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Old FEGex projects
The previous projects featured on FEGex experienced a vulnerability that led to the total depletion of LP funds. In response to this regrettable incident, the FEG team is committed to supporting the projects trusted with the foundational mission of both FEG and FEGex. Besides striving to reclaim the misappropriated funds through traditional methods, the FEG team has creatively developed a range of strategies to accumulate new funds.
The FEG project has outlined a multifaceted strategy to recover the lost funds and compensate the investors of the affected projects:
- New trading taxes have already been implemented, generating a liquidity pool (LP).
- The FTW (P2P) Limit-Order platform will include the possibility of transaction or subscription fees.
- Projects launched on the new SmartDeFi Launchpad will contribute a nominal trading fee.
- Various monetization strategies will be considered as soon as the Aggregator experiences sufficient traffic.
The repayment of the LP loan is given priority, implying that only after this loan is fully repaid will the process of methodically accruing the necessary funds to compensate for the stolen funds.
The reason for prioritizing the LP loan over the repayment to old FEGex projects is straightforward: this loan was the lifeline that allowed the project to sustain itself. As a result, we can now look forward and continue as a project, creating opportunities to generate more funds.
This project is set for the long term, and the pace of fund generation and accumulation is crucial. For instance, the vesting period for ROX holders extends to over two years. Hence, we cannot provide a tentative timeline for accumulating the necessary funds.
However, once we complete the repayment of the LP loan, we will have a clearer understanding of our financial landscape and be able to propose a more concrete timeline. Our focus remains on strategic growth and sustainable financial planning to secure the future of our project.
Last modified 4mo ago