empty li

[Flip @Flip_Research]

https://t.co/RAIZUwREKM

[cp0x.com @cp0xdotcom]

🔹 **In the crypto world, there are very few opportunities for users to be heard by projects. We strive to help our users if we find their requests and attempts to reach out to the project logical and well-founded. Therefore, we ask you to support this post with a like and retweet to increase the chances of catching the attention of the zkSync developers! And thank you for supporting us. This wouldn't be possible without our followers!**

**This post is from a member of our community, whose arguments we fully agree with and support.**

**Part 1: Appreciation**

Dear @zksync!

Thank you for one of the largest (17.5% initial allocation, 66.7% total) and most decentralized (>695k wallets, >200 projects) airdrops among blockchains.

The new value-scaling approach for allocation calculation is a positive step towards more equitable recognition of user contributions to the ecosystem. The value-scaling formula effectively differentiates between genuine users and airdrop hunters.

**Part 2: Request**

As a victim of the @Era_Lend hack, I kindly request the recalculation of allocations using the value-scaling formula to consider the IOU assets of users in the hacked @Era_Lend contract. These assets were not accounted for in the airdrop calculations. I believe many users will be grateful if the @zksync team acknowledges the value of IOU assets in the EraLend protocol when calculating airdrop allocations.

Thousands or tens of thousands of users were affected. The total value of IOU assets currently exceeds $5.2 million (according to data on the old version of the EraLend site: https://t.co/K5GIGL8h3b).

**Part 3: Argumentation**

1. EraLend users were among the earliest users of ZkSync. ZkSync Era launched at the end of March 2023, and EraLend launched shortly after. The affected users were among the earliest adopters who invested and risked their liquidity in the early days of the blockchain.

2. EraLend was a significant part of ZkSync (by TVL), affecting many users. As of the hack on July 25, 2023, EraLend's TVL was $18.5 million, and ZkSync's TVL was $189.5 million, representing about 10% of the total network liquidity. Other protocols, including @overnight_fi USD+, were also impacted by the hack.

3. The destination of the hacked funds is unknown. The funds in the @Era_Lend protocol have been inaccessible for nearly a year (hack date: July 25, 2023) https://t.co/kjLb0oqSuo. Additionally, please do not grant any bonuses to the EraLend team and related wallets due to their inaction regarding fund recovery and their involvement in exploiting users. More details below.

After the hack, the team did not help recover any part of the funds (from the hacker, their reserves, or income from the new protocol version). On the contrary, one of the admins withdrew money from the hacked pool, preventing users from doing so.
During August-September 2023, funds were regularly withdrawn from the wallet https://t.co/5sfPaeY1rl. Liquidity withdrawals were executed in the block following debt repayments by users using the admin function _reduceReserves. These funds could have been withdrawn by affected users if not taken by the admin.

https://t.co/Ev4DXMeOx5 (link to a screenshot in the EraLend Discord from 16.08.2023 showing the wallet is the admin of the contract)

The admin's justification for withdrawals was:

"Sedgewick | EraLend — 17.08.2023 12:43
It's just the team withdrawing protocol fees from the reserve to cover the legal expenses associated with our efforts to recover stolen assets."

"Sedgewick | EraLend — 17.08.2023 12:46
Just to be clear, these reserves are not user deposits. Instead, they represent a portion of the protocol's accumulated income. It's all transparent: https://t.co/pT45xctMMt"

** Conclusion **
I sincerely hope the @zksync team finds time in this rush before airdrop, and manages to take the time and dive into the problem. And after that will make a decision, which I as a long member of the community will accept in any form!

Thanks!

[empty li @li_empty]

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