The proposal is a bad idea.
Do not increase the supply.
Here is an alternative idea :
Transfer 10% to 30% into the treasury from the staking rewards. Meaning instead of the average 10% or so APR delegators of one will get somewhere to 9% to 6%.
Decreasing the supply rate will increase the price in the long run
Reimburse those who lost funds periodically while the price increases
Effectively this is similar to how the Cardano treasury works for sustainability and funding. Just have to vote on the percentage transfered into the treasury (meaning also the decrease in staking rewards).
For reassurance, Iâm a Cardano stake pool operator (also $One delegator) & Cardano works fine with delegators earning 4% to 6% annual staking rewards and 20% going into the treasury every epoch (which now holds roughly $500M in Ada & funds community proposals).
PLEASE LISTEN CARFULLY, i have my review and SOLUTIONS:
The problem with this offer is a huge inflation, by increasing the money supply by around 20% or 40% (depends on option). This is a big problem because of the following reasons
If this offer passes, it will cause one holders to dump because they know it will destroy the chain. You see harmony is in a weak position now, by sacrificing the one token with is the core of the system to give back to token holders (which i do feel for them and think they should be helped) you destroy the whole system.
This will also increase a big dump on one tokens because many token holders will see the chain is not doing much to revive itself so they will sell the one tokens they get, so it will only increase the death of Harmony.
Here are 2 solutions that I have thought of:
Donât do anything, eventually if you be patience , on the next bull market harmony will raise again if it does not approve this destractive offer (any half good token will raise) so just wait and when one tokens will raise high enough the tresuary will be much stronger and can at that point when harmony will not be weak, at that point you can sell one tokens when price is high to give back to the pegged holders, it will have much minor effect if you do so in a bull market vs bear market we have now.
Harmony can use a set amount of its treasury to offer to buy back the pegged token at current market price levels and even give a 5% above market price, so for lets say 10 million , you can buy back 30-40% of the pegged asset to anyone that want to exit and do not believe in the future of harmony, this is a good offer because the value it gives back (around 25%, so for example 0.25 per 1 1usdc) might be better to pegged holders because of the dumps i talked about before, so if the current offer pass they will get one tokens that might be worthless becuase of the big dumps, so this buyback will give something now, which many might like and it will not destroy harmony.
Voting in harmony is done via validators , so validators please say if you agree or not to harmony offer, so we the one token holders can decide where to delegate our token so our vote will make a different.
I hold a big amount of one tokens, if you want to help, please comment and say what you think, so you will be heard.
This is what all of us been waiting for a month checking the news every hour like bunch of fvcking maniacs? You have no idea whatâs coming for you, tse and li specifically.
The âno reimbursementâ line sealed your own fate as youâve finally shown your true colors for everyone to see.
Thank you for screwing one of the old investors. Not sure who is the brilliant person of proposing such brilliant plan of screwing the holders. Good job on doing that.
I have no more words for whatâs going on! This centralised decision making by two âleaderâ is leading us more and more into a mess. Iâm so much disappointed as I believed so strong in this chain and special since we have that great community.
You lately even worked on the blacklist which was proposed to remove by a vote and still you ignore on-chain governance.
I doubt you will ever listen properly to the community
What I found special that only tranquil and aave is mentioned, we have WePiggy who already came here, we have also Curve, Granary and whatâs about QiDAO?
May you donât know your ecosystem yourself or again a centralised decision!?
Harmony ONE (original) gets Giv as CEO with no reimbursement.
Harmony ZeroPointONE (new chain) Stephen can remain CEO of and do what his community wants.
Why do you think so? Do you think harmony in a weak position can add 40% inflation and not destory itself? This offer will destroy harmony if accepted.
UnbelievableâŚ
Are we seriously this out of touch with the community?
You just presented your entire community to pay for your own mistakes. This isnât a well crafted plan, this is a surrender.
