Warren Christopher
583 posts

Warren Christopher
@mstroflimtation
Tech enthusiast 🇵🇭🇳🇱



A lot of talent in Dutch universities, but very little exposure to web3.. Let's change that. We're hosting a webinar with the Student Blockchain Association Netherlands on how to go from lecture hall to onchain. Sign up below ↓


The Balancer exploit did not put users' funds at risk, but prompted us to act fast. Here’s how Contango responded and how it is adapting. 1️⃣ Contango: the protocol is fully operational and well funded. 2️⃣ TANGO liquidity: we’re exploring new options in light of the v3 release. 3️⃣ TANGO rewards: last quarter’s rewards have been distributed, but we’ve decided to pause future distributions. More context below: Contango’s staking mechanism had a simple design: users would provide liquidity to the TANGO/wstETH pool on Balancer, then lock their receipt tokens on Contango. In return, they received a staking APR in the form of protocol fees to compensate them for any impermanent loss. Yesterday, in the wake of the Balancer exploit, we took precautionary measures to protect our stakers and the protocol. Given the available information at the time and community feedback, we: → Enabled early unlocking with no penalty for all users. → Removed protocol-owned liquidity from the pool. As a consequence, with reduced liquidity on the TANGO/wstETH pool, TANGO price experienced high volatility. This did not affect protocol functionality nor team funding in any way. Contango is fully operational and well funded, with protocol treasury in USDC held in cold storage. However, we decided to pause the staking mechanism since the contract had an irreversible early unlock feature and could no longer be used. Consequently, protocol fees that were used to reward stakers are still being collected but not distributed, and will be left untouched until we put forward a new proposal. Regarding the quarterly TANGO rewards for traders, we just distributed last quarter’s rewards, but have decided to stop this incentive mechanism. This will be revisited with the upcoming v3. Lastly, we have already been exploring new options for establishing TANGO’s primary liquidity and build a sustainable staking model. The protocol remains healthy, our team focused, and our vision unchanged.





My well-being is 1:1 correlated with the Fartcoin chart Truth Terminal dumped on me and I am unwell




