Join us during the Oasis ecosystem call tomorrow to learn more about the future of VineMoney!

https://x.com/OasisProtocol/status/1805377734282994055

The transfer of assets from the original team to the new one is complete! 🎉

Unfortunately, control of many of the original smart contracts was lost by the original team. So, those contracts are now immutable, meaning there is no way for us to upgrade them or shut them down. Additionally, we are unable to verify the original smart contracts on the block explorer.

Due to this unfortunate situation 😔, we have decided to redeploy the entire VineMoney protocol. So, we heavily encourage all users of the current protocol to pay off their vUSD debts and close their vUSD positions. We also discourage anyone from taking out additional vUSD loans in the original legacy protocol.

There is no set timeframe for this, so your funds will be safe for the foreseeable future, but we will slowly discontinue support for the legacy protocol over time. We apologize for any inconvenience. This is done for the safety of all our users, and we wish there was a better way.

As such, the VINE Token will also need to be redeployed and redistributed to its rightful owners. We plan to stick to the existing vesting schedule and make minimal changes to the token distribution.

If anyone has questions regarding the new team or the redeployment/transition process, please don't hesitate to ask us 🙏

May you all have a good weekend.

We have been listening to your concerns and have investigated the issues with claiming ROSE from the stability pool. We have made a very unfortunate discovery.

The reason users are unable to claim the ROSE that is owed to them is because there simply isn't enough ROSE available in the Stability Pool for them to withdraw. The smart contract currently only has about 4 ROSE available in it, but far more is owed out.

We are still unsure as to exactly why this is the case. If the protocol were functioning properly, there should be an appropriate amount of ROSE available to reimburse vUSD depositors after liquidations are performed. As such, we can only see 2 possible reasons for this.

1. The protocol has an error in the code, which we are still investigating.

2. There was a backdoor/exploit in the deployed contract code that someone who was aware of it was able to use to abuse.

Because we don't control the original contracts and don't know what code was actually deployed to the blockchain, we can't verify any of this.

We were not informed of this by the previous team, but we find it very unlikely they were not aware of this when they agreed to transfer management of this project to us.

We are currently planning a method to compensate all users who are the unfortunate victims of this situation. If you had vUSD deposited in the stability pool when liquidations happened and are owed ROSE as compensation, please verify in the document below that your wallet address is recorded and the amounts are correct.

https://docs.google.com/spreadsheets/d/e/2PACX-1vT_3PPkrayezKvuofwZ5Oo-JceRMSXwmixk7Cgrdt5WNRXzXHHSBaOm93tKDtBrWwrXyGnibTPTPBFr/pubhtml

If you have any questions, you can ask the team through the general chat here on telegram.

Hello Everyone,
We have some more unfortunate news.

The price oracle for borrowing vUSD seems to have shutdown. This is why users have been unable to repay their loans or redeem vUSD.

This price oracle was created and operated by the previous team, and we have no control over it. We are attempting to contact them so that they can turn it back on, but we are not hopeful that we will be able to do so.

If anyone here can contact them, please relay this message and let them know that we are willing to compensate them for running the oracle so that users can withdraw their funds from the protocol.

Please join us and the Oasis Foundation in 3 hours to discuss BitProtocol and the future of VineMoney, CDPs, and privacy onchain.

https://x.com/oasisprotocol/status/1859167300198580463?s=46

A stealth snapshot was taken approximately 48 hours ago. All holders of VINE token during this snapshot will qualify for the new token redistribution at a 1:1 rate. This is why the VINE token has rapidly declined in price.

We have rebranded from VineMoney to BitProtocol. Our project will have a similar premise and will expand upon the original roadmap. We will release more information on this soon.

We officially have no more liabilities regarding the old protocol. If you still wish to use it, you are free to do so. We will ensure that a frontend is available for users with deposits and open loans to close their positions. We can't guarantee that it will continue to be functional in any capacity and strongly encourage everyone to close their open positions.

We waited a day to announce this to give users who participated by viewing the Twitter/X space an advantage. Our goal is to benefit community members who are active and contribute to our project(s). We hope that everyone can succeed.

The new protocol is officially live on the Oasis Sapphire mainnet! 🎉

Users can now provide ROSE as collateral and mint BitUSDs, a privacy preserving USD-pegged stablecoin. The protocol has limited functionality as we prepare for the TGE (Token Generation Event) and the snapshot-based redistribution.

If you want to use a private stablecoin or contribute to our protocol, then we welcome you to do so at this time. If you want to yield farm our protocol or participate in governance, then please wait for more news in the coming weeks.

Come check us out at

https://bitusd.finance

Bit Protocol and Accumulated Finance have officially partnered up! 🚀

This means growing synergies within the Oasis Ecosystem and $wstROSE as a collateral option!

You can participate by using liquid staking with $wstROSE, which you can acquire at accumulated.finance. It automatically accumulates and compounds rewards earned with $stROSE! 🚀

Bit Protocol Reached $ 200,000 in TVL! 🚀

$MTBILL is now live as a collateral for $BitUSD, bringing real-world assets into DeFi!

https://x.com/BitUSD_finance/status/1900227454066704716?t=vz2kJbMrjtoeLrHRHIU-ZQ&s=19

https://x.com/BitUSD_finance/status/1902405542540091575

🚀 Bit Protocol reached $ 4M in TVL 🚀 - all after the inclusion of $MTBill a tokenised Treasury Bill emitted by Midas Protocol. Thanks for keep supporting $bitUSD as the most decentralized crypto-back overcolalteralized stablecoin in the ecosystem. You can mint now on bitusd.finance

Whispers, Rumors of v2..and what else? 😳Features never seen before in CDP's?🧨 Gotta check it out: https://medium.com/@bitprotocol/march-update-bit-protocol-6dd7b1f3dc4a