Has anyone given a response regarding the Aave lock up?
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I hope so… wondering if this chain is still building through the bear market. There’s so much noise and attention to this drama while Near, Cardano, Ethereum, Algorand, etc. just keep on building great tech. I’m afraid Harmony is falling way behind where they were once ahead of some of the competition, and not delivering much of anything. I hope I’m wrong.
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I really wouldn’t blame this sentiment so much on outside factors, rather the mismanagement
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Just few posts above there is a vague information of something happening. If you ask me about my personal assessment of the situation: nothing significant is happening, just difficult to tell the truth.
The best is to stay in touch with the insiders of the AAVE through own channels and cross reference / validate all claims of any actions taken. Only way to try to know the truth.
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Good advice. Thanks! I had the same impression after going through much of the thread.
They aren’t giving much hope for the future of development on Harmony, as much as the community is continuing to put up a fight. Would be nice to see something from the “leadership” but until I do, I’m reserving complete judgement. It’s getting a little late for them to even speak now, almost, imo. Words will mean nothing without action.
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Observe the on chain data and numbers. Don’t trust social media propaganda.
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Absolutely. It’s easy to see what chains are pushing development and making progress on GitHub, even. And the beauty of public blockchain is everything on chain is visible. Some of it is manipulated, but only so much.
Loyalty is great but if there’s no development, what’s the point? I’m just hoping there is actual core chain and third party development going on with Harmony. Remains to be seen.
Disingenuous to say all of that without acknowledging that Harmony did not promote the R1/rONE staking and voting at all and effectively killed off R1 right when voting began with another one of Harmony’s patented “we’re announcing that we’ll make an announcement some point in the future” messages. @DKValidator
It’s great that you both are/were anti-R1, but I fail to see either of you proferring something better.
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What is the “Recovery with ONE” plan?
“Recovery with ONE” is a multifaceted plan that targets 100% participation and 100%+ reimbursement. The plan maintains Zero minting by strategically utilizing the Harmony treasury for reimbursement and development over 4 years. The plan reaffirms support for investors, partners, users, and validators by maintaining the tokenonomics. Supporting strategies include utilizing transaction fees & treasury staking rewards to promote ecosystem growth and collaborative action to reimburse 1Asset holders. Harmony commits to release an annual State of the Treasury. Harmony will fund the first round on 10/10/2022.
Should I plan for my assets to be unlocked from AAVE in 4 years from now?
My preferred option since you ask, is that @stse take responsibility and steps up to sort this out. This wasn’t a decentralised protocol failure - it was straight up failure of an American registered company to secure assets under it’s custody.
If it wasn’t bad enough that $100m worth of assets was secured by a 2/4 multisig to start with… Harmony were warned publicly on Twitter about the Horizon bridge security a few months before the attack, they saw other similar attacks taking place and still did nothing to tighten up security.
Tse’s response? - lets suggest ONE holders pay back depegged asset holders through inflation and pivot focus to NFTs…
Whether we like it or not Harmony is completely controlled by Tse… it’s direction/development, it’s reputation, even at protocol level block proposers are exclusively run by Harmony and governance is a façade. Who here voted for minimum fee changes, and didn’t we vote to remove the blacklist?
Tse used his credentials and reputation to gather investors in his project, and now Tse must defend his reputation and save his project by stepping up to reassure these investors with a clear recovery plan, not just for the bridge hack but the path to decentralisation / protocol completion (which has been severely neglected)… or pass control to someone capable of seeing it through.
Anything else is a distraction.
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How does the reimbursement work?
The “Recovery with ONE” plan works with ecosystem partners to reimburse 1Asset holders, burn 1Assets, and restore Defi on Harmony via new bridged assets from Layer Zero and Stably. To implement this recovery plan Harmony structured its treasury to balance development and reimbursement over 4 years. Recovery One will be the primary recovery and burn partner to facilitate the reimbursement to 1Asset holders. Other ecosystem partners include; Tranquil, and Modulo. Harmony will fund the first round on 10/10/2022.
Is it better for us to continue to hold rONE or unstake back to the 1Assests?
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The R1 team is honored and privileged to be part of the Harmony recovery process. We are excited to take action for the community as the primary recovery and burn partner. We will continue to serve the community and remain focused on the recovery of depegged assets, and the strengthening of the Harmony ecosystem. Thank you for your support, collaboration during the community proposal, taking action to mint rONE, casting your vote, and most importantly your patience during this process. Together “we” the collective voice of the community created value, were heard and brought about big change.
We look forward to receiving the first round of recovery grants and then facilitating the reimbursement to 1Asset holders soon after.
Why this information is not on official harmony twitter and other media?
And what does it say? actually nothing.
this is it? no details whatsoever? is it a joke? This is what everyone waited on the 10th?
Interesting how some people are so brain numb to information from Harmony. The same people on this forum & twitter can read different content & come up with same response.
1.) What I took from today was a multi year plan to rebuild & honestly more like startup Harmony blockchain. This is year ONE again. Also many people are leaving core.
2.) The reimbursement plan has started. H1 working with partners, tranquil, r1 & some others to exchange 1assets into usds. Everyone is waiting on stably and usds now to move to the recovery partners.
3.) new bridge layer zero is good to go. New pegged assets will come to harmony
Sounds like leadership knows this is going to be a tough recovery.
Thats my take-way from 10/10.
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I really would like to see Stably used towards this movement as well. It’s FDIC which is a plus. Let’s bring it to Tranq and open up lending and borrwoing on tranq to allow that to recover.
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Do you have a feeling that AAVE victims will be ignored because they don’t express themselves enough here? I feel like this should be resolved first to enable the participation in the rest of the recovery process. But obviously everyone here has their own agenda.
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2.) The reimbursement plan has started. H1 working with partners, tranquil, r1 & some others to exchange 1assets into usds. Everyone is waiting on stably and usds now to move to the recovery partners.
It’s just weird how they can be so vague about the repeg at this stage.
This is from their medium article:
Harmony announced our proposal to burn de-pegged assets without minting any new ONE tokens, as well as issuing recurring grants from the treasury to partners to conduct these burns over the coming years.
So that means 100% repeg for everybody? How will it work? Where will the funds come from knowing there is not enough in the treasury? What timeframe (4 years for full repeg yes but how much will people get back in year 1-2-3-4)? Will they make a distinction between prehack holders and posthack holders?
These are just basic questions which you would expect to be answered in any repeg plan. It is mind boggling given all the questions and debate on the forums about these issues in the past months that they only manage to state some general ‘promises’.
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Agreed. I want more details on exchange rates too. Also, i read 75% of 1asset holders are speculators as they they purchased after the hack.
As for exchange rate, i can only deduct that the start is market price 7% & in 4 years 100%. So prob a linear swap. One of the community proposals suggested this idea. Ill look back into this.
For this plan to work i think h1 is hoping for ONE token increase. Hopefully will see rate details soon.