory is currently dedicated to writing a book about cryptocurrency and blockchain.