Recovery ONE: Burn Phase

Any update on this? I’ve been looking for details and keep coming up empty

You are right. Nobody cares.

We were told that blockchain is something secure and transparent, it is a future of transactions. We were told that aave is reputable protocol. Crypto influencers are bragging about how CeFi failed but DeFi is the best.

And yet, here we are. With big loss.

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So scummy and evil I can’t even believe we’ve come to this.


All affected users better sell everything and do x10 on something else, that’s gonna be far easier in 3
years horizon. The victims don’t even benefit from ONE price increase and are left with 0 hope.

Original Tse’ proposal would be much better for the victims getting at least some funds back monthly. All this did was shift responsibility to “community” while they wash their hands sending pocket change (compared to 100m) every month and /ignore. Brilliant.

What was the reason for the funding amount dropping to 120k for round 4? Don’t we need the funding to be increasing if we are to hit the 4 year target?

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Love you too, buddy. Always something positive to add to the conversation.

That “Harmony Protector” badge was issued to me half a year ago by a former team member for my time and dedication to the talk forum to help the community.

FWIW I have spoken with the AAVE community multiple times and given my time to advise on this topic. DYOR, I’ve explicitly stated in the past on multiple occasions what I thought was the right step for AAVE: Host a vote and come back to the Harmony team with an approved result. I don’t understand how that hasn’t happened by now, as it has been months since (see here). I even so much as checked into the AAVE community forum this morning to help a user (from the Harmony Discord) with this exact subject. Further, I also linked my advice from this forum, in which I am active and monitoring to provide aid- to the AAVE forum.


At the time they dropped the rate because the Harmony treasury had gone down with the market by 30% in December. They are supposed to scale the recovery process with their capacity and expenses being accounted for.

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This is actual correct.
I have $15k in stables “locked” by harmony chain, with no APY/APR for 4 years.
I only hope they will get those hacked/recovered $20mil back and simply quickly refund those who still holds.

Is this a joke?

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It’s true and I confirmed with the team that the new hire that was phished, including others, are to be taught better opsec immediately. This happened in mid-January and was brought to our attention yesterday by a community member. The team takes this extremely seriously and had an emergency meeting in response to being informed.

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Will there be something in place to prevent bots from draining the R1 fund instantaneously?

yep, WL will be brought back

Good. It needs to remain. It’s the only way R1’s Exchange makes any sense.

I viewed R1 as the recovery partner “for the people”. Modulo is for arb bots and I believe(?) Tranquil is using it to rid itself of depegged 1tokens (which is understandable of Harmony’s largest native Dex). R1 was the only one offering a real chance for regular users and community members to regain the lost value of 1tokens over time via monthly redemptions. But then bots took over R1 the last several rounds, draining funds immediately.

The last several R1 tranches were the worst of both worlds: neither benefiting the common folk, nor burning depegged assets most efficiently.

If R1 is for the benefit of the Harmony community and its users, then some type of WL that ensures access is mandatory. (This isn’t to say it can’t/shouldn’t be tweaked or improved over time.)

Even if R1’s stated objective was to “burn the most depegged assets as possible,” it would still have been failing to accomplish that goal. It would’ve been more effective to implement Tranquil’s method and just buy and burn 1tokens at market rate.

i have $ 120K stables same, 4 years )=

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I’m wondering HOW you will be able to recover this amount, if swaps are strongly limited per wallet…

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Minus $ inflation rate

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Seems R1 started burning, and I’m starting to wonder, HOW will BUSD/bscBUSD and other assets repeg-burn if no one is interested at current rates?

Eventually the rates will go up. Still just burning through those who will accept 10% and they’re getting through the USDS allocated every month, so no need to up the rate yet.

Is the $1000 per waller per round or total?

What exchanges have USDS liquidity? I’m only seeing some, but not much, on Sushi swap.

Per round, we recommend making an account directly with Stably in order to offramp, otherwise Tranquil should host liquidity for stables soon when they launch v2.