Proposal: UtilityDAO — Recovery Partner for Harmony Protocol

Proposal: UtilityDAO — Recovery Partner for Harmony Protocol
A Successor to Tranquil Finance’s Buyback & Burn Strategy
Summary
UtilityDAO proposes to become an official Recovery Partner for Harmony Protocol, with a clear and transparent buyback & burn strategy to support the ongoing Recovery effort.
Since Tranquil Finance’s buyback & burn program ended over a year ago, a gap has emerged in consistent market-based support for ONE token recovery.
UtilityDAO intends to fill this gap by launching a new, focused initiative.

Background
Following the Horizon Bridge incident, Harmony’s community-led recovery plan has made steady progress. However, continued market-based support is key to restoring full confidence.
In the past, Tranquil Finance demonstrated that a consistent buyback & burn loop was an effective mechanism to contribute to recovery, improve market dynamics, and align protocol and community incentives.
With Tranquil’s program no longer active, the Harmony ecosystem is currently missing an equivalent Recovery Partner in this space.

In recent weeks there have been discussions across multiple social channels expresssing discomfort with this status quo.
UtilityDAO is ready to step in.

Motivation
Our motivation is to provide:
:white_check_mark: Transparency — All burn events and buybacks will be fully documented and verifiable on-chain.
:white_check_mark: Targeted support for Recovery One — UtilityDAO’s program will explicitly align with and support Harmony’s formal recovery plan.
:white_check_mark: Public reporting — UtilityDAO already maintains an open Recovery Tracker and will extend this with full reports on buyback & burn activities.

Strategy
Buyback & Burn Model
UtilityDAO will implement a simple, recurring buyback & burn strategy.
ONE tokens allocated for each round will be used to purchase the most depegged asset on-chain and burn it, with hourly transactions spread across a 28-day cycle for consistency.
All transactions and stats will be logged and displayed to the community to provide full transparency.

Provided Service
We will concretely deliver the following:

:white_check_mark: Transparency board: Displaying all operations in an orderly manner
:white_check_mark: Monthly Reports: Monthly reports on our burning operations
:white_check_mark: Handling of Funds: receive allocation and starting rounds
:white_check_mark: Smart-contract: to handle consistent buybacks

Requested Support
We respectfully request the Harmony community and RMC to:
:white_check_mark: Recognize UtilityDAO as an official Recovery Partner
:white_check_mark: Promote UtilityDAO’s reporting via Recovery One community channels
:white_check_mark: Provide UtilityDAO with an equal share of the monthly allocation of the recovery funds as the other recovery partners
:white_check_mark: Request an equal amount of monetary compensation to fund development as the other recovery partners.

Benefits to the Recovery effort
·Restores a missing piece of the recovery strategy (buyback & burn)
·Creates market confidence and transparent recovery momentum
·Drives community alignment around Recovery One goals
·Provides a consistent and non-opinionated form of recovery
·Builds upon UtilityDAO’s stack via public Recovery Tracker

Next Steps
Proposed timeline:
·Week 1: Community feedback & refinement of proposal
·Week 2: Final proposal & soft governance approval
·Month 1: Launch initial buyback & burn loop + public reporting
·Ongoing: Monthly transparency reports & program iteration based on community input

About UtilityDAO
UtilityDAO is a decentralized organization focused on building tools, DeFi utilities, and transparency solutions for the Harmony ecosystem, with our flagship being uONE:
A Harmony liquid staking solution that is bridgeable across 7 chains.

We are proud to support the Harmony community and Recovery One effort.
·Website: https://utilitydao.one/
·Recovery Tracker: https://utilitydao.one/Recovery
·Liquid Staking: https://utilitydao.one/uone

Time for Action
We invite the Harmony community and fellow Recovery Partners to support this initiative and collaborate to drive forward Harmony’s ongoing recovery.
Let’s close the gap left by Tranquil Finance and work together for a stronger, more resilient Harmony ecosystem.

5 Likes

Great seeing utility DAO putting itself forward. I think you could formalize better the goals and the strategy as well as talking about option to reduce the selling pressure on one.

2 Likes

Working on it and thank you for your input @metaoneklas

1 Like

Let’s table this and see if we can’t come to some sort of resolution.

2 Likes