We have analyzed the event and are sharing it for review. When the recent parameter change went through, 37 users were liquidated. Below we share this list of addresses and how much we believe they each paid in liquidator fees. We believe these fees to determine the majority of the user impact of the event. If users were affected, we would like to hear from you. Please let us know if the numbers below are not as expected.
We will provide an update tomorrow with next steps for affected users.
Thank you so much for this level of detail and quick turnaround.
Could you please share the methodology used to calculate these numbers?
At first glance, this look accurate with respect to my balance before the incident. But I’d like to be able to repro versus just going off mental recollection.
Hey @baconlard. You can use the Loan Health Tool to check. Simply filter by your address and the block height before MIP-14 was executed + block height after execution/liquidation took place and compare your portfolio.
I believe MIP-14 was executed on block 3260087, so you can start with the block before this (3260086).
Is the “total amount owed” the delta between:
A) total supplied less total borrow (net equity) on block 3260086
B) total supplied less total borrow (net equity) on the most recent block
Affected users will be paid in full, meaning they will receive what they paid in liquidation penalties as a result of the event. Please check the tables posted above for user addresses and values.
We are asking again - if anyone notices any discrepancies in actual impact, please let us know. You can either post here or email Moonwell@gauntlet.network with any info you have.
When users were liquidated, 70% of the liquidation fee went to liquidators and 30% went to the Moonwell reserves. As a result, these payments will happen in two phases.
Next week, a site will be launched where users can claim the first 70% of the payment
Following that, we will begin posting a series of governance proposals that will transfer the final 30% to affected users from the reserves
This two-phase approach is required as the only way to transfer money from the reserves is via governance. We will share constant updates throughout the process to let the community know as we make progress.
I am a little confused on this post, if I could please get some clarification that would be helpful - are we going to be repaid in total tokens owed + total amount owed (USD)? or just one vs the other? the reason I ask is because the total amount owed (tokens) vs the total amount owed in (USD) is far from being equal. If i had a choice I would much prefer receiving my total amount owed in tokens vs the total amount owed in USD because I am holding KSM, and the numbers are far off. Would this be possible?
@jetli123 Looks like you reached out over email - we’ll answer there and then we’ll post any clarifications relevant to the community to this thread
The numbers end up being very similar for most users but once again, please let us know if anything looks awry.
One more thing - we talked to an affected user who mentioned it would be helpful to better understand how the governance change caused a liquidation. We’ll update the thread with a detailed walkthrough of how an example user account was affected tomorrow to hopefully help elucidate things. Thanks.
We wanted to close the loop on this impact analysis, We have posted a detailed example of the methodology as well as the underlying data in this thread here:
As we completed testing on the final numbers, we did notice an issue in the numbers that we were able to resolve. In our previous post, we used the methodology described in this doc, which we found to be inaccurate. In the current tables and example we used an updated methodology found in the contract logic. This does revise the numbers down a bit - so please reach out to moonwell@gauntlet.network if you have any questions. Hopefully the linked post should make things pretty clear.
Borrower
Total Impact
Reserve Repayment
Gauntlet Payment
Old Amount Owed
Delta
0x0d82822b806bb1e617e514cd93185a728d1a04bc
$151.91
$45.57
$106.34
$165.05
-$13.14
0x32535ffe5bc0b1b62ba23e09b46aeb06e3ed2964
$2,718.62
$815.59
$1,903.03
$2,991.17
-$272.55
0x458b503bd8e1b494ed6bcbf9bf4000949dcaa186
$16.29
$4.89
$11.40
$16.17
$0.12
0x4c677499d2996788e0e73f1149ee6be8eb0405a1
$56.58
$16.97
$39.60
$56.77
-$0.19
0x4cf0602a77a4243b768ee28aa52994ad5dfdbe46
$763.99
$229.20
$534.79
$813.96
-$49.97
0x57e421c8a16bf0a609ef87e296cb931113a5e3ed
$16,035.36
$4,810.61
$11,224.75
$17,640.14
-$1,604.78
0x5c2c1b30edd00a67f51cfdc08d13186d869cc5e3
$1,481.83
$444.55
$1,037.28
$1,507.77
-$25.94
0x5f0a0e3b30d304fba56e2eee3a442b0bb5c40275
$156,651.08
$46,995.32
$109,655.75
$172,319.85
-$15,668.77
0x63d8e0f850a956e3b358dd1555fc05558efb103f
$59.09
$17.73
$41.36
$65.00
-$5.91
0x648520bf2628e1a4b70f7c7fd3a7a9f6ae2537bb
$0.03
$0.01
$0.02
$0.03
$0.00
0x68f7de23556f357a5a805cb60c957b9dd26b3817
$6,162.77
$1,848.83
$4,313.94
$6,270.78
-$108.01
0x6d9807d18374f33213de86917937544a7095e39e
$4,884.71
$1,465.41
$3,419.30
$5,051.95
-$167.24
0x6fffe084f6413fa400bdb93b951e71e190d5d18a
$114,722.91
$34,416.87
$80,306.04
$126,199.94
-$11,477.03
0x7780e86699e941254c8f4d9b7eb08ff7e96bbe10
$49,705.21
$14,911.56
$34,793.65
$53,707.22
-$4,002.01
0x7ec7b375834ef33a1a677503d5065651ee530975
$31,698.93
$9,509.68
$22,189.25
$32,784.68
-$1,085.75
0x7f0759cb20de8c7a996db6f6c12b33314d0379c3
$29.73
$8.92
$20.81
$32.67
-$2.94
0x82875511842fc12d617816f4030dd284da984ec5
$2,035.44
$610.63
$1,424.81
$2,158.76
-$123.32
0x8375b678ff8bf17b5ef6a29c71e9c82473e945f5
$124,585.46
$37,375.64
$87,209.82
$137,046.93
-$12,461.47
0x85d5e1305701cc1734f7e0c6c9011003903643ed
$5.97
$1.79
$4.18
$6.09
-$0.12
0x8e5bd22a0606a83183974ba2522c69b4ebdcd92c
$5,304.14
$1,591.24
$3,712.90
$5,834.68
-$530.54
0x90e3ed126e998cac4380547a1c863b8d2146c52f
$3,726.88
$1,118.06
$2,608.82
$3,815.24
-$88.36
0x93fd1ca463f9df2646749ae600f6eaee69657244
$0.07
$0.02
$0.05
$0.08
-$0.01
0x978565840a231948a59d8816c6e091677767b985
$21,801.74
$6,540.52
$15,261.22
$23,982.41
-$2,180.67
0x9aa8cc57ef8793975f60e23611af8804070a4f22
$408.24
$122.47
$285.77
$442.72
-$34.48
0xa47636f56e0638bc61fd40034bf84eff600d9a78
$865.01
$259.50
$605.51
$951.90
-$86.89
0xbbb7b32a5e384829fa67e200041d64e4dd8a6105
$1,188.20
$356.46
$831.74
$1,307.05
-$118.85
0xbce7ef477c31e2f39f0b5a55dc6f39a7302739c2
$2,317.82
$695.35
$1,622.48
$2,549.65
-$231.83
0xbd2a0b2e613046f8199b9fa3acae55f31ca400bc
$67.12
$20.13
$46.98
$73.83
-$6.71
0xbe3d3c05f01ddaef13000ec0324a3d732a382fee
$1,800.57
$540.17
$1,260.40
$1,838.23
-$37.66
0xc9f7113042615ce4796f8cbbfa6f42170d908e05
$1,283.33
$385.00
$898.33
$1,343.19
-$59.86
0xccb8e090fe070945cc0131a075b6e1ea8f208812
$8,908.28
$2,672.48
$6,235.79
$9,799.81
-$891.53
0xd750d90d770c65ca6fe90c176daf73742b240230
$3,161.13
$948.34
$2,212.79
$3,477.32
-$316.19
0xe44799ef334df157e0f8e2855e5ebebdbc02b299
$213.43
$64.03
$149.40
$234.71
-$21.28
0xe652150abcb929c04e013fcb9889ce2160e14982
$84,593.83
$25,378.15
$59,215.68
$93,055.19
-$8,461.36
0xede8f53a188c333096ab5f96f9fcd8f269065694
$71,363.30
$21,408.99
$49,954.31
$78,502.55
-$7,139.25
0xeed8504ee6563c51a64e5306115fcb3ceb59bc71
$56.18
$16.85
$39.32
$61.80
-$5.62
0xf3fb12045ef07b55d88bad12871bc80be7eeffbe
$52,468.85
$15,740.66
$36,728.20
$57,716.95
-$5,248.10
Grand Total
$771,294.04
$231,388.21
$539,905.82
$843,822.24
-$72,528.20
Today, a website will be made available to users affected by MIP-14. This website will give users the ability to verify their address as an affected account in order to allow them to sign a release in order to receive a subsequent payment from Gauntlet of 70% of their impact amount
The remaining 30% of their payment will be sent directly from Moonwell Reserves via governance. More details on this to come tomorrow.
