PACIFIC DeFi News & Announcement Channel

PACIFIC DeFi News & Announcement Channel pinned «Hi All, with the technical issue faced in the 3-month vaults as well as the compensation package given to users in the form of a token airdrop, this has meant that the protocol is unable to scale & grow any further without more capital resources. This does…»

Hi All, with the technical issue faced in the 3-month vaults as well as the compensation package given to users in the form of a token airdrop, this has meant that the protocol is unable to scale & grow any further without more capital resources.

This does not mean Pacific DeFi will cease to exist as the fixed income vault will continue to run as is along with Dapp functions. We have also fully implemented our core roadmap for the project which was to create a fixed income product that anyone can use.

What it does mean is that Pacific DeFi will run as a DAO going forward with not much intervention from the team.

We hope to do more with Pacific DeFi when markets improve, but given the situation and market climate we have maximised what the team can develop at this stage.

Thank you for understanding,

Pacific DeFi Team.

Please see the above Excel as reference for the distributions

https://docs.google.com/spreadsheets/d/1NsC_8uiyz9_n_QL2ymw4ScBdydY5y5aDiZa4gpmy0bs/edit?usp=sharing

https://bscscan.com/tx/0xc4fe65a6841b8202fc2cb86de177335969744927b944952ff804bf051892c9b0 PACIFIC Single pool PACIFIC airdrop
https://bscscan.com/tx/0xc844b31f7d38e4e63e9e76b4801e35c46c9306042159fde2bf20f4222a9671e2 PACIFIC-BNB-LP pool PACIFIC airdrop
https://bscscan.com/tx/0xab81f2860d2865ac0af541e882c5e836e803b8d218154e264314a6e118f0b64a - PACIFIC Single pool BUSD airdrop
https://bscscan.com/tx/0x5979307d3609cf1af7adf16c88dd1559fa26ecb3545a406d323ffef6bbc423d5 - PACIFIC-BNB-LP pool BUSD

PACIFIC DeFi News & Announcement Channel pinned «Distribution Announcement As mentioned to everyone on the 20th of January 2022, when our 3-month staking pools time lock elapsed, we discovered that the withdrawal function on the 3-month PACIFIC and PACIFIC-BNB-LP staking pools were not functioning as they…»

Please see our excel files attached with entitled wallet addresses, entitled PACIFIC rewards, bonus PACIFIC rewards, and BUSD distributions.

We hope you all understand and acknowledge that we did not foresee this but have been extremely transparent.

Distribution Announcement

As mentioned to everyone on the 20th of January 2022, when our 3-month staking pools time lock elapsed, we discovered that the withdrawal function on the 3-month PACIFIC and PACIFIC-BNB-LP staking pools were not functioning as they should.

This was due to a line of code that was over-looked, preventing the time-lock to open and thus withdrawal to commence.

We worked tirelessly to find a solution and had the dev team try to white-hack the vaults, without much success. The audit we commissioned had passed, so we are investigating why this line of code had been over-looked.

As the Pacific DeFi team, we cannot blame anyone including our developers, auditors, and the community because as founders we need to take accountability.

Our Solution and Compensation

Single PACIFIC Staking Pool

The single PACIFIC pool stakers will receive their initial staked amount, their entitled rewards, and a 40% extra compensation of PACIFIC on their entitled reward amount as per the attached excel file which has all the wallets, staked amount, reward amount and bonus amounts illustrated. As a sign of good faith, the founders will also contribute $3000 USD in BUSD to single PACIFIC token pool stakers which will be distributed in BUSD to your wallets pro-rata. You do not have to do anything. If you genuinely staked, please make sure your wallet address has the BSC contract of BUSD and PACIFIC saved so you can see your tokens reflect. Overall, you are receiving funds at today’s market value of PACIFIC, which is higher than if the staking pool system was working perfectly and you were able to withdraw your funds.

BNB-PACIFIC LP Staking Pool


The BNB-PACIFIC LP staking pools was the complex decision we had to make, and we did not make this decision on our own accord. We spoke to all PACIFIC DeFi investors, VCs, advisors and emergency developers for what would be the most ethical and best practice method to recover the funds for these users. We either could sell several million PACIFIC to extract BNB liquidity and distribute it to users proportionally, but this would’ve caused the price and project to crash even further to a point of no return which would affect everyone’s distribution value today to a level it would not even be in anyone’s interest to receive these distributions.

Therefore, we decided to compensate through the following method: based on the LP tokens you staked, you will receive the amount of PACIFIC you staked, your entitled rewards from the end of the 3-month staking pool and 50% bonus on the PACIFIC portion. For BNB staked as part of the LP token, you will receive the PACIFIC equivalent in today’s value plus another 50% bonus on the USD value of the PACIFIC you are receiving for the BNB staked.

Furthermore, the founders are contributing $12,000 of BUSD which will be distributed proportionally to the amount that was staked by LP token stakers. If you genuinely staked, please make sure your wallet address has the BSC contract of BUSD and PACIFIC saved so you can see your tokens reflect – there is nothing else you need to do.

Our methods above were after nights of deliberation because if we decided to extract liquidity and do a massive sell-off to get BNB out to distribute the PACIFIC price would crash even further about 60-80% and then PACIFIC we distribute would be worthless.

The fundamental point of this compensation is us taking accountability and if you do decide to sell PACIFIC which is sent to your wallets you will have been given far more than you were entitled to if the app worked perfectly and you withdrew. It was the only fair compromise and solution we could devise without hurting anyone.

For those of you who will stick with us, we will forfeit 90% of our team tokens as time goes by and we build up liquidity and continue to build the ecosystem which focuses on our fixed-income vaults. We encourage people to stake by bridging their BSC PACIFIC over to Polygon on our platform and stake within our Polygon open staking which works perfectly.

Details will follow tomorrow at time of execution but rest assured the $ dollar value of what will be distributed to all stakers is higher than what you would be entitled to at the current market if the funds were withdrawn from the staking app with the bug.

Although the founders were not the ones who created this issue (as we did not code it ourselves and paid for a multi thousand dollar audit which passed) we are taking full responsibility and accountability thus giving extra in terms of $ value to everyone. It will come in form of BNB and Pacific to all stakers.

Most team tokens will be forfeited because of this and no liquidity will be extracted by us.

PACIFIC DeFi News & Announcement Channel pinned «Hi all, Thank you for your patience as we solve this issue with the 3-month BSC pools. Our team has come up with a compensation package, which we will execute and share with the whole community tomorrow. It involves distributing PACIFIC as compensation…»

Hi all,

Thank you for your patience as we solve this issue with the 3-month BSC pools.

Our team has come up with a compensation package, which we will execute and share with the whole community tomorrow.

It involves distributing PACIFIC as compensation to the stakers who were involved in the pools, as well as additional bonuses that will come directly from treasury and the team tokens.

An additional cash reward will be issued on top to the stakers who were in the pools.

We are doing this as it is the right thing to do for our investors. Thank you for supporting us 🙏

PACIFIC DeFi News & Announcement Channel pinned Deleted message

📣 Hi all, 1,500,000 PACIFIC has been airdropped to addresses in the 3-month PACIFIC-BNB-LP.

🔵 You can check the disbursement here: https://bscscan.com/tx/0xcb21cc3c61c1a08f37551cff8a59fa07719e0e4490e64362a18ccc463b13b10f

🔵 Team is investigating the current withdrawal bug - all funds are safe. We will keep everyone updated.

Thank you 🙏

PACIFIC DeFi News & Announcement Channel pinned «📣 Hi all, the timer for the 3-month pools is up and there has been a transaction error for users looking to withdraw. 🔵We have also staked, and team is looking at the potential bug - all funds are safe - please be patient as our team looks into the issue.…»

📣 Hi all, the timer for the 3-month pools is up and there has been a transaction error for users looking to withdraw.

🔵We have also staked, and team is looking at the potential bug - all funds are safe - please be patient as our team looks into the issue.

🔵 As per the arrangement with PACIFIC-BNB 3-month pools, we will airdrop 1,500,000 PACIFIC to users who are staking in that pool by today.

Will let everyone know once airdrop has been complete.

Thank you 🙏

https://twitter.com/PacificDeFi/status/1483475313069891589

PACIFIC DeFi News & Announcement Channel pinned «📣 Hi all, staking on Polygon is now LIVE! 1️⃣ 9,000,000 in $PACIFIC rewards available 2️⃣ PACIFIC pool: 3,000,000 $PACIFIC rewards 3️⃣ PACIFIC-MATIC-LP pool: 6,000,000 $PACIFIC rewards 🔐 NO LOCK with users able to harvest at any time ‼️Farm runs…»

📣 Hi all, staking on Polygon is now LIVE!

1️⃣ 9,000,000 in $PACIFIC rewards available

2️⃣ PACIFIC pool: 3,000,000 $PACIFIC rewards

3️⃣ PACIFIC-MATIC-LP pool: 6,000,000 $PACIFIC rewards

🔐 NO LOCK with users able to harvest at any time

‼️Farm runs for 1-year

‼️You need MATIC in your wallet to add liquidity to the PACIFIC-MATIC-LP pool

⚠️ For information on how to stake/farm and bridge PACIFIC tokens to Polygon, please read this: https://bit.ly/3HSMSGr

Thank you ⚡️

PACIFIC DeFi News & Announcement Channel pinned «https://pacificdefi.medium.com/pacific-defi-weekly-report-dec-27th-3rd-january-2022-cee7e0c34d56»

https://pacificdefi.medium.com/pacific-defi-weekly-report-dec-27th-3rd-january-2022-cee7e0c34d56