After a long restoration program, post-exploit, Linear is back in business. We’d like to welcome you all back, introduce our new Staker’s Bounty program and remind you of what’s coming next. Please see below some important updates on what you can expect when logging in for the first time.
As voted by the Linear DAO we have reduced the minimum P-Ratio required to claim rewards from 400 to 350. We have seen some buoyancy in the market over the time we have been closed and this will help to ensure everyone has access to their claims as P-Ratios will have dropped a small amount.
PancakeSwap + LP Tokens
The Linear team have taken the opportunity to replace the LUSD/BUSD pool with a LUSD/USDT pool as BUSD is being deprecated in Feb 2024. The pool will be live in the next couple of days, and LP tokens will be airdropped to previous LP holders. You may notice the number of tokens sent to you is different, but that is not important because the $ value at the point of distribution will be the exact same as the $ value you had previously. We aim to release this later this week.
Please note, the contract address(es) for the newly issued LUSD shown below:
ETHERUM Mainnet: 0x31a2E08F4232329e4EddB025C0275f43c9cD56D7
All LP tokens previously held in the vault have been replaced via airdrop to the users. The vault is not currently live but will be restored shortly once the liquidity pool is up and running.
Under normal circumstances you can only claim 2 weeks of rewards and anything older than this is returned to the pool. We have extended the claim period to ensure you are able to claim all rewards owing to you for the duration of the closed period. We aim to release this next week.
Your tokens that were due to be unlocked during the closed period will be unlocked and released to your staked balance. We aim to release this next week.
Unfortunately all perpetual positions were liquidated during the overhaul of the protocol. If you had a position please reach out to us via firstname.lastname@example.org and we will compensate you. We will need your wallet address and we will of course validate all claims against your transaction history before settling. Claims will only be returned to the wallet that held the original position. We aim to release this next week.
All liquidations have temporarily been paused. Reactivations of liquidations will begin soon and will be advised on our social channels.
We’ve been closed for a while resulting in a significant amount of LINA tokens building up in the Reward Unlock system. These are the staking rewards that you earned a year ago, they’ve been vesting and would have been released to you over the last 6 weeks. We want to encourage you to stay staked with us, and we’re going to reward everyone who does just that. Just before we opened the doors we took a snapshot of everyone’s reward status, now all you have to do to win is remain staked. Here’s how it works:
- 3 Months from today everyone who has not unstaked a single token will receive an airdrop from our Staker’s Bounty pool. The airdrop will be shared on a pro-rata basis between all stakers. If you have 1% of the staked tokens, you’ll get 1% of the airdrop.
- 6 Months from today everyone who has not unstaked a single token will receive an airdrop from our Staker’s Bounty pool. Again, the airdrop will be shared on a pro-rata basis between all stakers.
The pool holds 1,000,000 LINA tokens which will be split 25% at 3 Months and 75% at 6 months.
Restoring the protocol has been our primary focus over the last few weeks, but we haven’t taken our eyes off the longer-term plan. Over the coming weeks and months you can expect to see:
- Multi-Collateral staking. The code for this was finished before the exploit, so its just the installation to the live system to go now. It’s taken too long already, we know this and we’re genuinely sorry.
- New Website and Branding. Also near completion before the exploit, and also waiting on deployment to the live environment.
- Order Book Dex. To compliment our Synthetic Asset exchange, making us a one-stop-shop for all your trading needs. This one is going to take a little bit longer, but we will keep you posted with regular progress updates.
- AI Secrets. Well if we told you, then they wouldn’t be secrets!?
Help and Support, and Thanks
We would like to ask everyone to check their accounts and report back to us with anything you think is not exactly as it should be. To report any issues please use our support email address email@example.com
We want to thank you, our community, for your patience through this difficult time, we are so pleased it’s finally behind us and we can get back to building again!