Categories: DAO

PolyNetwork hack victims can now file Metis claims

PolyNetwork hack victims can now file Metis claims

Users who suffered losses as a result of the PolyNetwork hack can now settle their claims. Metis has announced that the claim-settlement mechanism is now live as of September 15, 2023, 1 p.m. UTC. The designated domain is redemption.metis.io. Metis is covering all the losses while attempting to begin a new chapter with the community.

This demonstrates the Metis people’s dedication to making up for the community’s losses. Users can find the best alternative DeFi solution on the Metis ecosystem page. The community has responded with mixed reactions to this announcement. One member has said that while the solution is fair, Metis took a long time to come up with it compared to the duration they would have preferred.

The redemption process by Metis is a 2-step process that starts with claiming rMETIS and ends with redeeming them for METIS. Users are required to connect their wallet with the BNB chain; however, the wallet should specifically be the one that holds METIS on the chain. The PolyNetwork hack should have also affected the wallet.

Check the Eligibility Check section to know if the claims can be sought. The webpage will reflect the deadline by which claims can be made for rMETIS tokens. The maximum time by which claims can be made is 13 months, starting September 15 this year. Meaning, an affected user can redeem the claim by October 15, 2024. This has a 12-month vesting period plus a 1-month grace period.

Users can alternatively choose to redeem the claim on the first day itself. It would affect the total number of tokens.

Users who were affected by the PolyNetwork hack are eligible to redeem the claim on BNB Chain at block 29591664. The claim’s actual value will depend on the date on which the user makes the redemption. It will be determined as follows:

Price Ratio at the current time = (current time – start date) / (end date – start date)

The METIS token will then be determined as:

Price Ratio * rMETIS Amount

The claiming formula can also be understood by the fact that if tokens are redeemed on the first day, then the settlement would be 0.5 METIS for every rMETIS held. One year later, it will change to 1 METIS for every rMETIS user holds. The one year has been put in place by Metis to protect the community.

Those who have started to redeem their claims were last seen struggling with the process. Many members of the community asked each other if they had been able to complete the process. Another member on X, formerly Twitter, questioned how the settlement mechanism was working after the system reflected 6.5 rMETIS for 300 METIS.

Users are recommended to get in touch with Metis directly to get their questions answered instead of speculating about consequences.

Trevor Holman: Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.