Burn Initiative Expansion

Governance
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Dear Recovery One Foundation , Harmony One , Recovery Multi-Sig Cutodians

We are writing to share the progress of our recent participation in the Burn Initiative and to propose an exciting opportunity to further our shared goal of restoring the Harmony ecosystem.

In our initial efforts, we successfully burned over $4,200 in depegged USDC. This achievement highlights the potential impact of collective action in addressing the challenges facing the Harmony community. However, while executing this burn, we encountered significant slippage fees and unfavorable conversion ratios, resulting in a loss of approximately 70% of our funds during the process. The entire effort spanned about three hours and was executed using an exponential burn model, showcasing the possibility of achieving substantial results with minimal resources.

This experience has reinforced our belief in the power of community-driven initiatives and the importance of collaboration. We demonstrated that it is possible to make a meaningful impact with relatively limited resources, and we are eager to inspire others to join the effort. To that end, we propose becoming an official burn partner or collaborating with the Recovery One Foundation to amplify the impact of the Burn Initiative.

To scale this effort and encourage greater participation, we would require a modest boost to cover initial operational costs and improve the efficiency of the burn process. We believe this small investment could yield significant results, particularly if all verified projects within the Harmony ecosystem commit to similar efforts. With widespread participation, we are confident that the depegged assets can be burned at a much faster rate, further accelerating the ecosystem’s recovery.

We have outlined a detailed proposal below for your review and consideration. We are excited about the possibility of collaborating with the Recovery One Foundation and expanding the reach and impact of the Burn Initiative.

Thank you for your time and support. We look forward to hearing from you and working together to drive meaningful change within the Harmony ecosystem.

Sincerely,
Matt Lopez
Black XXoR Team

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Maybe Recovery1 partners can share some of their 3k monthly allocation per 1k/ ea per 3 person team🤔

Reducing their pay by 20% would yield your burn initiative 600 per month,

And RMC & Fellow Harmonauts wouldn’t need to contribute, anything.

And this would demonstrate an enormous commitment & contribution from the Recovery1 team. And direct approximately 7,200 annually, directly towards recovery.

HIP30V2 diverted 25% of annual Emissions from Delegators

However Recovery1 team continued on, at the same rate, for another 12 months.

This seems like a reasonable request IMO :blue_heart:

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We don’t want to be burning at a loss and we can do so much with so little. We can encourage other projects to burn at the same rate and we can make this a movement with projects following our lead we can burn 180k + in deppeged assets with just 2k in USD in our expoential burn model.

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