Shortly after the bug was deployed in block 45195764, around 1 million REF we’re withdrawn from the exchange contracts. This represents 40% of the total circulating supply of REF, which makes it difficult to re-launch any REF trading pairs.
So far, only 250,000 REF has been returned. Rather than wait for the remaining REF to be returned, we propose forking the REF token.
The new REF token will be exactly the same as the current REF token, with the balances restored to those in block 45195764, during which the bug was introduced. Holders of REF during this time will receive the new REF tokens directly to their accounts, with no action required on their part.
This will effectively undo all behavior after the snapshot. The vast majority of activity occurring with REF after this time was related to the exploit. However, there may be a small number of accounts with legitimate behavior affected.
The new REF token will inherit all current and future attributes of the old REF token, including as the whitelisted token within the Ref exchange, as the primary liquidity incentive for the platform, and as the eventual governance token.
The DAO will burn the 97.5% of the old REF supply it controls.
To support the new REF token, the DAO will create the new REF - NEAR pair and add liquidity to it. Liquidity will be added at the REF price prior to the exploit. The DAO currently has around 265,000 NEAR, not including the NEAR that is expected to be recovered from the exploit.