Nya Cash First Seigniorage Issue
The first seigniorage allocation happened at Feb 17 00:00 UTC+0. We’ve triggered the seigniorage fund allocation, but unfortunately the Treasury minted more NYAC than expected. To note that the team do not have any pre-allocation of NYAS before the first seigniorage, so we stand to benefit nothing from this.
During the first seigniorage allocation, the Price Oracle for NYAC has been updated incorrectly to around $353 instead of the rightful amount which should be around 100x lesser. There’s also a possibility of an exploit by a bad actor.
The further this price is from $1, the more NYAC would be minted as mentioned in the ‘expansion policy’ article here. So that triggered the amount of minting of NYAC here:
We’re also aware of people profiting from this incident.
The Treasury allocates 10% of the seigniorage fund for other purposes: Bond buyback (5%), Nyanswop allocation (3%) and Dev fund (2%). The team has already bought back Bonds with all of the 10% seigniorage funds that was allocated during that seigniorage. The transaction proof is here:
We have since passed 3 epochs. The price oracle fetched for Epoch 2 is $0.020, and Epoch 3 is $0.011. Both are correct. The seigniorage allocation will still continue to be triggered every 6 hours.
If you would like to view our all of contracts, we’ve posted all of them here a while ago: https://nyanswop.medium.com/nya-cash-contracts-9e25f06a45f4
We will do our best to recover the price for NYAC, NYAS and NYA. The https://nyanswop.org AMM is always available for buying/selling of all tokens. If you got an error in swapping, please try to increase the slippage or decrease the amount to swap.
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