Community Collaboration
The pre-Recovery One efforts began back in July ‘22. Since then, wide ranging discussions including community members, validator, ecosystem developers, ecosystem partners, outside counsel, and financial industry advisors have been constant. On 8/16/2022, those discussions opened to the entire ecosystem to collaborate and foster new ideas and many of those suggestions immediately impacted Recovery One’s initial solution.
Below is a list of community ideas, suggestions, and proposals and the ways they have influenced all versions (including the latest version) of the community plan.
-Proposal 15, the early exit of rONE, capped per wallet to incentivize small community holders. Snapshot date of 6/23/2022 to effectively serve the majority. Increased early exit redemption rate to (50% parity). The raised partial redemption rate to 33% after 3 months from the initial mint date. Proposal sections, “The Recovery Token Mechanics" & “How To Redeem rONE”.
-Proposal 8, commitment to sell BAYC and use sales for ecosystem growth, proposal section “Commitments to the Community”.
-Proposal 4, collaborating with Defi partners to restart Defi using rONE to swap depegged assets for the backed rONE tokens, proposal section, “The Recovery Token Mechanics”, “How To Redeem rONE”, “rONE Use Cases & Utility” and partnerships post talk forum.
-Proposal 7, commitment to releasing a State of Treasury summary and maintaining a transparent and secure treasury, proposal section “Commitments to the Community”.
-Proposal 3, 12 & 13, the swapping mechanics for depegged tokens into rONE and the idea around staking rewards, proposal section “The Recovery Token Mechanics”, and “How To Redeem rONE”
-Proposal 16, inspired the concept of R1 LaunchPad (built by Defi partners) to support ecosystem growth and long-term community support, proposal section “rONE Use Cases & Utility”, and partnerships post talk forum.
-Proposal 1, creating liquidity pools for rONE to maintain price stability and provide value with help from Defi partners, proposal section “rONE Use Cases & Utility” and “Why rONE?”.
Proposal 10, a new token (rONE) that backs depegged assets with an asset of value, the ONE token, proposal section “The Recovery Token” and “The Recovery Token Mechanics”.
-Proposal 5, steering committee members assist in marketing noble causes (efforts to buy back and burn bridged tokens) via past, present, and future action steering members.
-Proposal 9, Recovery One grant program can be used to help with special cases and emergency situations, proposal section “rONE Use Cases & Utility” and “Why rONE?”.
Some of the community ideas, suggestions, and proposals are being incorporated into Harmony’s larger recovery strategy and will work together with the Recovery One community proposal.
Look for more information in the coming weeks about these integrations.
We want to send a special thank you to everyone who contributed and for the continued engagement and the strong and passionate ongoing discussions.