Puzzle rescue proposal

Hello guys!

My name is Vladimir and I’m the head of Puzzle Network - one of the DeFi projects on Waves. Earlier today our core product - Puzzle Lend - got hacked as described in my thread. The attacker, which identity we are now auditing, managed to steal a significant part of Puzzle’s liquidity: 1M XTN, 20K USDT-PPT, 11K WAVES and others.

To solve this issue and recover bad debt I propose the following to Power DAO decision makers: exchange 1.8mln XTN for PUZZLE tokens at the market rate.

Proposal detalization

  • Puzzle team sends PUZZLEs to Power DAO from this address
  • Power DAO sends 1.8mln XTN to Puzzle Lend reserve fund
  • 1.8mln XTN is used as following
    – 1mln XTN is used to refill bad debt in XTN
    – the rest is converted to USDT-PPT, WAVES and others in a gradual way
    – if some XTN are unspent they are kept as Puzzle security fund
  • Power DAO stakes Puzzle tokens to earn staking APY

About PUZZLE token

While doing this proposal, I hope it will be a good opportunity for Waves DAO to accumulate some PUZZLE, which has good utility:

  • staking rewards from Puzzle Swap megapools fees
  • monthly buyback with Puzzle Lend fees
  • utility token: use it to provide liquidity, trade at Puzzle Market, etc

Puzzle token has been showing good price chat this year after tokenomics adjustment, so I hope accumulating it will be a good way to earn ROI for Waves DAO.