Dear Autofarmers πUPDATE regarding the @GOGO_coin $USDC vault on Autofarm:
This vault is affected by the $UST de-peg issues. The Orion Money team, which provides the bridge mechanism of the underlying farm, enabled withdrawals from the farm, to recover $UST instead of $USDC.
We have been in close touch with the GOGOcoin and Orion Money teams to ensure the possibility for this in our contracts. This has now been effectively implemented and all users with assets in the vaults are now able to withdraw UST, with some considerations:
1οΈβ£ - Asset withdrawn will be $UST
2οΈβ£ - A 0.3% withdrawal fee charged by shuttle to bridge assets 1 USDC = 0.997 UST
3οΈβ£ - $UST will be distributed by Autofarm team daily at 0600-0800 UTC to all users who withdrew from the vault
4οΈβ£ - An warning has been issued by the GOGOcoin team regarding selling the $UST tokens
ππ Please handle the withdrawal with care and at your own risk. Funds sold might not be eligible for any compensation or claims.
For any questions please contact the team on GOGO Discord #help-desk > https://discord.com/invite/967HkzfC43 πOrion Money tweet: https://twitter.com/orion_money/status/1525331775718834176
GOGOcoin tweet: https://twitter.com/GOGO_coin/status/1525954741880094720
As much of you know, GOGOcoin team claimed the $USDC pool to be insured. We have been in close contact with the GOGOcoin team to get details regarding coverage, and most of the terms are explained here:
π https://twitter.com/GOGO_coin/status/1525954745642500096
π https://www.insurace.io/blog/?p=2975
The Google form distributed by GOGO to recover information
will be filled by Autofarm representing one user for the vault. Our team currently has some openstanding questions with the GOGOcoin team about the form, and will be submitting the form soon.
All tokens recovered through insurance and/or further compensation will be distributed 100% across all vault stalkers.
We have also added UI warnings and notes to further help understanding the process in the vault details:
https://autofarm.network/polygon/192/https://autofarm.network/polygon/193/We'll keep you posted on the development of the issue, if you have any questions for us will be do our best to answer.
Update by GOGO:
https://t.me/gogo_coin/87017