Request for Proposal (RFP): Redemption and Reallocation of Nomad Collateral and Protocol Reserves for FRAX Market Enhancement

Thanks to your effort to recover the FRAX eploit, right now i can see all my deposits can be withdrawn, but after my withdraw operation, the gas fee had been paid several times, but every attemps failed for no clear reason, could you help ?

Hey @oakbay14!

Apologies for the confusion. Following the execution of MIP-M22, the Moonwell app is showing an incorrect value for “available liquidity” and “utilization” on the xcDOT and FRAX markets. This will be need to be updated.

MIP-M22 wasn’t the end of the process. Elliot and Solidity Labs will still need to go through the .mad KYC/Redemption process, swap redeemed assets for FRAX, bridge the assets back to Moonbeam via FRAX Ferry, and finally add the funds to the protocol reserves. After those steps are complete, there will be new available liquidity to withdraw from.

1 Like

MIP-22 has passed with overwhelming support, moving all .mad assets into the community multisig. You can see the transaction here. Moonbeam Chain Transaction Hash (Txhash) Details | Moonbeam

The Nomad redemption process is currently blocked on an address being whitelisted by Nomad. We have escalated through multiple channels and will post back once funds have been successfully bridged from Moonbeam to Ethereum.

The Nomad team has said it will take 2 weeks to get the address whitelisted. I certainly hope they can move faster than that to help the Moonwell community.

3 Likes

the polkadot ecosystem is always unlucky, the most famous three projects in the first batch parachain slot auction all sufferd accident, the first is AUSD exploit from acala, which is caused by their own reason, the second one is the nomad bridge accident, and recently parallel even meets some accident.
all these accident give a fatal attack towards polkadot ecosystem, i think that’s the direct reason for the unsuccess of polkadot.

1 Like

Update on the process and where things currently stand.

We are waiting on the Nomad team to whitelist the address to allow funds to move from Moonbeam back to Ethereum through the Nomad bridge.

The last email we received from their team was on Friday. Hopefully they will complete the KYC minting process this week.

6 Likes

Thanks for your efforts.
pls keep on solving the problem to help us fetch the assets which is important.

1 Like

With transaction Moonbeam Chain Transaction Hash (Txhash) Details | Moonbeam 2.8m FRAX have paid off bad debt.

I’m sure Gauntlet will have recommendations for the FRAX market based on this newly restored liquidity.

I would like to thank the community for their patience, and everyone who was involved in making this happen.

4 Likes