Notional winding down due to balancer exploit
Have been in and out of their different versions over the years but haven’t been in recently
Based on NOTE chart it doesn’t look like there were many who were impacted
Important Update for Notional V3 Users regarding the Balancer Exploit:
We have determined the extent of the damage and the impacts on Notional V3 users. These details could change if there is a recovery from the Balancer hacker, but if not, here is what we know right now:
- Total bad debt related to the Balancer exploit was 641.4 ETH on Mainnet and 80.2 ETH on Arbitrum.
- Users that held positions in the impacted Balancer/Aura leveraged vaults will see a 100% loss of their position value due to the severity of the Balancer hack.
- ETH lenders and liquidity providers on Mainnet and Arbitrum will see significant haircuts to their account values. This includes users who are borrowing against ETH collateral.
- No other users will experience haircuts to their account value.
Remediation plan:
- Notional V3 will be wound down on Mainnet and Arbitrum. Notional V3 cannot continue to function properly with bad debt of this size. We will publish a detailed plan for how users will be able to withdraw their assets soon.
- Users that have cross currency borrowing positions on Notional will be auto-migrated to Aave. Winding down Notional V3 makes us unable to accurately display liquidation risks to users or allow them to manage their positions, so we need to act on this quickly.
IF YOU ARE A BORROWER AND WANT US TO HANDLE YOUR POSITION DIFFERENTLY, MESSAGE THE TEAM AS SOON AS POSSIBLE.
- We will publish a detailed report soon that will give concrete numbers of the haircut for ETH lenders/liquidity providers, the remediation efforts taken, and how the haircuts were calculated.
- We appreciate everyone’s patience and we are doing everything we can to resolve this issue as quickly as possible and to recover the maximum amount of asset value for users. We’ll announce more information on details and timelines as soon as we can.
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