Orby’s $ORB Token Relaunch Plan

Dear Orby Community,

We want to start by acknowledging the recent issues with the $ORB token contract and reiterating our commitment to making things right. As a team, we are very disappointed about this situation and are eager to move past this and rebuild the trust from the community.

Ensuring the security and integrity of Orby network and the $ORB token has been our top priority before reintroducing any changes. Our goal is to reintroduce $ORB stronger than ever with more robust economics, while also providing fair compensation to our impacted community members.

The article below is the longer version of our previously announced X post and expands upon the compensation for affected users:

High-Level Timeline & Important Deadlines:

• “$ORB Reclaim” form to be submitted before June 24th, 6 am UTC (see point 4 below)
• Eligible reclaim users to be confirmed by June 25th, 9 am UTC
• Eligible reclaim users to send the corresponding $CRO by June 26th, 9 am UTC (Wallet to be announced, please monitor our official channels, we will not DM)
• Relaunch of $ORB Token is targeted to be between June 27th/28th on VVS Finance
• Airdrop of $CRO, $ORB, $esORB to follow shortly after token relaunch

Relaunch Plan

1. We will be taking 2 snapshots to capture your change in $ORB exposure over time

• Snapshot #1 (right before $ORB token issue): Jun-15–2024, 3 PM UTC (block number 14419981)
• Snapshot #2: (Orby’s recovery plan announcement): Jun-17–2024, 11 AM UTC; block number: 14447849)

2. $ORB token will be relaunched with a new contract

• The initial Token Generation Event (“TGE”) will be repeated with a new pool launching on VVS for $CRO-$ORB pair with the corresponding liquidity farm.
• The new contract will fully fix the identified issue and will undergo a further security checks and review to prevent another issue
• Token Generation and liquidity seeding will be held between 27/28 June on VVS Finance

3. If you were an $ORB token holder as at Snapshot #1 and continue to have exposure to the token as at Snapshot #2

• You will be airdropped the new $ORB token at a ratio of 1:1
  - For example, if you held 10 ORB throughout without selling, you will receive 10 new ORB tokens
• The airdrop will happen shortly after the new $ORB token relaunch

4. If you were an $ORB token holder as at Snapshot #1 but sold any amount of $ORB after Snapshot #1 but before Snapshot #2

• You can reclaim the sold $ORB amount by swapping it out with the equivalent of your $CRO from your sale proceeds.
  - For example, if you sold 10 $ORB for 10 $CRO on 15 June, and another 10 $ORB for 20 $CRO on 16 June, you can receive 20 new $ORB tokens — provided that you send over a total of 30 $CRO. We will be providing you with the address to send your $CRO
• You will need to send over the exact amount denominated in $CRO in order to be eligible to receive the new ORB token
• If you fall within this bucket, please fill in this form by June 24th, 6 am UTC
  - Please submit 1 form per wallet address
  - Do note that we will be considering your transaction in $CRO terms. Even if you swapped into another token other than $CRO, your transaction value will be denominated in $CRO terms
• Once we confirm the relevant information, we will publish the confirmed list of eligible reclaim users by June 25th, 9 am UTC, and announce the next steps

5. If you were a holder of VVS’ $ORB-$CRO LP at Snapshot #1, you will be refunded in the following manners:

• You will receive a full $CRO refund sent directly to your wallet at the LP valuation during Snapshot #1 minus any CRO proceeds from breaking the LP before Snapshot #2
• The $ORB equivalent will follow points 3 and 4 (mentioned above), where users will either receive a 1:1 airdrop or a chance to obtain back their sold $ORB amount for the $CRO sale proceedings

6. If you were eligible for Season 1’s Airdrop Campaign, your rewards will be reinstated with the state at the time of Snapshot #1

• Those who have yet to claim the first tranche of Season 1 rewards will be able to claim their rewarded amount denominated in the new $ORB token
• Users who have already claimed tranche 1 will be able to claim the remaining tranches when it unlocks, also denominated in the new $ORB token
• The unlock dates for claiming the remaining Season 1 tranches will remain unchanged
• The following seasons of the Airdrop Campaign will continue as planned

7. If you were a staker of esORB and ORB in our Vaults, your position will be reinstated with the state at the time of Snapshot #1

• Users who staked their $esORB and/or $ORB into the vaults will be airdropped their staked amount plus any unclaimed $esORB incentives

We understand that not every edge case may be covered, but we believe this plan offers the best path forward to rebuild trust and momentum within our community. We are committed to transparency and welcome any feedback you may have.

If you have any questions or believe that you may not have been covered in the cases mentioned above, please reach out to our CMs on Discord and/or submit a ticket.

FAQ

1. Is there any impact on the $USC, $cdcETH, and the mechanism of Orby Protocol?

• No. The $USC token, $cdcETH token, and the main mechanism of Orby Protocol (e.g. minting, redeeming, shuttles, etc) are unaffected and working as per normal.

2. Is there any impact to esORB?

• The esORB contract was not impacted, and we do not need to deploy a new contract for it.

3. Is there any impact on the Stability Pool?

• The Stability Pool is unaffected. Your USC deposits in the Stability Pool, as well as the continued accumulation of esORB incentives, are both safe and working as normal.

4. What happened to my esORB staked in the Vault?

Given that we will be deploying a new Vault contract, all esORB deposited in the current vault will be deprecated. However, you will be airdropped the equivalent amount of esORB staked

5. My situation does not fall within the points mentioned above. Can I be compensated?

• Please submit a ticket in our Discord if you do not fall within any of the situations above, and the team will review on a case by case basis

6. When will all the above-mentioned ORB compensation airdrops happen?

• Compensation, in the form of airdrops, to the above-mentioned affected users will happen shortly after the token relaunch

7. I missed the deadline for this “$ORB Reclaim” form. Can I still apply?

• We aim to compensate affected users as soon as possible. As a result, no extensions will be entertained. Please ensure you fill up the application with the necessary information by the deadline