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.
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.
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.
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.
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.
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