The Solana network was down on September 14-15 which meant no transactions could get through. The oracles and liquidators were all at a standstill. If prices were very different at the time the network came back up, there may have been socialized losses on mango v3. The reason the insurance fund was still empty was because I was waiting on the governance UI to get a little better. Since attention is scarce, the plan was to put the insurance fund proposal in with all the other proposals and create a ‘legislative session’.
So I decided to send 50k USDC into the insurance fund vault as soon as the network went back up to prevent any socialized loss events. Luckily, there was no need to even send the USDC in because asset prices at the time of network restart ended up being very similar to what they were when network went down.
I’m proposing the DAO send 50k USDC from the treasury into the USDC token account that sent it in at the time of network restart. Here’s the transaction: Explorer | Solana
Here’s the insurance vault: 59BEyxwrFpt3x4sZ7TcXC3bHx3seGfqGkATcDx6siLWy
Here’s my USDC account: 4bqULyPWsEP5N4qf59uHGHKE67Ugu6iii5Pt4uJHxzR4