PAID Community Uniswap Airdrop Update March 18th
Thank you for your patience. After extensive data mining and analysis, we have now issued our third PAID v2 airdrop to PAID holders who bought or sold PAID v1 tokens in the 4-hour window after the hack, between March 5, 2021 at 6:07:13PM Mar-05–2021 PM UTC (time of Hack) and March 5, 2021 at 10:08:03 PM UTC(1 hour after Do-not-transact-tweet).
We have analyzed all the transactions of PAID tokens during this 4-hour window, to determine compensation for those who transacted during this time. ALL compensation for trades in this time frame will ONLY be reimbursed in PAID v2 tokens.
The ETH price used for calculating the reimbursements is based on the average ETH/USD exchange rate during the 4 hours, which we have pegged at $1,535. This dollar value will be used as a basis for calculating all reimbursements.
The price of PAID v2 tokens used for reimbursement will be pegged at $2.15, the price of PAID at the time of the airdrop. This dollar value will be used as a basis for calculating all reimbursements.
How are reimbursement calculations done?
Reimbursement for those who traded PAID v1 tokens during the 4-hour window will be based on the net loss of ETH during that 4-hour window. To understand this clearly, here’s an example:
Your individual ERC-20 wallet address was analyzed for PAID v1 token transactions. It was found you spent 10 ETH on PAID v1 token buys during the 4-hour window on PAID tokens. It was also found that you received 6 ETH from PAID v1 token sold during the same 4-hour period. In this instance, you have experienced a net loss of 4 ETH. For your reimbursement, you will be sent the equivalent dollar value of this 4 ETH in PAID v2 tokens, at the pegged ETH price of $1,535.
Check this formula for a clear understanding of calculation:
10 ETH buy value — 6 ETH sell value = 4 ETH net loss
4 ETH x $1,535 pegged ETH price = $6,140 loss, in dollar value
Now it’s time to calculate reimbursement, in PAID v2 tokens:
$6,140 / $2.15 per PAID v2 token = 2,855.813953488372 PAID v2 tokens
$6,140 is equivalent to 2,855.813953488372 PAID v2 tokens, at a price of $2.15 per PAID v2 token.
Therefore, in this instance, compensation for the net loss of this 4 ETH during the 4-hour window will be 2,855.813953488372 PAID v2 tokens.
To summarize this example, the ERC20 address holder experienced a net loss of 4 ETH while transacting PAID v1 tokens during this 4-hour window after the hack. It was determined that the dollar value of this loss was $6,140. This ERC20 address holder will be sent 2,855.813953488372 PAID v2 tokens, at the pegged PAID v2 token price of $2.15. These 2,855.813953488372 PAID v2 tokens are equal in value to the $6,140 lost during the 4-hour window.
We hope this update provides clarity for all those who have bought the PAID v1 token within the 4 hour window. We thank you again for your patience and support as we resolved this, and please know we continue to work with Gate.io in verifying the data they’ve provided us to validate. We will have another update for our community soon.
PAID Network seeks to redefine the current business contract, litigation, and settlement processes by providing a simple, attorney-free, and cost-friendly DApp for users and businesses to ensure they #GetPAID wherever they are in the world.
PAID technology leverages Plasm to operate on both Ethereum and Polkadot ecosystems. PAID makes businesses exponentially more efficient by building SMART Agreements through smart contracts in order to execute DeFi transactions and business agreements seamlessly.
PAID streamlines backend legal operations with SMART Agreements, so that projects can focus on making their brand bigger and better.
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