May BTC Long Live price

The Peapods team is aware of recent transactions that manipulated prices in low volume, low liquidity Uniswap pools, which were utilized as TWAP oracles in some of our Pod markets. As a reminder, Peapods was designed to be a fully permissionless protocol, allowing anyone to create a Pod without intervention or approval from the team. Pod creators are responsible for selecting a safe oracle for their Pods, and we encourage lenders to thoroughly vet these oracles before supplying capital. Regrettably, in this instance, the deterioration of oracles has resulted in losses for users in the pLONGsUSDe and podETH Pods. Oracles for both Pods began with >1M in Total Value Locked (TVL) when Pods were originally created, but liquidity was subsequently moved, leaving the oracles vulnerable. This quality decay of these oracles also slipped through our Metavault working group's internal process, leading to the vault maintaining limited allocations to each of these Pods. Fortunately, losses on Peapods are mitigated by multiple safeguards, including our resilient collateralization model and established risk thresholds. The team is also exploring additional mechanisms to further strengthen these protections. While no Peapods code was exploited, our team is also committed to improving the user experience to enhance the flow of information for users, helping them make more informed decisions regarding oracle selection, monitoring, vetting, and capital allocation in the future. This enhanced information flow will also aid the metavault working group establish robust 'best practices' for vetting and allocating risk, before handing this responsibility over to decentralized vlPEAS governance. Our ongoing efforts to iterate and improve the platform are essential as we strive to create the first truly permissionless and immutable complete DeFi protocol suite. Our LVF offering is still officially in 'Beta' for this reason. It is reassuring to note that this issue stemmed from external oracle conditions permissionlessly set by users, rather than any flaw in our core code logic, which underscores the value of the multiple audits we have self-funded. The team is actively working on a reimbursement plan to fully offset user losses from this event. We’ve also reached out to the originator and offered a bounty for the return of funds. In addition, we've already been able to recover a significant portion of the affected funds by reaching an agreement with a whitehat MEV actor who intervened and successfully frontran parts of the originator’s coordinated action. Rest assured, we remain dedicated to our permissionless, decentralized, and immutable mission, and we will continue to push through adversity until PEAS becomes the #1 DeFi platform. Stay tuned for a detailed post mortem and more updates on our ongoing improvement program.

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