Nirvana, a leading DeFi protocol, has announced its relaunch as Nirvana V2, marking a new era for decentralized finance. This milestone follows the resolution of the July 2022 hack and a legal victory with the hacker's conviction.
Complete Restitution and Perpetual Recovery
Nirvana V2 is the first in DeFi to fully reimburse all funds stolen in the 2022 hack. The protocol now features a built-in revenue-sharing mechanism, ensuring continuous distribution of all protocol revenue to hack victims in perpetuity. This model sets a new precedent for community-first recovery efforts.
Innovating for Security and Stability
Nirvana V2 addresses security issues with a new single-collateral reserve system that enhances security and stability. This isolated design prevents cascading failures and safeguards the protocol from external shocks, resulting in a more robust and resilient platform.
Decentralized Governance and the Future
Governance in Nirvana V2 is fully decentralized and reimagined through the Automated Token-Managed Adjustments (ATMA) system. This novel approach enables continuous, incremental adjustments to protocol parameters through token-based voting. Unlike legacy systems, Nirvana V2’s governance tokens are earned exclusively through organic protocol usage, with no pre-launch insider allocations.
Nirvana V2 introduces a new Market-Driven Mint system for token price stability and offers new opportunities for projects. The Nirvana team is committed to building secure, transparent, and equitable financial systems for all.
