cman - great ideas and more is coming to R1. The first round sets the path for recovery. This will be a 4-year journey and it will work in the background as Harmony grows its tech and ecosystem.
Matthew- tranquil has signaled they are working towards restarting borrowing and lending.
unarge4, i stated previously Harmony and Aave need to work this one out.
trick- yes, we wanted to affirm the ceiling and set the floor in round 1. We will be releasing more in time. Once again this is a 4-year journey targeting 100% participation and reimbursement.
Now that the recovery of 1assets is underway I would expect to hear some additional stories and narratives from Harmony about new partners, tech, users, and the growth of the ecosystem.
Rest assured the recovery partners, and R1 are here working on our mandate (visit R1 @ R1.fuzz.fi). We will continue to be focused and resolute for the community. This recovery process and its partners are helping to restore trust in the ecosystem. Yes, the first part is a successful early launch of the recovery plan. That is now underway!
Just a question.
There are some de-pegged assets with low liquidity on dexes, for example BUSD (from ETH), and actually none liquidity like bscBUSD/BNB (from BSC).
For example Modulo USDC burn is based on arbitrage between burner and dex with liquidity, for example sushiswap - someone is buying USDC on dex, and selling/swapping to USDS at modulo burner. This works because there is a place which allows such actions (dex with liquidity)
Question is - how to buy & burn assets where there is no liquidity allowing this action?
You cannot buy assets from the market when there is nowhere to buy it from. And users are not really keen to burn/swap anything at funny rates like 1 depegged to 0.1 pegged etc.
Looks like only way to redeem would be resuming horizon bridge?
You bring a valid point . These are the moments I suggest we start with Repegging the assets that have lower deppegged market cap. Like 1eth and 1 btc. I think it might be better to have 2 pegged assets than to have none. Not to mention 1eth and 1btc are strong assets. If the lending and borrowing opens up for those ON TRANQ we could attract more yield farmers. Which would bring more liquidity and a more rapid path to recovery.
We would really try to utilize all resources in this case I know Mars Colony was a flagship Dapp can we get them involved too perhaps we could get Mars Colony to use Tranq as a swap and even team up with Tranq on Listing assets on Tranq?
Regarding the lack of liquidity to support some of the outlier depegged assets- we suspect that with proper incentivization, liquidity will flow into these assets/ LPs in order to redeem them and profit. Other than that method, it’s up to the market and the Foundation (to support outbound LPs for offramping)
The R1 team would like to provide a brief update on how the recovery process is going and to outline what to expect as we shift from round 1 of funding to round 2. On October 20th the R1 multisig was funded in the amount of $50,000 USDS for the purpose of supporting the recovery process. Users participate via our Recovery Exchange, which allows them to redeem depegged 1USDC in return for $0.07 USDS per token, or, for users who voted to support R1, we offer $0.10 USDS per token. This mechanism was introduced to drive the price of 1USDC on chain upwards by incentivizing users to redeem at a slightly higher value than the current on chain parity. Burn mechanisms make use of the original bridge contract, which removes the tokens from circulation entirely, further supporting token price by reducing the supply. Since inception, the price of 1USDC has increased from $0.0664 to $0.102 (at the time of writing). This was achieved with only $100k total of the 3 partners funding, having redeemed for a combined amount of $1.3M! We are excited to move forward with the remainder of the recovery funds in round 1.
At this time the R1 treasury has 30k USDS remaining, which will ensure that users are able to redeem in round 1 as the market fluctuates. However, we are closely monitoring both participation and market action in order to remain dynamic during the recovery process. We are considering the use of standard deviation to price redemptions competitively as well as to ensure that the parity continues to climb throughout the duration. We plan to continue to work on 1USDC redemptions as a primary target, as those assets were affected the most and the chain would benefit from the increased supply of USDS as a native stable coin. We are not simply focused on redemptions, but also supporting the greater narrative of ecosystem growth. That means kickstarting defi, which is the primary driving force to onboarding and TVL in Web3.
Marketing should be considered, Whether it be advertising or considering social media influencers to promote the support of all lp coins. Attracting farmers and yield farmers is needed. I reccomend reaching out other ONE dapps and seeing if they can actually assist , perhaps Mars Colony could do some lp yield as well.
I don’t understand how there can be plans for marketing and new development when my assets are frozen in AAVE and I’m not able to be in control of my own finances. I’d like to emphasise again, that I would probably in a better situation if my money was in Celsius, since government / judiciary is helping all the victims. Here, there is no plan to help AAVE victims.
AAVE has liquidity issues as well. There’s no FDIC on any coins in AAVE. The plan is to get USDS as a real stable coin in Harmony. USDS is FDIC. R1 is a community effort not a Harmony Team effort. I understand your frustration with your funds being locked. Maybe we could get with R1 and as a community commit to another proposal on a path forward with AAVE.? R1 how much money is locked in AAVE- Harmony ?
Matthew, do you understand that I lost everything? I have zero at the moment.
How can we discuss new developments, new funding for the new ideas etc. when there are victims who lost everything, lost access to ALL their funds?
I don’t understand this. I don’t understand the logic? If one group of people is starving do we try to help larger group of people get better education or living standards? Or do we help starving people to survive first?
Isn’t that something Harmony should be doing? Shouldn’t this all be a well-coordinated and marketed strategy? Shouldn’t they be trying to lure in new and disenchanted investors who might be looking to potentially profit from the arb and LP opportunities?
But @lij and @stse simply Do. Not. Care. It’s an afterthought. They’ve already moved on. They’re doing the barest of minimums.
There isn’t even a Harmony website dedicated to the recovery efforts. That tells you everything you need to know.
Anyone who wants to get a life-changing 10 cents on the dollar for their depegged tokens has to sign a waiver saying they can’t sue Harmony over the bridge hack. How BLEEPING pathetic is that?! @Globey.one
I think this recovery might still work, and if it does it will be in spite of the two CLOWNS running this poopshow.
Harmony forced both R1 and Modulo to include a “terms of service” agreement on their 1usdc burn sites. It was not originally part of either site but Harmony’s legal team clearly demanded it.
Read the agreement. Harmony’s making a mockery of its users.
