PIZZA-USDE Monthly Report (August)

August 4, an update was made to the reward mechanism, making new created CDP to only start accumulating rewards after last at least 1 hour.

August 6, a function was added to the liquidation contract to destroy the USDE that were collected in the contract during the liquidation process. A sum of 11616.1107 USDE in liquidation contract were destroyed in this update.

August 8, the first half of the round 1 halving for PIZZA reward is completed. Over 14 weeks, there were in total 1.25 million PIZZA token distributed to the CDP holders. The other 1.25 million round 1 PIZZA reward will be distributed in the next 26 weeks.

August 23, the system launched its REX Migration Plan, the first major system iteration. The plan is executed by the smart contracts, it deposits 10% of the total collateral to the REX every 5 days. The majority of the deposit plan is expected to be done in 10 rounds, therefore 50 days. After that, all the new collateral will still be deposited under the same deposit rule, but when there is less than 10% of the total collateral, then the maximum available amount will be deposited. The plan itself will not disrupt or change the way users collateralize/redeem their CDPs.

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