It’s been a little while since the last update here. We had a proposal on Aave that went into a Temp Check snapshot vote. That proposal was not supported. We will continue to engage with the Aave community to foster a solution. However, it seems like that may take longer, as the stakeholders on Aave do not want a solution that is consistent with the ongoing recovery; they want their own carve-out.
In Round 14, we received funds from the successful implementation of HIP-30v2 and the Recovery Multisig Group. Modulo allows exchanging depegged assets for WONE, and Recovery One has bridged USDC into Harmony to increase the supply of USDC on Harmony. Individuals can still swap depegged assets for USDC on the Recovery Exchange. We chose to go this route to help increase the stablecoin in the Harmony blockchain, and it’s also less volatile.
When you receive USDC on the Recovery Exchange, you can use them on Harmony DEX, Defira, Open Open, and Harmony Swap. You may need to add the USDC address manually to find the token to swap.
GG-LMAO, with the implementation of HIP-30v2, recovery funds will come from emissions, not the Harmony treasury. However, the Harmony treasury may want to accelerate the recovery and contribute more at some point. Also, we have recovery funds that are held up in legal matters, and we are still waiting to hear more about that allocation.
burner.modulo.so seems to have stopped being a recovery partner, a shame since its the most effective solution so far (kudos to polymorpher his job on modulo)
Tranquil / Defira does not receive any funds (As far as I know) to solve the lending markets bad debt.
Only current recovery partner is recovery.one
Might we be able to:
Increase funding send towards recovery.one to speed up the process?
Get a clear answer from the recovery ambassadors on how to move forward with current partners and potential new ones?
3.To push and publish the buy transactions for assets on the recovery twitter account and via the swaps that h1 would like to communicate about? more volume on swap.country is appreciated (and supports the LP’s who are actively building liquidity there) instead of the swaps with old assets and no active development
With the price of h1 increasing. it is becoming easier and easier to buy the depegged assets from the market at sub 10 cents on a dollar… in my opinion its in the best interest for harmony and its ecosystem to take advantage of these market movements.
Happy holidays & looking forward to some discussion here on how to proceed <3
I also didn’t really catch the reason behind the stop of modulo, was there an official announcement from them or R1?
Liked the mechanism a lot as it was the most efficient and influence directly the open market price as a lot of arbitrage was done through this method.
We are committed and tested. I’ll have the summary article out shortly, and we hope to reintegrate Modulo into the burning mix. R1 is also working to bring additional burning resources into the recovery efforts.
Hello where can one swap their 1USDC, I have someone that has some and would like to bridge funds off chain. At this point they know tget won’t get full value
