The course of true love never did run smooth.
— A MIDSUMMER NIGHT’S DREAM, ACT 1 SCENE 1
Today has been a difficult day on the Pickle farm as we continue to work on retrieving existing jar funds for re-distribution. While we are still extremely certain that we can retrieve and unlock all funds to our users, it will unfortunately take a bit more time due to further timelocks which were introduced earlier as a security precaution.
Our expectation is that the issue should be resolved within 24 hours from this posting. But rather than leave the community in the dark, we thought it would be a good idea to talk about what we know of the situation up to this point.
Starting at block 10958758, a series of transactions were called (via the timelock) to initiate
setController on each of the jar strategies. This was to migrate towards a new treasury system as determined by PIP-8.
Unfortunately, due to a miscommunication on the team, the funds were not transferred over to the new strategies prior to executing
setController(a necessary step). After this change, the system would calculate very small payments upon withdrawal and very large pToken issuances on deposit.
This is due to the fact that the balances in the new strategies were tiny while the total supplies of the varying pTokens were quite large.
Where are the funds?
Due to the stunted PIP-8 migration, funds are now split between pre and post PIP-8 strategy contracts:
We initially thought the funds were isolated to the pre-PIP-8 contracts, and had set out to retrieve the funds, which was unfortunately delayed for 12 hours due to the timelock. However, upon further investigation, the funds were also sent to the post-PIP-8 contracts. This means that we needed to make a separate effort to retrieve the funds, which is now also blocked by another 12 hours due to the timelock.
What will we do now?
Our current plan is to withdraw the funds from both the pre-PIP-8 and post-PIP-8 strategies into our multisig. At which point we will redistribute funds in accordance with what our scripts have generated.
To inspect your entitled balances, see this repository here. Make sure to look up your address in the relevant
.json file for your jar. Also, keep in mind that these numbers are preliminary, so do reach out on Discord if you find any discrepancies.
There will also likely be a brief moment where your balance might appear to be zero, please be assured that the team is working non-stop and will be answering questions on Discord as we go through this transition period.
We appreciate your continued patience.
Contributors to Pickle have made reasonable efforts at ensuring the integrity of the protocol including tests. Pickle is completely valueless and has 0 financial value. Anyone who chooses to engage with these contracts, including the Pickle token contract and the staking contracts, are doing so at their own risk. You should perform your own due diligence.