Step-by-step instructions on how to redeem your METIS assets lost from PolyNetwork hack

Metis
3 min readSep 15, 2023

On Thursday, we announced the details of the redemption process that would enable METIS holders affected by the PolyNetwork hack to claim their lost assets.

As of 1 pm UTC today (September 15, 2023), the claim site is now live at redemption.metis.io

INSTRUCTIONS

The redemption is a two step process:

Step 1: Claim rMETIS

Step 2: Redeem rMETIS for METIS

Connect your wallet {Connect button}

Connect your wallet that was affected by the PolyNetwork hack on BNB chain. Wallets that held METIS tokens on BNB chain up to block 29591664 should be eligible to claim.

Claim rMetis if you’re eligible

If you are eligible to claim: In the “Eligibility Check” section of the website, you will see a claim button. You will also see a deadline for claiming the rMETIS tokens.

Redeem rMETIS for METIS when the time is right

As noted above, you may redeem your rMETIS for METIS on the first day of availability (September 15, 2023), or at any other time before an entire year has elapsed. Doing so, however, lowers the number of METIS tokens that you will receive (0.5 METIS for every 1 rMETIS on day one, with that number going up every day until a full year has passed). This one-year vesting period was put in place to protect the large number of METIS holders unaffected by the PolyNetwork hack.

Finally, note that the deadline to claim your rMETIS if eligible is 13 months from today, i.e. October 15, 2024. That date encompasses the 12-month vesting period, plus a one-month grace period for affected users who may not see the redemption news immediately.

As always, the Metis community is invited to ask questions on our Telegram and Discord channels, where our moderators are always available to help.

Important Details

Eligibility

If you were affected by the PolyNetwork hack, you will be eligible to claim an amount of rMETIS tokens equal to your METIS balance on BNB chain at block 29591664.

Claiming

You may claim rMETIS tokens at any time over the next year. Note, however, that if you use your rMETIS tokens to claim METIS tokens, the value of those [METIS] tokens will depend on the date on which you claim. If you hold your rMETIS tokens for the 12 months vesting period, and then claim the METIS tokens, you will receive the full amount of METIS held originally.

You may claim rMETIS at any point between the first day of availability, and the full one-year mark. The formula to determine your current amount of METIS, based on rMETIS and time passed, iis as follows:

priceRatio at the current time = (currentTime — startDate) / (endDate — startDate)

The amount of METIS tokens you will claim = priceRatio * rMETIS Amount

Vesting Process

The rMETIS tokens correspond to a certain number of METIS tokens that vest over the course of an entire year. If you claim 1 rMETIS token on the first day of availability, you will receive 0.5 METIS tokens. Claiming 1 rMETIS token after the full year (as of September 15, 2024) gets you 1 METIS token.

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