We will also respond to questions from the forum during that call.
What this is: A request for voters to use the Recovery ONE governance token to vote and make proposals that are community backed and voted into action. We have the support of the Harmony Foundation and are ready to rapidly create snapshot votes, audit smart contracts, deploy them, and launch a UI that enables any approved proposals made by our team.
This will be followed by a vote, which will decide whether we proceed to make proposals that are aimed at restoring DeFi on chain and resolving the issue of unbacked assets.
Formation of Recovery One Foundation - community governance for depegged tokens
Soon after the initial reimbursement proposal was made public, there were tense debates on how Harmony should move forward and reimburse users. Out of that Matthew (community member with finance & sales background) and Quoc (contributor, fmr DeFi founder) met through an introduction from Giv and Jack in an effort to discuss and further develop other ideas. Early collaborator Pioneer (HarmonyVillains validator) joined our team to support our cause and help build support with validators. Since then, we have been discussing actively with members across the Harmony ecosystem such as Harmony Core team, Tranquil, StrongMindsHold, Tim P, JL, Dragon, and many others.
Harmony, at the highest level, has expressed support for a depegged asset recovery through a community governed effort, including the management and disbursement via non custodial contracts. In that effort, we see ourselves as organizers, facilitators, and stewards of the recovery process. The decision & voting is decided via snapshot voting by the community members.
After consultation with legal and many considerations, we decided to formalize the formation of governance to provide affected depegged token holders voting rights, further open our proposals, gather support, place proposals up to vote by our members, and execute on them.
TBD after an official vote to form Recovery ONE
The recovery of depegged assets, and the strengthening of the Harmony ecosystem through a community governed action.
The structure promotes collaborative action. Committee members 1) create proposals with community input and facilitate discussions and initiate the voting process with its members 2) provide grants to take on problems and build solutions.
A smart contract enables users to stake their depegged tokens for governance tokens (rONE) and unstake to receive depegged tokens by burning governance tokens.
1.) Steering Committee (5 members) - responsible for take ideas and turn to proposals, and approve grants
2.) Grantees - contract to build, market, and engage with community
3.) Active members - actively engage by providing proposal feedback, ideas, disseminating to the community and voting.
4.) Non-active members - owns governance token but do not vote
- Quoc Le (Chair) / Harmony contributor, ex founder DeFI, and 20 yrs experience in tech.
- Matthew Barrett (Co-chair) / Harmony community member, experienced in finance & sales.
- Logan / Harmony Villains validator, experienced in OSInt, Business, and Reporting.
- [open] / Defi partner
- [open] / Harmony core member
Every proposal starts with an idea, which is vetted with a committee member who can be a sponsor. The job of the sponsor is to help you present the plan in a well-formed language, validate the data & assumptions, in order to move it toward proposal. The proposal is discussed with the community and further developed with the committee guidance. Then the proposal is made public for discussion and if no major issues arise, the date of the voting is announced.
The proposal is posted on a snapshot for voting. If more than 75% of the vote are in support of the proposal, the proposal passes.
Staking is similar to Defi staking for LP. In this case, your LP is your governance token. Voting is done via snapshot.
Future funding will be derived from the management fee for the recovery.
- Smart contract reviewed by our partners, and audited by xxxx (done by …).
- Launch the governance contract on mainnet (immediately after audit complex)
- Launch of proposal github project (similar to EIP)
- Develop Recovery proposals with community feedback
- Public discussion, and move for vote
We need your help in sharing our effort, and inspire new members, and collaborators to join…
Reach out to any of our committee members below:
Mathew Telegram: Telegram: @mattbarrett
Logan/Pioneer Telegram: @HarmonyPioneer/ Twitter @HarmonyVillains
Quoc Telegram: @cryptoQuoc
Join our Twitter: https://twitter.com/recoveryonefdn
Join our Telegram: Recovery One channel