Hi mlotis, we are releasing sections at a time. It’s best to answer questions as they come one by one. A lot of the questions and confusion. babakajone questions and confusion are examples.
First, Recovery one believes Harmony will grow and have a successful recovery from these current market conditions.
Here are answers to statements and what ifs
- Yes, we agree…. as you pointed out “If all goes according to plan, R1 would net more of a percentage of loss amounts.”
- Simply put, all rONE is minted at 66% parity of the asset taken from the bridge incident date, 6/23/2022.
- All holders of rONE choose how to use the token in the market and have a choice of when to redeem rONE to ONE. Redemption choices engage the deflationary burn mechanics depreciating the supply of the rONE token (as rONE is redeemed it is burned) and sets in action the burning of ONE token at year 3. The second deflationary aspect of rONE is the deflationary nature of the $100M in unpegged bridged assets. Holders of rONE can choose to wait and recover value with time, or holders can choose to redeem rONE to ONE before year 3.
- Yes, rONE and ONE will be correlated. There is potential for rONE to have greater utility with ecosystem use, defi use, and burn mechanics depreciating the supply. You mention, “rONE could 10x while ONE crabs for all we know and in that assumption, it would be far better.”
- Recovery One asks, what do bridged assets do in the ecosystem? First, they are ported from one blockchain, they can be used in Defi as collateral and other financial strategies, a bridged asset remains in an ecosystem longer, some are not directly correlated to ONE, some are/were pegged to USD as stable coins and others had a strong ONE correlation. The rONE token incentivizes long-term retention in the Harmony ecosystem.
- The treasury is used in the Initial Exit for individuals has to have held depegged assets and continue to hold depegged assets. The initial $1,000 per wallet redemption limit (at 50%) within 30 days of the mint date, has a snapshot date for depegged assets value and holds the date, 6/23/2022.
Babakajone,
Thank you for your questions. In your comments, you created multiple paragraphs and situations where Harmony does not grow and succeed, you created many situations for the Harmony ONE token to decline.
Recovery one believes Harmony will grow and have a successful recovery from these current market conditions. As you pointed out “If all goes according to plan, R1 would net more of a percentage of loss amounts.”