Belt BELT Price

What is Belt (BELT)?

In a bold move to mitigate the impact of a recent flash-loan attack that cost the platform $50 million, Belt Finance, a decentralized finance (DeFi) platform, has swiftly implemented a compensation plan for affected users. The platform, known for its automated market making services, suffered a significant blow on May 30 when an attacker exploited vulnerabilities in a flash-loan attack, making away with $6.23 million.

Compensation Plan:

Belt Finance has prioritized the welfare of its users by announcing a comprehensive compensation plan. Users directly affected in the 4Belt pool or beltBUSD vault, as well as holders of the governance and incentivization token BELT, will be compensated. The platform estimates that vault users experienced a 21.36% loss of funds, while pool users incurred a 5.51% loss.

Details of Compensation:

In a detailed blog post, Belt Finance outlined the compensation plan, which involves the airdrop of a remedy token called remedy4BELT (r4BELT). The platform aims to distribute this token to affected users as a form of restitution. Additionally, Belt Finance is creating a buyback fund, committing $3 million to add buy-side pressure to the BELT token, ultimately aiming to enhance its value over time.

Liquidity Mining Incentives:

To further support the recovery and enhance the value of BELT, Belt Finance is committed to maintaining the profitability of liquidity mining on the platform. The team emphasized their dedication by stating that they have never sold any of their BELT allocation.

Conclusion:

Belt Finance's rapid response to the recent flash-loan attack showcases its commitment to user protection and recovery. The compensation plan, featuring the airdrop of r4BELT tokens and the establishment of a buyback fund, reflects the platform's determination to restore confidence among its user base. As the DeFi space continues to evolve, Belt Finance's proactive measures may set a precedent for how platforms handle security breaches and prioritize the well-being of their users.

What is unique about Belt (BELT)?

Belt Finance stands out for its innovative compensation plan implemented after a recent flash-loan attack, offering affected users the remedy4BELT token and establishing a $3 million buyback fund to enhance the value of its governance token, BELT.

Where can I buy Belt (BELT)?

You can buy Belt (BELT) on PancakeSwap (v2) cryptocurrency exchanges.