Who is we in this statement? You said after the Twitter Space, “we believe.” You, Quoc and Jack and the Tranquil team member? How is that the community when no one spoke in the Twitter space. It became Flu’s after the Recovery One proposal twitter space where a few people were actually able to speak. Because I listened to the space and you went through every proposal, said why you thought it wouldn’t work and then moved on. I didn’t here a single community member voice any input on those proposals and they are not part of the Recovery One proposal. Please correct me if I am mistaken. Also, please link me to the supporting documents of this DeFi utility and an exact accounting of each DeFi partners incentive amounts and proposed utility they will deliver in exchange for those incentive amounts so I can fairly review it and give community input. Your plan thus far appears to be rONE token holders vote on how to allocate 5% of these funds to a project that might integrate the rONE token. Can you explain why that’s not a gamble or why it does not increase risk of price instability and could result, as many projects have, in the complete failure wasting all the money spent that could have gone to compensate people even if Harmony ONE token does perform reasonably well. How will you defend the peg? Saying we are going to come up with some DeFi innovation with no supporting documents is simply unfair. Allocating a few million dollars in this situation - which the proposal said was paid up-front - when no one wants inflation is unpalatable without a significantly more compelling plan to succeed in an extremely difficult market.
The lack of transparency eludes me as to how any of this was decided and how we ended up here with the same inflationary proposal and a very large ask to be paid upfront with no accounting for the exact expenditure of $2.4M so please update the transparency to include that so people don’t assume deals are being kept private. Breakdown the exact allocation of the $2.4M up front ask so people can reasonably evaluate how much you are going to allocate to this DeFi utility out of it, exit liquidity pool, DeFi partners (which again were already provisioned 86M ONE tokens in Stephen Tse 1.0), compensation, and anything else. That’s what transparency is. No one is saying you shouldn’t be compensated but you railed off a list of many other allocations proposed for this money. Its the largest up-front payment and everyone else has to wait 3 years so where’s it going?
While many others disagree with me, I’m not here to rail on the Harmony treasury because I understand the need to have a runway. But why does that largest upfront payment go to Recovery One through this roundabout plan without even proving the concept. Again, even if the entire $2.4m went to exit liquidity, its not enough to maintain the peg. But this is going to be less than $2.4M and we have not seen how much of that upfront amount is going to be allocated where. The point I’ve continually made is it is not going to the people who lost money? Math is only as good as its assumptions and nothing I’ve seen takes into account the pure risk-shifting making it worse than the original inflation proposal.
Its also based on the success of the investments and allocation of the $2.4M upfront payment and if that does not work, this could completely fail and it will not solve the problem. I fail to understand why you assume your grand golden goose utility is going to work. There is simply no reason to take that kind of risk right now at the expense of those still waiting for answers. Not only does crypto and Harmony need to survive, but whatever “integration” you spent the millions on better work or its lights out for us until the end of the 3 year period, correct?