CIAN Sonic Eco.Earn Vault Discontinued: Withdrawals Open
Summary
The CIAN community announces the immediate discontinuation of the Sonic Eco.Earn Vault due to Sonic unilaterally breaking an agreement regarding asset listing and yield enhancement. All depositors can now withdraw their funds, and CIAN is developing a compensation plan for affected users after Sonic's current season ends. CIAN apologizes for this unexpected issue and directs users to their founder's Twitter for further explanation.
Sonic Eco.Earn Vault: Important Update
Vault Status Change
We regret to inform our users that the Sonic Eco.Earn Vault will be discontinued effective immediately. Withdrawals are now available for all depositors.
Background
Approximately two months ago, Sonic approached CIAN with a proposal of whitelisting CIAN yield-bearing assets (ylstETH, ylrsETH, ylBTCLST). The agreement included an 8x Sonic points multiplier for ETH-related assets & 4x for BTC-related assets. After month-long effort was exerted on protocol selection, deployment, vault, oracle campaign etc. , Sonic team told us they would stop listing any assets incl. CIAN's assets without any precaution. Their irresponsible dishonor of agreement prevented us from delivering the expected yield enhancement. Such behavior is a cautionary tale to CIAN down the road. We apology for the unexpected accident.
Important Notes for Users
- Withdrawals: All funds are available for immediate withdrawal
- Yield Layer Earnings: Your base yields from the underlying Yield Layer assets have continued to accrue normally and remain unaffected
- Compensation: We have recorded all participating wallet addresses and will implement a compensation plan following the conclusion of Sonic's current season
Next Steps
Our team is developing a comprehensive compensation strategy for affected users. We will communicate this plan once Sonic's current season concludes, ensuring all participants receive appropriate consideration for their participation.
Going Forward
We recognize the inconvenience this situation has caused. Our commitment to providing reliable yield opportunities remains unwavering.
For further details and context about this situation, please follow our founder Luffy on Twitter (https://twitter.com/Luffy_Cian), where he will provide a comprehensive explanation to the community.
We appreciate your continued trust and understanding as we navigate this unexpected development.
