- Phase 1 Optimism Grant-Enabled Token Rewards Launch

Following the passing of our grant application submitted as part of Phase 1, is pleased to announce the launch of it’s OP token rewards program.

Live now, the OP token rewards will be followed this Thursday, with the commencement of a new protocol epoch, by boosted HND token emissions and a project rebrand. We hope the Optimism community will join us as we transition to a new look, and work to meet our commitment to a steady increase in TVL on our app and Optimism more broadly!

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Day 10 Update:

The first 10 days of our OP token emissions program have now passed and already proven a success by meeting metrics outlined in the proposal.

As can be seen, Hundred Finance TVL on Optimism shot past Milestones 1 and 2, exceeding the of $3m laid out in our 3rd Milestone. What is more, data from DeFi Llama demonstrates that this wasn’t merely value already present on the network moving around. Comparison with our TVL figures on other chains demonstrates our users on Polygon and Fantom, in particular, were drawn to move large amounts over that hadn’t previously been within and available to the Optimism ecosystem. Lastly and in summary, we also saw an increase in our own total cross-chain liquidity, implying that both Optimism and Hundred Finance have seen marked improvements in TVL as a result of our Phase 1 Optimism Grant-enabled program.


December 13th Update:

Due to an error in the setting of gauge emissions for this week, a greater than planned number of OP tokens were sent to several rewards contracts. This has resulted in one week of unintentionally boosted APRs on USDC, sUSD, USDT and FRAX. In order to remain on course with the proposal, the Hundred Finance team has met the OP shortfall by purchasing the tokens on the market using existing treasury assets. This allows us to resume the emissions schedule as originally intended. In order to prevent a repeat of this, we are implementing further checks to ensure such an error does not occur again.

The OP was purchased using 50,000 USDC from the project treasury here: Optimistic L2 Transaction Hash (Txhash) Details | Optimism

Current gauge APRs:


Four-month Update:

Over the past four months, Hundred Finance has seen our Optimism Grant-enabled token rewards contribute to sustained use of the protocol and a TVL way above the expectations set in our proposal.

As can be seen from the chart above, we have enjoyed large and consistent usage of the protocol over the first quarter of 2023, with both high TVL combining with enthusiastic community adoption of our low lending rates (facilitated by our special focus on deep stablecoin liquidity). We hope to see this increase further in the coming months, with new users especially drawn to the protocol and chain by our upcoming release of cross-chain lending services. By way of an update on these developments, with most of the logic to support this functionality now tested in this area, we are at the point of discussing bridge implementation, with an extreme focus on risk mitigation.

In the interests of transparency, we should also note here that TVL during the week of March 20th has been slightly affected by OP emissions being inadvertently paused for one week. This was due to the unfortunate timing of one of the admin multisig signers becoming sick during an anticipated absence of two others, leading to the week’s OP tokens not being able to be set in time on the rewards distributor. Assuming no objections are raised, it is our intention to resume emissions as scheduled after this one week delay and simply add an additional week to the overarching emissions schedule. We do not expect any difficulty in reattaining the grant proposal’s stated objective of 5m TVL shortly after the emissions are resumed, though we will seek input from Optimism governance should this not be the case.

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We regret to announce that at 02:12:15 PM +UTC on April 15th, 2023, the Optimism deployment of Hundred Finance was exploited using a vulnerability present in Compound V2 and its forks. This hack of the protocol resulted in a total draining of funds within the Optimism markets. Subsequent to the hack, the Hundred Finance team paused all markets and halted further emission of OP token rewards, consolidating those not assigned to the current epoch (ending at midnight UTC on Wednesday April 19th, 2023) in the project multisig: $2.70 | Optimism (OP) Token Tracker | Optimism

This is a devastating development for the project, its users and for all those adversely affected. We on the team are devoting all of our energy to attempting to recover funds through both reaching out to the attacker, offering a bounty for their cooperation in returning the stolen assets, as well as engaging third parties in tracing the funds and the identity of the person or persons responsible. In addition, there is an open offer of a 500k USDC reward for anyone who provides information that leads to the Hundred Finance attacker’s arrest and the return of all stolen funds.

Our receipt of the OP grant required that the Hundred Finance TVL on Optimism remain above a threshold. This is a threshold that, given the circumstances, can no longer be maintained, which the team acknowledge. It is the team’s intention to address this once we are not fully engaged in investigating the attack, the attacker and attempting to see the funds returned.