Resumption Plans for Pando protocols
Due to the Mixin Network Exploit happened on September 23rd, all liquidity pools containing USDT(ERC20), BTC, ETH or BOX on Pando Swap (4swap) protocol are affected.
As an emergency response, Pando MTG suspended operation of Pando Swap (4swap) protocol, Pando Rings protocol and Pando Leaf protocol on September 27th.
By far, Mixin Network has finished and announced loss assessment of different assets. As a result, Pando protocols will gradually resume their services in steps.
Resumption of Pando Swap (4swap)
Pando Swap (4swap) on the original Mixin Mainnet is scheduled to resume liquidity management (including adding and withdrawing liquidity) on October 17th, 2023.
Following that, swapping will also be resumed on Pando Swap (4swap) on the original Mixin Mainnet on October 23rd. Before resuming the swapping service, there will be another official announcement specifying the date and time.
It's advised that liquidity providers withdraw liquidity of the pools containing USDT(ERC20), BTC, ETH and BOX after the function resumes to avoid further loss to your assets. Specifically the pools include:
Pools containing USDT(ERC20): MOB/USDT(ERC20), XIN/USDT(ERC20), RUM/USDT(ERC20), BOX/USDT(ERC20), pUSD/USDT(ERC20), HMT/USDT(ERC20), USDC(ERC20)/USDT(ERC20), BTC/USDT(ERC20), USDT(ERC20)/USDT(TRC20), EOS/USDT(ERC20), ETH/USDT(ERC20), USDT(ERC20)/USDT(Polygon), USDC(Polygon)/USDT(ERC20), XDC/USDT(ERC20), AVAX/USDT(ERC20), AKT/USDT(ERC20)
Pools containing BTC: BTC/pUSD, ETH/BTC, BOX/BTC, DOT/BTC, BCH/BTC, wBTC/BTC, AAVE/BTC, AVAX/BTC, MOB/BTC, ATOM/BTC, LTC/BTC, XIN/BTC, DOGE/BTC, SHIB/BTC, LINK/BTC, AKT/BTC, ALGO/BTC, UNI/BTC, ZEN/BTC, XMR/BTC, USDT(ERC20)/BTC, AR/BTC, EOS/BTC, HMT/BTC, MATIC/BTC, FIL/BTC, TRX/BTC, ZEC/BTC, SOL/BTC, XRP/BTC, KSM/BTC, DCR/BTC, XTZ/BTC, DASH/BTC, BSV/BTC, RVN/BTC, XLM/BTC
Pools containing ETH: pUSD/ETH, XIN/ETH, MOB/ETH, MANA/ETH, HMT/ETH, EOS/ETH, SOL/ETH, USDT(ERC20)/ETH, UNI/ETH, BTC/ETH
Pools containing BOX: BOX/XIN, BOX/USDT, BOX/BTC, BOX/EOS, BOX/pUSD, BOX/BNB
Please be noted that after trading reopens, the algorithm of USDT(ERC) stablecoin liquidity pools including USDT(ERC20)/USDC(ERC20), pUSD/USDT(ERC20), USDT(TRC20)/USDT(ERC20), USDT(Polygon)/USDT(ERC20) and USDC(Polygon)/USDT(ERC20) will be changed from the previous Curve algorithm to Uniswap algorithm.
Please also take note that after trading resumes on Pando Swap (4swap), prices of cryptocurrencies on Pando Swap (4swap) may be volatile and deviate from those outside Mixin Network. The prices are purely reflection of market sentiments of the asset loss in Mixin Network but not actual discounted ones taking into account of the loss. Please exercise caution when making the transactions.
From Mixin Network's assessment, USDT(ERC20), BTC and ETH suffered loss in the hack. After migration to the new system, asset holders of the three tokens will only receive 10% of their previous USDT (ERC20) before the exploit, 90% of the previous BTC, 30% of the previous ETH, and about 92.6% of the previous BOX in tokens. The rest will be in the form of US dollar bond calculated at the price of the day when the exploit happened. For further details, please refer to the official announcements from Mixin Network.
Further plans regarding Pando protocols
After restarting operation of Pando Swap (4swap) on the original Mixin Mainnet, new Pando Swap (4swap) protocol will also be deployed on the new Mixin Mainnet after the launch of the new Mainnet. Both versions of Pando Swap (4swap) will operate simultaneously while maintaining independence. Considering that the original Mainnet forbids depositing to and withdrawing from other networks, users are adviced to manually migrate their assets to the new Mixin Mainnet.
The information contained in this article is for informational purposes only and does not constitute financial, investment, or other professional advice. The views expressed in this article are those of the author and do not necessarily represent the views of the company or organization they work for or Pando. Any investment decisions made by the reader should be made after consulting with their own financial advisor and conducting their own research. The author and the company or organization they work for and Pando will not be liable for any financial losses incurred as a result of reliance on the information contained in this article.