jEUR incident. Plan of action

Governance
10

Gauntlet plans on voting YAE to freeze jEUR, but we do not believe there is an immediate need to freeze agEUR.

  • Angle protocol can use the protocol surplus (or revenue) to offset the bad debt.
  • The fees and interest generated since genesis is $7.5M.
    image
  • The protocol has 35k agEUR stolen
  • The amount stolen is 35000 * 1.08 / 7500000 = 0.504% of the protocol revenue

In addition,

  • The protocol is fully collateralized for this loss with $48M deposit backing $30M stablecoins.
    image

Given that the amount stolen is only 0.5% of the protocol revenue and the protocol is overcollateralized, Gauntlet doesn’t support freezing agEUR.

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