Origin Dollar compensation demonstrates growing maturation of DeFi space. On Friday, decentralized finance (DeFi) stablecoin project called Origin Finance, announced a plan to compensate users that were affected by a $7 million November exploit. The exploit is part of a wider trend from developers, users, and traders that has seen actors across the DeFi space more widely embrace insurance products and other exploit backstops.
On November 17th, Origin Finance fell victim to a $7 million flash loan attack. The attack was just another instance of what has been a brutal summer and fall for DeFi protocols facing hacks and exploits. However, the response from Origin Dollar’s team stands out for its attempt to fully compensate users.
In a blog post on Friday, Origin Dollar product manager Micah Alcorn laid out a multi-tiered plan that would immediately pay 75% of users their lost funds back in the “audited, and relaunched with new security measures in place” stablecoin OUSD.
For larger depositors, however, payments would be a more complicated process. It involves a 1-year timelocked quantity of the e-commerce utility token OGN. Compensation for larger depositors will completely depend on the performance of the OGN token.
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