Recovery Multisig Custodians (RMC) Elections

Governance Validator DAO
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Introduction

The Recovery Multisig Custodians (RMC) play a crucial role in the Harmony ecosystem, overseeing the recovery process for depegged assets. This post marks the start of the annual election process and highlights the RMC’s first year of operation.

2-week Election Timeline:
Week 1 - Nominees
Week 2 - Vote for Nominees (top 7 will become the new Recovery Custodians)

Details

Here is a quick recap on what the Recovery Multisig is and how it functions.

Through the Approval Voting method, the top 7 will fill the positions of the Recovery. Current members of the multisig ARE allowed to continue being members, granted they receive enough votes. The custodian role is dependent on each member satisfying the requirements detailed below.

Operations

  • Recovery Multisig will hold tokens from the network emission and transfer them to fund burn partners for depegged assets every month.
  • Recovery Multisig follows strictly the operations of the current burn.
  • Recovery Multisig continues to hold tokens from emission after the recovery is completed – until further Snapshot proposals.
  • Recovery Multisig is a 5-out-of-7 Harmony’s Gnosis Safe with community elected custodians.

Custodians

  • Open nominations (validator and non-validator) for electing a diverse and engaged set of custodians from our community.
  • Any validator, delegator, holder may self-nominate or be nominated with Snapshot vote.
  • No team members or partners will participate in the election or the operations.

Meet the Current RMC

The current RMC members, elected by the community in August 2023, are:

  1. PeaceLoveHarmony
  2. Tr4ck3r
  3. TenaciousDeFi
  4. TEC Viva
  5. Affinity Shard
  6. Nick V
  7. Hank The Crank

Each member brings unique skills and perspectives to the team, ensuring a diverse and capable group of custodians.

Key Achievements

HIP-30v2 Implementation

  • The RMC was successfully established following the HIP-30v2 Hard Fork in November 2023.
  • This milestone marked the beginning of structured asset recovery efforts.

Asset Burns

  • At the time of the RMC’s formation, approximately $14 million worth of depegged assets had been burned.
  • Over the past year, the RMC has overseen the burning of an additional $11 million in depegged assets.
  • The current total of burned depegged assets stands at $25.4 million, representing a significant increase in recovery efforts and a total of 26% recovered.

Fund Allocation and Distribution

  • As per HIP-30v2, the RMC is allocated ~110,375,000 ONE per year for recovery efforts.
  • This translates to ~9 million ONE per month.
  • The RMC is responsible for distributing these funds to recovery partners, Recovery1 and Modulo.

RMC Stats

  • 24 Successful Recovery Allocations
  • 107,627,550 ONE Allocated
  • ~$11 million in depegged assets burned.

Below are the total signatures each custodian has been a part of. (total 24)

  • TenaciousDeFi - 24
  • TEC Viva - 21
  • Affinity Shard - 20
  • PeaceLoveHarmony - 20
  • Tr4ck3r - 20
  • Nick V - 12
  • Hank The Crank - 3

Impact on the Harmony Ecosystem

The RMC’s efforts have had a substantial impact on the Harmony ecosystem:

  1. Increased trust and transparency in the recovery process
  2. Accelerated burning of depegged assets
  3. Structured approach to fund allocation and distribution
  4. Collaboration with key recovery partners

Elections

As the nominations begin, it’s clear that the Recovery Multisig has established a strong foundation for ongoing recovery efforts. The dedication and achievements over the past year demonstrate their commitment to the Harmony community and the importance of their role in the ecosystem’s health and growth.

The RMC have proven to be an essential component of Harmony’s recovery strategy. Their successful first year sets a high standard for future operations and highlights the importance of community-elected custodians in managing critical ecosystem functions.

As we move towards the next election, we encourage all community members to consider the RMC’s achievements and participate in shaping the future of Harmony’s recovery efforts.

*All current sitting Recovery Multising Custodians are eligible for re-election.
*All previously nominated candidates are automatically eligible, pending an opt-out in the discussions below.

Nominees

In alphabetical order:

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Thanks for the write up Theo P. It’s been both a pleasure and a wonderful learning experience being part of the RMC, [ Year ONE ] I’ll gladly continue to Contribute to the Recovery Efforts on HarmonyONE, if Elected. :blue_heart:

I’ve also started a public Telegram, for any ONE that may have, ongoing recovery questions, Concerns, or suggestions for Recovery on HarmonyONE.

-Tenacious_DeFi

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Still up for that. NP :slight_smile:

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Hi @buttheadus, I cannot express enough how much I appreciate your contributions. You have been an invaluable member of our community significantly aiding in the recovery process. You made a tremendous impact and I am truly grateful for your dedications. You’ll have my vote.

I am available to step in since I remain on the nomination list.

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Ready to serve! As you all know we already manage the Crypto Land DAO multisig so it would be a pleasure and honor to become a Recovery Multisig Custodian.

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Appreciate your kind words. It’s truly been a pleasure helping & learning.
Harmonauts Community :woman_astronaut: Rocks

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I thank each and every one of you for continuously choosing me to be a part of these groups and for giving me the opportunity to help you shape the future of Harmony. I’m grateful for all the time I have been given to work with the community, members of the RMC and other groups, as well as members of the Harmony team.

With our diverse thoughts, differences of opinion and high moral standards, I have been impressed with the RMC group as we worked together to form the foundation for the RMC and ultimately to create a solid foundation for its future. I want to thank every member of the RMC but I specifically want to thank a few who stood out to me and impressed me with their dedication and loyalty to Harmony. Thank you @theo1 for supporting us in our efforts to make this all happen, you have been an amazing asset to the Harmony team and it has been a pleasure to work with you. Thank you @buttheadus and @PeaceLoveHarmony for your hard work making sure things went smoothly each month. It has been great working with both of you as well.

It would be an honor to work with the RMC for another term and if the community so chooses I would humbly accept. :blue_heart:

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The RMC election is live! It’s open for 7 days.
Harmony Mainnet Proposal: Recovery Multisig Snapshot Yr 2

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