I’ve flagged most of your posts as off topic.
If your profile wasn’t private I would just go ahead and permanently block you. But since you’re private, my only recourse is to flag you.
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I have been following Harmony’s recovery efforts for almost a year now and see reasons for optimism. From my perspective, four main groups of people are involved: validators, recovery followers, investors, and degens. Each group has distinct objectives and experiences that have affected them in unique ways. We are approaching the one-year mark, there are valuable lessons and insights to be gained from this experience to guide us into the future.
In my opinion, the recovery efforts are working efficiently, thanks to the hard work of recovery partners like R1 and the community. However, Harmony needs to become more involved in speeding up the recovery process. Additionally, while infrastructure changes are coming, the chain needs some good news to generate excitement beyond recovery efforts.
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I think we all can agree Modulo’s method has been efficient. And Tranquil’s method of buying at market rate is also efficient.
But as I posted the other day, I think R1 has had a few shortcomings.
Harmony needs to better promote when each round starts with Modulo and R1. They need to better announce the results of each round and overall progress towards the recovery goals. They should probably be announcing each month when funds are sent to partners (tx hash included).
Harmony needs an official recovery website that the community can go to for all of their information. A “one-stop-shop”.
Those are all things Harmony should’ve been doing from Day 1.
As far as speeding up the recovery process, it would be nice if Harmony at least returned to the original $150k/month, though they’ll need to provide much more than that if they hope to “complete” the recovery in less than a decade (let alone the oft-mentioned 4 year time frame).
And whatever payment the R1 team may receive in the future should be separate from the exchange funds.
Oh no, it just got to the point that everyone got pissed about what its happening.
Finally.
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Try to write anything which is not in “correct narrative” on telegram, usually they simply delete, or ban. Only ones wearing pink glasses are allowed.
Could you please elaborate on the group defined as “degens”?
Hey TrickLuhDaKidz, sorry for the late response at Consensus this week. I like these ideas too and voted in favor of the first option for both.
Another Recovery Update: The AAVE team has requested that R1 post the AAVE and Harmony community submissions to their forum. Here is the link: ARC: Harmony Recovery - #157 by mbarret3 - Governance - Aave
Also, at the request of the submitters, I have removed the name, organization, email address, and Telegram username information from this data. Everything else is included.
There’s https://recoveryone.country/ which has the wrap-ups but doesn’t say much ahead of time, and the r1 twitter for notifications in advance.
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That’s not sufficient. Harmony must have its own, official, all inclusive recovery site. They said they were working on one in the recent reddit ama, but it should’ve been done 8 months ago.
I mean Harmony is already paying R1 to do it I don’t really see the point. Maybe just put a link on their website.
I know I’m coming to their defense quite a lot but I sort of disagree with the premise that they have failed the community. Around 10% of the assets have been burned now for under 1M, there’s still a long way to go but it’s only really been one bad round hasn’t it?
Round 4 was insta-draind too.
Don’t remember Round 2 and 3, it’s been a while, but I guess anyone could check the comments on Twitter or roll back on Reddit…
Yeah it is a problem. For what it’s worth I voted for both the first options in @TrickLuhDaKidz polls. I think it’s worth doing.
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No, there have been multiple rounds where the funds were insta-drained. I documented it in my lengthy post the other day.
If people go to Harmony’s website, Twitter page, etc., looking for Recovery information, where are they going to find that?
Serious question.
If you can’t answer that, then Harmony’s not doing enough, and my criticism is valid. Either way, Harmony must believe its a valid criticism, too, since they said they were working on a website for it!
They haven’t failed the community despite failing to allow the community to participate in multiple rounds of the exchange? That’s an interesting take.
R1 hasn’t burned ~$10 million (10%) of the pre-hack assets. That’s easily verified.
It would seem you’re conflating R1 with all 3 “partners” (Modulo and Tranquil). So far $930k has been disbursed by Harmony. And per the Round 6 update, only $7.6m has been burned. So it seems unlikely it’ll hit $10m (10%) in Round 7.
Per Harmony’s own spreadsheet, they estimate it will take until December of 2030 to complete.
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December 2030 would be a joke.
According to some Reddit posts, the FBI is holding around 10M$ still, at some point, those would be returned and used for Recovery right?
Julia from harmony prob did not include those…
I don’t think it’s wise to count on those funds. We don’t know how long they may be tied up due to legal reasons.
I personally don’t know how much has been recovered. I’m not sure Harmony has said, either, and they’d likely say “we can’t discuss an ongoing investigation” anyways.
But I’m pretty sure Harmony said they would use all recovered funds for the recovery process.
And to be clear, 2030 isn’t Harmony’s target end date. That’s just the projected end date based on the current rate of the recovery process. It can change, and it almost certainly will.
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At the onset of the recovery and burn programs, the target was four years, give or take market conditions.
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WHAT THE FUCK. 4 years MAX - that was the deal. They were supposed to be done with it 2026.
KEK. ENOURMOUS KEK.
so my funds are LOCKED for almost 8 years with no apr/apy XDDDDDD what about Inflation, dollar depreciation?
and actually “no idea if” I will get them back 100%
Seems it makes more sense just to sue them.
LOOOOOL
did you not read the 2 comments above yours?
4 years is the goal. Dec 2026.
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judging from how its going I see it more around 2040, if at all.
It’s very likely validators will vote to approve using a portion of staking rewards for Recovery. Currently the proposal is 220 million ONE in the first year. (The exact value may change depending on what is approved via governance.)
That’s 3.75$ million at ONE’s current value. And at an [example] exchange rate of $.10, that could clear $37.5 million of pre-hack assets.
There’s also the hope that when the market turns more bullish, the value of ONE will increase as well. Which means the $USD used by Harmony each round could increase without the amount of ONE having to increase (and the same for the ONE from staking rewards).
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