Thursday, December 8, 2022
 

Acala Network Highlights Initiatives To Resolve Invalid aUSD

●  Acala network tweets about the undertaking for resolving errorneously minted aUSD.

●  This error minting happened following a hack on the Acala network.

●  The team is in the process of resolving the issue using a referenda proposal.

Following the aftermath of the aUSD hack, the Acala team has set for “Proposal for Expedited Referenda” to the Acala community governance forum. The proposal suggests changes to time periods in Acala’s governance process and outlines the next steps for the platform.

Earlier, the Acala team said that all resolutions made for the network are executed with the help of community-driven, on-chain governance, which is an important feature of Acala’s parachain.

Specifically, Acala tweeted that they executed the recently issued community governance referendum. Also, they returned over 1.2 billion erroneously minted aUSD to the honzon protocol and burned them to bring back its dollar peg.

With that said, the Acala team earlier issued more trace reports which are underway to identify the erroneously minted stablecoins. Specifically, further trace reports will be published “to identify arbitragers profiting from aUSD error mints”.

Moreso, the team will also issue the outflows of the stablecoin error mints and tokens swapped from it to other accounts, parachains, and exchanges. After these strides, the platform community can prepare proposals to rectify aUSD error mints.

Speaking on the topic, the team said: “The community can then collectively formulate proposals to resolve the error minting of aUSD and outflow of funds.”

Furthermore, they added:

Analysis of the liquidity pools and relevant activities will be published. The community can collectively formulate proposals to handle the states of the pools.

The team will also formulate a post-mortem report and release a summary and improvements to be applied. Finally, they will also bring out an analysis of the state of the paused protocols and operations, where the community can together formulate proposals to resume normal operations on Acala.

●  Acala network tweets about the undertaking for resolving errorneously minted aUSD.

●  This error minting happened following a hack on the Acala network.

●  The team is in the process of resolving the issue using a referenda proposal.

Following the aftermath of the aUSD hack, the Acala team has set for “Proposal for Expedited Referenda” to the Acala community governance forum. The proposal suggests changes to time periods in Acala’s governance process and outlines the next steps for the platform.

Earlier, the Acala team said that all resolutions made for the network are executed with the help of community-driven, on-chain governance, which is an important feature of Acala’s parachain.

Specifically, Acala tweeted that they executed the recently issued community governance referendum. Also, they returned over 1.2 billion erroneously minted aUSD to the honzon protocol and burned them to bring back its dollar peg.

With that said, the Acala team earlier issued more trace reports which are underway to identify the erroneously minted stablecoins. Specifically, further trace reports will be published “to identify arbitragers profiting from aUSD error mints”.

Moreso, the team will also issue the outflows of the stablecoin error mints and tokens swapped from it to other accounts, parachains, and exchanges. After these strides, the platform community can prepare proposals to rectify aUSD error mints.

Speaking on the topic, the team said: “The community can then collectively formulate proposals to resolve the error minting of aUSD and outflow of funds.”

Furthermore, they added:

Analysis of the liquidity pools and relevant activities will be published. The community can collectively formulate proposals to handle the states of the pools.

The team will also formulate a post-mortem report and release a summary and improvements to be applied. Finally, they will also bring out an analysis of the state of the paused protocols and operations, where the community can together formulate proposals to resume normal operations on Acala.

 

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