The community has made some great points about the initial refund plan, so we reviewed the data; over 2.65M DEL (35% of the auctioned supply) has been transferred and traded since the auction concluded, which means that a direct refund to the original contributing addresses would effectively short-change a substantial portion of the economy at this point.

Upon further discussion, we believe that the fairest option is to:



1) Set up a Redemption Contract programmed to reimburse DEL deposits with ETH at the original FairAuction rate.

2) Provably burn the ~2.5M DEL still in possession of the Delphi team, to prevent any withdrawal imbalance possibilities of the above contract.

3) Fund the Redemption Contract with 100% of the ETH raised in the FairAuction.

This allows anyone to convert their DEL to ETH at any time. The contract can (and should) be audited and tested both privately and publicly over the next few days, so that everyone can be confident that it is bug-free and will do exactly what it is supposed to. Once deployed and funded, it will then serve as a perpetual, programmatically-enforced “cash-out” option to all holders of DEL.

We want to make sure this is done right, and done right now. If you have anything to contribute, whether it is code, code-review, advice, or even just opinions: now is the time to speak up.