**The information contained in this blog post is correct as of 2:00am UTC 9th June 2022, but may be subject to change. As new information comes to light from TFL (Terraform Labs) or other industry sources, updates may be released that change elements of this process. Some changes may be subject to a community vote. Please contact our team on Telegram or Discord for further clarification on any questions.**
Included in this blog post:
- Voting Results
- Complaints & Appeals Period
- Payout Information
- Stakers Information: Compensations & Withdrawals
Schedule
Complaint & Appeal Period 8th – 10th June
Result & Swap/Payout information 11th June
Expected Payout Date & staked funds unlocked 13th June
- VOTING RESULTS
The UST De-Peg Group Claim votes have been verified as ACCEPTED
There were 3,872,841 votes to accept, and 273,675 votes to reject. The Accept vote won with 93% of the votes cast.
We thank everyone who participated in this monumental vote.
- COMPLAINTS & APPEALS PERIOD
As we enter the Complaints & Appeals period, there are three types of participants:
A) Claimants who have had their claim rejected wishing for it to be re-evaluated.
Any Claimants who have had their claim rejected by the Claims Assessors can now Complain (appeal) on chain to our Advisory Board.
These Claimants can submit an appeal to the Advisory Board for reconsideration. This is done through the app on the Claims page of your dashboard. Select the Complaint button to submit.
This comes with a cost of 0.5% of the claim total.
Evidence can be submitted via this on the app as well as sending further information to us via email to claims@insurace.io
B) Claimants believing that the value of their claim is miscalculated
As above, Claimants who think their totals have been calculated wrongly can go through the app using the Complaint button on their Claims Dashboard.
This comes with a cost of 0.5% of the claim total.
Evidence can be submitted via this on the app as well as sending further information to us via email to claims@insurace.io
C) Community members who have realized an error in calculations as part of our Claim Bounty Initiative.
Our Claim Bounty program is still active and anyone can partake by analyzing claims to find errors that help in saving money for stakers. There is a 40% bounty on any savings made.
Claim Bounties should be submitted by 2pm UTC on the 10th of June to be considered.
Bounties can be submitted by email at claims@insurace.io
- PAYOUT INFORMATION
Following the Complaint & Appeal period, cover owners are required to swap the approved amount of UST to us. InsurAce.io will send the equivalent amount of Payout Tokens to the insured based on a payout ratio of 1 UST = 1 USD. The details of the swap process will be announced later.
We expect this payout to happen between the 11th – 13th June.
Users can go to My Claims on their Dashboard and swap their UST via the InsurAce app.
The Payout Tokens* will be transferred directly into their wallets.
Users are requested to complete the swap within 5 days to do the swap. A ‘deadline’ will be set as the 17th of June. Users requiring an extension to this should contact us immediately with reasoning.
For Claimants who are required to transfer their LUNA tokens, a Terra Wallet address will be provided to them.
* Payout Token refers to the bag of tokens the Insured Party will receive as payment. This may be a mixed bag of Stablecoins, L1 tokens and INSUR. The Payout Tokens may be a combination of the assets in the underwriting pool to alleviate operational hazards and selling in a high volatility environment.
InsurAce.io is not responsible for differences in the market value of the Payout Token from the time of pay out to the time the insured receives the claim payout.
The value of the Payout Tokens will be calculated according to the USDC value posted to CoinGecko at the time of the payout.
Users with locked funds or limited access to their UST will be given specific payout details related to their claim.
- STAKERS INFORMATION: COMPENSATIONS & WITHDRAWALS
Stakers Compensation Plan
CLICK HERE TO ACCESS COMPENSATION PROPOSAL
This compensation plan explains how we plan to refund superfluous losses to stakers to reduce their overall impact from this to ~10%.
Following the Accept vote in the Group Claim and Complaint Period. A final total will be published.
This final total will be taken proportionally from all staked assets in all pools.
Other staked assets will be unlocked on the 13th June at 2pm UTC and will be free to withdraw if the staker wishes to do so.
Assets that remain in either the locked pools or the withdraw pool will be eligible for the Compensation Plan.
Assets in the unlocked ‘withdraw pool’ may be re-locked into the regular staking pools on the 1st July. Following this, stakers will have to go through the 15 day unlock period again to withdraw.
- CONTACT
Please join our Discord channel where we have a ust-de-peg-discussion group. Feedback given to @vagrantcrypto in this channel will be raised to the team to help us improve our services either for this event or future events.
Alternatively, you can send emails to claims@insurace.io for further communications.
