Recovery ONE: Burn Phase V2

Ecosystem Resources
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Released: 5/2/2023

The Recovery One Foundation enters a new burn phase with a new platform, members, and initiatives while continuing the same focus. If you’re not familiar with the Burn Phase, our goal is to recover depegged assets and strengthen the Harmony ecosystem through community action.

Location of the burn mechanism:

Recovery.Exchange

Members:

Historical links:

  • Recovery ONE Community Governance for Depegged Tokens: talk.harmony.one/t/recovery-one-community-governance-for-depegged-tokens/21104/380
  • Recovery ONE Foundation: talk.harmony.one/t/recovery-one-foundation/21455/191
  • Recovery ONE Burn Phase: talk.harmony.one/t/recovery-one-burn-phase/21727

Important Recovery One links:

FAQ

What is the Recovery Exchange V2?
Recovery.Exchange is the destination for exchanging depegged 1Assets.

Why not have a higher parity value for users?
We need to focus on doing more with less early on. We can raise the parity level by clearing low-cost 1Assets that exist on the market by incentivizing redemptions profitably. This will use the free market mechanics to push the parity level up over time while simultaneously reducing the circulating supply, as we burn directly through the Horizon bridge contract.

Why give particular preference to users who voted with rONE and Horizon Bridge hack victims?
rONE voters and Horizon Bridge hack victims receive preference to recognize their active participation in ecosystem changes and to assist those impacted by the security breach. This strategy showcases our dedication to the community and facilitates an efficient and effective recovery process.

Disclaimer: Nothing in this post should be taken as financial advice.

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:loudspeaker:Recovery Announcement: The recap for Round 7 is now available.

Total Round 7 1Assets burned: $1,266,861
Total depegged 1Assets burned: $8,829,953

:green_book: For more Round 7 details :point_right: Harmony Recovery: Round 7. Summary of Funding Round 7 | by Recovery One | May, 2023 | Medium
:date: Round 8: starts after smart contract updates, @lijiang2087

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Regarding updates to the Recovery Exchange:

For Round 8 of the Recovery Exchange V2, R1 aims to incorporate feedback from both the community and the Harmony core team. With additional time to build, the team plans to implement a two-stage whitelist process and set the maximum wallet limit at $300. During the first 24 hours, only R1 voters will be permitted to participate. After this period, the whitelist will expand to include depegged wallet addresses, and details on this will be released shortly. After 7 days, the maximum wallet limit will be raised to $600. The code for this process will be fully open-sourced. The main focus for this round is to increase the number of participants, the number of transactions, and to extend the participation period for a longer duration.

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Good initiative. May you upload and make the lists of wallet public for the different whitelists ?

Maybe have the list on GitHub

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this will be the rONE voters Whitelist:

rONE voters whitelist

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AAVE update: ARC: Harmony Recovery - #169 by mbarret3 - Governance - Aave

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Keep supporting the recovery. Thanks.

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Can’t say enough good about this project! Leadership has been flawless!

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New contract support added for Round 8

  • Prehacked addresses compiled from @changethingsplz (Total 67k addresses)
  • Implemented as Merkle tree to make it possible to check onchain.
  • First 24hr of a new round is for only isR1OnlyRound() (aka R1 Voters)
  • After 24hr opens up to prehacked addresses by verifying the merkle proof provided, and the msg.sender
  • After every 7 days, the refundMultiplier() increases by 1. (eg. $300 → $600 → $1200)

All of the raw data, processed data, and merkle tree is checked into R8 branch.

Github: governance-contracts/contracts at r8 · Recovery-One/governance-contracts · GitHub (Branch R8)

Recovery exchange will tell you if you’re in the prehacked list.

image

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slowly but surely
https://chefsoysauce.io/projects/harmony/

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this is good to know!!

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In the updated Recovery.Exchange, you will notice several new features. One of the new features is the ability to determine if you were an rONE voter and evaluate whether your address had 1Assets prior to the hack date.

If you are an rONE voter, you will have the opportunity to participate in the initial 24-hour exchange period. After the first 24 hours, if you have a prehack address, you can also participate.

Address Verification examples below:

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Timestamp:
This data point shows the timeline.

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Furthermore, every 7 days, the refundMultiplier() will increase by 1. For example, the refund amount will progress from $300 to $600 to $1200.

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You can check for your address from this raw list here:

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We found an issue with BUSD which doesn’t support burn(), so we are sending to 0xdead (the same way modulo is doing). The contract has been upgraded to address this issue.

if (address(erc20) == address(0xE176EBE47d621b984a73036B9DA5d834411ef734)) {
    erc20.transferFrom(msg.sender, address(0xdead), amount);
} else {
    IERC20Burnable(address(erc20)).burnFrom(msg.sender, amount);            
}

Pushed code to Commits · Recovery-One/governance-contracts · GitHub.

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This should be included in the R1 tweet that announces the start of each new round. And R1 should tweet an update at the start of each “period” within the round. Improved comms.

Also, since DEXes are now at .063-.064 (they were .058-.059 when the round started), is the R1 exchange rate (.065) going to increase as well? Looks like only two exchanges totaling $55 have been performed in the last ~36 hours.

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Its not worth it to burn now cuz rates are equal . Ur goal is to rembourse affected people so increase the rates so that more ppl burn to start second round

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@mbarret3

I don’t think Harmony is paying you for your silence.

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Trick,

I’m uncertain if this is the way you communicate, but I must express my concern regarding the lack of empathy and humanity in your tone. This week, I have been faced with numerous challenges as my son was bitten in the face by a dog, leading to frequent visits to the hospital. Balancing these circumstances with my remote work responsibilities has made it an incredibly difficult week for me.

Recovery One conveyed the latest updates through a Tweet and a post on this platform. We utilized Twitter to announce the beginning of the round, while Hound posted an update during the middle of the round.

Trick, your behavior is increasingly problematic. I have observed instances of profanity, online curses, threats, and an overall disregard for our basic human dignity. It is disheartening to witness such treatment. If you would like to communicate with me on a more humane level, here is my telegram: Telegram: Contact @matthewtbarrett

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Updates on Aave - ARC: Harmony Recovery - #177 by mbarret3 - Governance - Aave