Your objective differs from the original/primary intent of the recovery proposals, which was to reimburse affected holders. It is absolutely correct to use some of the recovery funds to provide compensation to holders who lost ~95% of the value of their assets due to Harmony’s own security error.
That said, what you want is literally what Modulo and Tranquil have been doing. Approximately two-thirds of the recovery funds have been geared towards cheap buy&burn. I’d say your only objective is largely being met.
I’m not sure if re-pegging is a realistic goal. I get the idea, that as circulation decreases via the burn - and the proportion of “backed” 1tokens rises - that the market price should also rise. But I wonder if the reality isn’t a little more messy.
The reality is - depegged 1assets on the harmony ecosystem/market are not needed anymore - simply because Harmony created “NEW” 1assets with new USDS bridge.
Harmony simply KILLED the idea of re-pegging 1assets by creating a set of new “pegged ones” (same name different contract).
What they should do (harmony) is simply REFUND users who did not sold since hack - that’s it. There is screenshot made for that.
THIS IS THE REALITY.
What harmony did - they delegated their own negligence to “community run” projects like R1 etc.
Of course none of those projects do recovery for free (also ask yourself, who is running bots).
The only ones profiting from “recovery” are actually projects running it, and harmony itself because all blame is partially shifted to those projects. Wake up people.
By the way, did any of you checked current rate for depegged assets? uscd, busd etc? Check it now.
We are now 10 months after hack. How its going?
Please note: Not a single bot transaction has taken place on the Recovery Exchange since its inception. Once again, there were no bots in Round 7, Part 1, or at any time on the Recovery Exchange. However, we are adding this feature because the community desires it.
How you can be sure of that? Im pretty much confident that, some may used…since in some roundd the funds were drained in minutes. Either was bots OR was the responsable to the whitelisting that drained as soon as it was open up to the general public.
Who is exactly “AAVE community”? If my Harmony assets are frozen in the Aave protocol, am I part of Aave community? Or am I Harmony community? Or am I both? Do I have any choice really?
I want to be able to get my assets out of Aave and being able to have them in my own wallet controlled by no one else but just myself.
I am eagerly anticipating the use of Recovery.Exchange, and I wanted to reach out with a humble request. Can we please keep the exchange rate above the market rate and the average rate? I understand that in the past, the rate on the original recovery.exchange has been lowered when the on-chain DEX price has moved lower for depegged assets. While Tranquil may be buying on the cheap, some of us are taking advantage of arbitrage opportunities. I kindly request that you do not take this opportunity away from us.
Furthermore, I still have a substantial amount of assets in AAVE, so any progress on that front would be greatly appreciated. Additionally, I have not moved my depegged assets from my original wallet since the unfortunate hack incident. Perhaps Harmony can allocate more funds to buy up the depegged assets that are still liquid on Harmony DEXes so that we can finally access the affected wallets.
Thank you for your attention to these matters, and I look forward to trading on Recovery.Exchange.
We all still have a lot of assed to burned but the rate should follow the behavior of the DEX rate as it reflect the overall market.
Having high premium is not beneficial to community as bot, external people that dont have depeg asset will just arbitrage it and take the money away from harmony and real victims.
That’s why offering a premium doesn’t actually serve the community but the external actors. In fact it make it worst for community as the funds will be drained in a sec by arbitraging the high premium.
And restricting access to only early R1 members just make it unfair for people having lost funds and they cannot participate to the recovery.
Alright, I was fixin’ to make a quick buck, but you’re right. We still gotta burn through a heap of resources afore we reach my impacted AAVE assets and the other assets in my wallet.
Additionally, it seems that your support for the re-pegging node has led to 4-6 more burning validators, which is excellent. In my opinion, this is a positive development. Casey mentioned Harmony wants its validators to be more active.
Now, if the price of de-pegged assets drops, lower your exchange rate. There are many degens exchanging and attempting to exploit the recovery. Also, I agree that addressing the real affected wallet holders last isn’t ideal, but perhaps if the market improves, Harmony can step up their efforts.
As for de-pegged assets, their value might decrease even further, as they aren’t backed by anything – just the trust that Harmony will reimburse them.
Yea of course the picture is way bigger than just making profits as individuals on arbitraging some premium on the exchange.
Don’t mistake me i made a lot of profit doing that but i dont think its the good methods and it’s more like a waste of the limited Harmony’s ressources.
We just need to stay united and all work toward the same goal and remove the most amount of deppeged assets.
We consider all opinions and market conditions to facilitate Harmony’s recovery plan initiative. Yes, each participating burn partner has a different mechanism to burn the depegged 1Assets, and we all need to be as efficient as possible. Thank you for the feedback and input.
As everyone remembers, R1’s initial plan was not voted on or adopted by the entire Harmony ecosystem. There are three burn partners in this recovery plan, and we hope to make AAVE the fourth burn partner soon.
@mbarret3 Will it be possible to ask for additional funds to Harmony for all the burning partners ? We see that demand to burn is still very high and burning has shown great interest.
They need to understand that Harmony is worth nothing if the bridge problem is not settle properly, they cannot advertise and attract new users if they cannot even managed their old users properly. No trust can be build by no communication and no clear guidances. And it’s your role to transfer the community’s feelings to their ears.
It’s clear that having only 40k/months by partner will never reach the goal settled a few month ago. We need to increase and allocate funds to recovery.
