Pacific DeFi: 3-month BSC Pool Compensation Package

Hi all,

→ Please read through the detailed description below of our compensation package to users who staked in the PACIFIC and PACIFIC-BNB-LP pools.

All files and docs can be found on our announcements channel here: https://t.me/pacificdefinews

Distribution Announcement

As mentioned to everyone on the 20th of January 2022, when our 3-month staking pools time lock elapsed, we discovered that the withdrawal function on the 3-month PACIFIC and PACIFIC-BNB-LP staking pools were not functioning as they should.

This was due to a line of code that was over-looked, preventing the time-lock to open and thus withdrawal to commence.

We worked tirelessly to find a solution and had the dev team try to white-hack the vaults, without much success. The audit we commissioned had passed, so we are investigating why this line of code had been over-looked.

As the Pacific DeFi team, we cannot blame anyone including our developers, auditors, and the community because as founders we need to take accountability.

Our Solution and Compensation

Single PACIFIC Staking Pool

The single PACIFIC pool stakers will receive their initial staked amount, their entitled rewards, and a 40% extra compensation of PACIFIC on their entitled reward amount as per the attached excel file which has all the wallets, staked amount, reward amount and bonus amounts illustrated. As a sign of good faith, the founders will also contribute $3000 USD in BUSD to single PACIFIC token pool stakers which will be distributed in BUSD to your wallets pro-rata. You do not have to do anything. If you genuinely staked, please make sure your wallet address has the BSC contract of BUSD and PACIFIC saved so you can see your tokens reflect. Overall, you are receiving funds at today’s market value of PACIFIC, which is higher than if the staking pool system was working perfectly and you were able to withdraw your funds.

BNB-PACIFIC LP Staking Pool

The BNB-PACIFIC LP staking pools was the complex decision we had to make, and we did not make this decision on our own accord. We spoke to all PACIFIC DeFi investors, VCs, advisors and emergency developers for what would be the most ethical and best practice method to recover the funds for these users. We either could sell several million PACIFIC to extract BNB liquidity and distribute it to users proportionally, but this would’ve caused the price and project to crash even further to a point of no return which would affect everyone’s distribution value today to a level it would not even be in anyone’s interest to receive these distributions.

Therefore, we decided to compensate through the following method: based on the LP tokens you staked, you will receive the amount of PACIFIC you staked, your entitled rewards from the end of the 3-month staking pool and 50% bonus on the PACIFIC portion. For BNB staked as part of the LP token, you will receive the PACIFIC equivalent in today’s value plus another 50% bonus on the USD value of the PACIFIC you are receiving for the BNB staked.

Furthermore, the founders are contributing $12,000 of BUSD which will be distributed proportionally to the amount that was staked by LP token stakers. If you genuinely staked, please make sure your wallet address has the BSC contract of BUSD and PACIFIC saved so you can see your tokens reflect — there is nothing else you need to do.

Our methods above were after nights of deliberation because if we decided to extract liquidity and do a massive sell-off to get BNB out to distribute the PACIFIC price would crash even further about 60–80% and then PACIFIC we distribute would be worthless.

The fundamental point of this compensation is us taking accountability and if you do decide to sell PACIFIC which is sent to your wallets you will have been given far more than you were entitled to if the app worked perfectly and you withdrew. It was the only fair compromise and solution we could devise without hurting anyone.

For those of you who will stick with us, we will forfeit 90% of our team tokens as time goes by and we build up liquidity and continue to build the ecosystem which focuses on our fixed-income vaults. We encourage people to stake by bridging their BSC PACIFIC over to Polygon on our platform and stake within our Polygon open staking which works perfectly.

Airdrop Links:

https://bscscan.com/tx/0xc4fe65a6841b8202fc2cb86de177335969744927b944952ff804bf051892c9b0 PACIFIC Single pool PACIFIC airdrop

https://bscscan.com/tx/0xc844b31f7d38e4e63e9e76b4801e35c46c9306042159fde2bf20f4222a9671e2
PACIFIC-BNB-LP pool PACIFIC airdrop

https://bscscan.com/tx/0xab81f2860d2865ac0af541e882c5e836e803b8d218154e264314a6e118f0b64a — PACIFIC Single pool BUSD airdrop

https://bscscan.com/tx/0x5979307d3609cf1af7adf16c88dd1559fa26ecb3545a406d323ffef6bbc423d5 — PACIFIC-BNB-LP pool BUSD airdrop

Thank you for supporting us!

Pacific DeFi Team