Thread by @AlphaFinanceLab

Joint announcement between Alpha and @CreamdotFinance on the funds repayment details.

Now that we have overcome one of the most challenging times for a DeFi project, we are more than excited for what is to come for both Alpha and C.R.E.A.M. 🚀

TL;DR 👇
blog.alphafinance.io/joint-announce…

2/ The following breaks down the funds that Alpha Homora V2 owes to the C.R.E.A.M. V2 Iron Bank:
- 13,245 ETH
- 4,263,139 DAI
- 4,032,014 USDC
- 5,647,242 USDT
- Interest accrued from the additional debt above

3/ Both Alpha and C.R.E.A.M. will use 1,000 ETH sent by the exploiter to Alpha Homora V2 and C.R.E.A.M. V2 deployers to payoff the additional debt.

4/ @TornadoCash foundation will return the 100 ETH sent by the exploiter to Alpha Homora V2, which will be used to payoff the additional debt.

5/ Alpha Homora V2 will then commit to repay the remaining part by using 20% of Alpha Homora V1 and V2 reserves (a portion of the borrowing interest goes to the reserves) to payoff the funds on a monthly basis to the Iron Bank until the additional debt has been fully paid.

6/ The additional debt resulting from the exploit would normally accrue borrowing interest. Both C.R.E.A.M. and Alpha have decided to upgrade the C.R.E.A.M. V2 contract in order to halt interest on the debt resulting from the exploit. 🤝

7/ To ensure that C.R.E.A.M. V2 remains fully collateralized (assets > debt), Alpha will commit to maintaining a 2x collateral ratio to the unpaid portion by locking 50M ALPHA tokens in a time locked escrow contract that will be owned by C.R.E.A.M.’s multisig.

8/ Alpha and C.R.E.A.M. protocols will execute the agreement via on on-chain signature by both multisig wallets - the first time in the industry. 🔥

9/ Building on the cutting edge of DeFi is challenging. We're lucky to have the strongest builders, investors, and community leaders to help us as we evolve. Working through this challenge has brought the two teams closer together and our partnership emerges stronger than ever.💪

10/ Now that we've overcome one of the most challenging times for a DeFi project, we're more than excited for what is to come for both Alpha and C.R.E.A.M. projects. 🚀

On behalf of both teams, we thank you for your unwavering support as we continue building. 🙏

11/ For the more details, please refer to the blog announcement below.
blog.alphafinance.io/joint-announce…