TechFlow News — Meerkat Finance developers have released a statement announcing the final decision on refunds following an investigation and based on community feedback: The optimal solution at this time is to directly refund 95% of Vault balances, with the remaining 5% to be fairly distributed through a new product, XFarm (which will offset losses for MKAT holders and MKAT-BNB liquidity providers).
Process: 1. Direct 95% refund: Meerkat will restart staking and Vault contracts at 18:00 UTC on March 6 (02:00 Beijing time on March 7); users must unstake and withdraw their mibBNB/mibBUSD tokens from the staking contract and keep them in their wallets; Meerkat will deploy the swap contract 24 hours later (02:00 Beijing time on March 8) and issue instructions to users. 2. 5% refund via XFarm: Meerkat has designed a special product, XFarm, for all users to compensate MKAT holders and MKAT-BNB liquidity providers; new synthetic tokens composed of advanced DeFi market features will be created as rewards within XFarm; 5% of the Vault balance will be used as rewards in XFarm and to provide liquidity for the new token; XFarm will launch after completion of the refund process (scheduled one week later).
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