0VIX on Polygon PoS has Resumed Operations

Keom
4 min readOct 26, 2023

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TL;DR

  • 0VIX has successfully resumed on Polygon PoS
  • All functions, including repayments and withdrawals, are now fully operational
  • The average sale of the recouped GHST is $0.74 . Details of the sales will be shared as soon as possible. Please note, there are many transactions to include across various venues and exchanges and the reconciliation and the report require some time to be be produced to present to the community.
  • 0VIX PoS has resumed operations following a series of preliminary governance votes.
  • A final governance vote on 0VIX being integrated with the new Keom Protocol will soon take place.
  • Keom has very exciting developments on the product roadmap that will benefit all users, in particular 0VIX users joining the transition to Keom. Announcements will be shared with the community over the coming weeks and months.

Access 0VIX PoS here.

Completed Steps as part of 0VIX PoS resuming operations:

  • Temporary oTokens have been deployed for reopening as per 0IP-26
  • Provisional measures have been implemented according to 0IP-30
  • Users who repaid their loans after the soft pause have been refunded
  • 0VIX protocol reserves have been slashed as per 0IP-26
  • Users’ portfolios have been adjusted according to 0IP-26
  • Markets have been refilled with new liquidity as per 0IP-26
  • New oracles for vGHST and gDAI have been deployed
  • New vGHST deposits/borrows have been disabled as part of our market wind-down operations as per 0IP-26
  • The new protocol with enhanced security measures according to 0IP-29 has been deployed
  • All actions on the protocol are unpaused as per 0IP-26

FAQ

User LTVs and Functions:

  • User Loan-to-Value ratios (LTVs) are the same as they were at the contract’s soft pause as per 0IP-26. This means that users will initially not be at any extra risk of liquidation due to market conditions over the previous months. Users close to their liquidation thresholds at soft pause are just as close at reopening.
  • All functions, including repayments and withdrawals, are fully operational. Users have the flexibility to manage their positions as they see fit.

Liquidity and Withdrawals:

  • The available liquidity can be recouped by users at any time as the funds have been deposited into their positions. We want to reassure all our users that there is no immediate rush to withdraw funds, although you are free to do so anytime.

Implemented Risk Mitigation Measures:

  • Advanced liquidation logic has been implemented to mitigate toxic liquidation spirals.
  • Utilizing Hexagate’s real-time exploit detection alert system that feeds into the Keom pause guardian, enables immediate response to potential exploits within the same block.
  • The token listing process incorporates advanced risk measures, thereby mitigating potential oracle exploits.

Next Steps

Upcoming Dashboard:

As part of our commitment to transparency and user support, a dedicated Dune dashboard will be made available shortly after the reopening on Polygon PoS. This dashboard will display details about losses incurred by each wallet (i.e. pre-exploit funds vs. post-exploit and haircut status) after the Polygon PoS markets have been recapitalized by the available liquidity. It will also display details about any future recovery to which the wallet is eligible. We believe this will provide clarity, valuable insights and peace of mind to our community.

Integration with Keom Protocol

In the coming days, there will be a final governance proposal aimed at completing 0VIX’s transition to Keom.

As explained in the rebranding announcement, Keom integrates 0VIX and expands it with an ambitious goal: building a full suite of AI-enhanced trading products leveraging advanced zero-knowledge technology and proactively integrating user protection standards prescribed by the latest regulations.

This integration means learning from 0VIX’s history and leveraging it to shape synergistic products providing users enhanced peace of mind. Building further is a significant step towards creating more value for the community and ultimately, allowing for recovery by users who joined the journey with 0VIX and continue it with Keom. Their early involvement allowed 0VIX to grow, be tested, and finally morph into something bigger. Their dedication and support shall be taken into account.

More information about this integration and its result for users will be shared soon.

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Disclaimer

This blog is strictly for information and educational purposes.

Its content shall always be corroborated by your own research and advice sought from independent sources.

DeFi and the overall crypto space are still developing and there are risks involved in engaging with them.

This blog shall not be deemed to constitute financial, legal, tax or any other sort of advice.

This blog shall not be construed as a solicitation to buy or sell any assets or to make any financial decisions.

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Keom

Keom is an AI-enhanced suite of zk-powered trading products, spearheading performant DeFi with intelligent tools and hard-coded compliance. www.keom.io