While many Validators leave to F... I'm just arriving (with a repegging/validator Idea)

Hey!!

This is my first post as Validator. I have been a member of the community for more than 1 year. While I’ve seen (and still see) many Validators leaving and others shilling for another protocol I have decided to put this Validator to help the community.

We all know about how Harmony stablecoins are depegged, the awful first proposal, and that there has been a lot of plausible solutions from all the community. One thing is for sure, even if the depeg was not our mistake, we all can help to solve this from many perspectives. This may just seem like a drop of water in the Ocean, but you know, even many drops gather together, they can create a river

My proposal & validator:

  1. I’ve set up the Repegging Node Validator
    Twitter: https://twitter.com/repeg1node
    Validator: Harmony – Open Consensus for 10B

  2. Charge a 5% commision from the start

  3. First pay the server costs (currently the best & economic available one costs 60$ USD per month)

  4. Use the remaining amount of the Earnings to SWAP & BURN unpegged tokens (1ETH, 1BUSD, 1BTC, 1USDT, 1USDC) Just think how it can scalate!

Sure, you maybe think I’m crazy since there were 100 M lost in the bridge but right now, for example, with 100 ONE (average daily node earnings for 6M staked with 5% fee) you can buy worth of 23 depegged USDC/DAI/BUSD/USDT tokens.
image

The only thing you need to do is STAKE, sit while you still earn your rewards… and watch me burn the coins, I’m not asking for anything else in return, how can you make sure I’ll burn them? It’s blockchain!! And I’ll keep you posted in here and Twitter, I’m not PACO, but I simply love Harmony and this is my way to help… Help me help our Stablecoins REPEG!

If you have any extra suggestion, doubt or just want to troll me, please feel free to answer this thread.

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This is a great idea, and it can help. Can I ask what country you are based at?

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I believe everything can help. I’m from Brazil, does my country of residence affects my proposal in any way? :melting_face:

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ill delegate to you. If you’re not part of the solution you’re part of the problem. But I believe you’re math is off 100 ONE is is like $2.44.

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The math is correct because of the depegged assets, at the time of that screenshot 100 one was worth 22 USDC, at today’s valuation, they are worth 20 USDC

Update: I’ve received some support and the validator is ready to swap and burn the first 200 ONE collected from fees.

@Jacksteroo , @Givp , @lij , @stse , @Pioneer & @hashmesan (I’m tagging you both because I was asked to by Jack) Can any of you please provide me the burning addresses for the unpegged assets?

@TrickLuhDaKidz glad to see you’re here too, I tag you to keep you updated

As far as I know, the burn address is: 0x7bDeF7Bdef7BDeF7BDEf7bDef7bdef7bdeF6E7AD/ one10000000000000000000000000000dead5shlag

You can corroborate this info here: Token Burn Complete

and here Token Burn Complete. 300M ONE burned to offset early mainnet… | by Nick White | Harmony | Medium

Thank you Pioneer, who do you think can confirm us if this address can be used for 1ETH, 1USDC, 1BUSD, etc? I’ve clicked in the address but i don’t manage to find any unpegged token in there, maybe I’m searching wrong.

the burn address is just general. There is no custodian, therefore the funds are never accessed. I’m not aware of any dedicated burn wallet to unbacked assets.

As for server costs, per @PeaceLoveHarmony

I’ve done a test with Contabo VPS XL with no backup and had 100% sign rate last epoch. $35 a month. Just thought I’d let people know, Contabo works just fine now. I have NY for a location.

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Got it. I’ll send the assets there today too, I was really thinking a way to help on this when someone else won me, thank you for your time answering :watch::smile::grin:

I’ve an extra doubt Mr. Villain, sorry to invade the post, I tend to be very disperse most of the time, I barely sleep, do you think this could be integrated within the recovery initiative?

There you go @Repegging_Node, I also told you that @PeaceLoveONE1 just found a cheaper server with a pretty good Uptime. Please don’t hesitate to contact any Validator if you need any help regarding your node.

I’ll send some tokens to the burning address today too :fire::grin:. There may not be much but they’re honest work, so to say

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It would be a potential ‘supplemental’ plan. The issue is that it relies on charity, which isn’t our first pick unless the charity is from the core team (re-vesting) or the Harmony Foundation treasury. We would also want to automate a process like this and collect the data, as maintaining KPIs and metrics is an important step in this.

Thank you for the input :slight_smile:

Hijacking the thread: what do you mean by re-vesting?

Top-level C-suite is fully vested afaik. If they were to make any contribution it could be a re-vesting of the ONE that was previously unlocked. This is not a hard piece of information, but it is something that we could/ have asked.

So proposing Harmony leadership lock up a portion of their personal funds that were allocated to them during Harmony’s launch? How long would a proposed re-vest be?

Thank you, and thank @TrickLuhDaKidz . I’ll seriously consider that for next month. This month I was considering to pay full from my own money but next I’ll change server.

Harmony Foundation already sent us part of their 200 M ONE initiative, thanks to them we have been able to start the project. I wouldn’t agree in the word charity but I totally get your point, this would fully depend in external agents, also I get Hound’s point that if Harmony or another party want to put extra tokens to have extra earnings - ONE to burn, also could be helpful.