Hello @AMPL .
Same as on our last update, we have notified once again the Ampleforth team to proceed with some communications on this forum, insisting on the seriousness of the matter. Unfortunately, it is up to them on the timing on when this happens.
As we commented before, we have not implemented the aAMPL custom aToken smart contract, the Ampleforth team did, so it is out of our expertise to locate the root of the problem. And so our expectations on them leading this effort.
However, we can understand the frustration on your side, so will try to give an overview of our understanding in what is happening, following your points:
- Specific challenges. The initial challenge is understanding how much growth of aAMPL is “virtual” (not real), in order to determine how much AMPL underlying should be supplied for withdrawals. This is not completely trivial, and depends completely on doing an historical analysis, combined with total understanding of the aAMPL custom implementation. This is supposed to be done by the Ampleforth team, and again, we have requested them to provide an update to this community asap.
Once that is clear, there will probably be an extra step to “settle” aAMPL accounting, requiring an upgrade of the Aave pool and/or aAMPL. We could help on this, giving that belongs to the Aave protocol side, outside of the aAMPL custom implementation.
- Progress made. From the risk providers side of the DAO, this proposal will be submitted soon to update the interest rate of AMPL, factually disabling the “virtual” growth, as it doesn’t make sense to keep it.
Regarding extra progress, it boils down to point 1) and the Ampleforth team.
- Action plan (changing order of items). An reasonable strategy in this case is the following:
- Understand which is a reasonable current claimable rights of aAMPL, discounting the “virtual” (non-real).
- Once claimable rights are clear, prepare a proposal to deposit that liquidity to allow withdrawals, to be decided by the community, but for example by using AMPL previously claimed by the Aave Collector combined with extra AMPL from the Ampleforth ecosystem.
- Potentially in parallel with 2), settle the accounting of aAMPL, for it to reflect the claims.
- Estimated timelines. Timelines are still uncertain until there is an update from the Ampleforth team, but again, we have highlighted with them the importance and seriousness of the matter.
This is Naguib from the Ampleforth team and one of the contributors to aAMPL contract we appreciate your patience and understand your concern with the timeline. We have been coordinating with Chaos labs and Gauntlet to get to an effective resolution. The challenge of diagnosing the source of the issue comes from having parts across AAVE and AMPL and existing analysis tools work for each separately. We expect to have updates with next steps by the end of next week.
Thank you for the update, BGDLabs. It’s reassuring to know that the issue is being taken seriously and that there is a collaborative effort between the Ampleforth team, risk providers, and Aave. I understand the complexity of the situation and appreciate the emphasis on keeping the Aave community informed. Your commitment to transparency and communication in this challenging situation is much appreciated.
Thank you, Naguib, for this much-awaited update. The involvement and coordination between the Ampleforth team, Chaos Labs, and Gauntlet give us confidence that a comprehensive resolution is being worked towards. The technical challenges you’ve outlined make it clear why this process is complex and time-consuming. We appreciate the specific timeline for the next update, as it helps in setting our expectations and understanding the progress being made. Looking forward to the detailed update by the end of next week, and we hope for a positive and effective resolution soon.
Dear Naguib and the Ampleforth team,
We reaching out again to express our growing concern over the lack of updates regarding the AMPL token situation on Aave. It has now been 13 days since we were told to expect an update by the end of last week, a commitment that has unfortunately not been met.
The absence of communication not only heightens our concern but also affects our trust in the process.
We kindly request an immediate update on the situation.
We hope for a prompt and transparent response!
Do you have an update for us yet?
Hello Aave and Ampleforth Community,
Be assured that your concerns are being taken seriously, and every effort is being made to address the situation appropriately.
We understand the importance of transparency and communication and will communicate more moving forward. Our team, alongside the BGD team, are working to find a resolution.
We appreciate your patience and support
Dear Naguib, Aave, and Ampleforth Community,
Thank you for your recent communication. While the acknowledgment of our concerns is appreciated, it’s imperative to address the unmet expectations set by previous communications. Specifically, the promise made for an update with next steps by the end of last week, as mentioned in your earlier message, was not fulfilled in the manner expected. The latest update, unfortunately, lacks the detailed progress report and actionable steps we were led to anticipate.
As stakeholders, we’re left in a precarious position without a clear understanding of the problem’s specifics, what measures are being undertaken to resolve it, or any indicative timelines for when these issues might be resolved. This ongoing uncertainty severely impacts our ability to make informed decisions regarding our investments in AMPL.
Given the circumstances, I respectfully urge for:
- Immediate, Detailed Update: An exhaustive summary of the issue at hand, including technical details, challenges faced, and progress made since the initial acknowledgment in December 2023. This update should also clarify any discrepancies between previous promises and the current state of affairs.
- Clear Action Plan with Timelines: A transparent and specific action plan, including any provisional timelines for resolution. While we understand the complexity of these issues may preclude exact dates, a range of expectations would be invaluable for setting realistic outlooks.
- Commitment to Regular, Specific Updates: A pledge to provide regular updates that go beyond general assurances, detailing actual milestones achieved, any shifts in strategy, and adjustments to expected timelines.
- Direct Engagement with Community Concerns: A mechanism for addressing community questions and concerns in a structured manner, such as a dedicated forum thread or scheduled Q&A sessions, to ensure direct and transparent communication.
The gap between the community’s expectations based on your commitments and the subsequent communications received has underscored the need for a recalibration of how updates and information are shared. We seek not just reassurances of effort but tangible evidence of progress and a clear path forward.
The community’s patience and understanding thus far should be met with a reciprocal commitment to transparency, urgency, and detailed communication. We look forward to a response that aligns with the seriousness of the situation and provides the clarity and specifics that have been lacking.
Thank you for your attention to these matters. We await a prompt and detailed update that addresses these critical concerns.
By the way, its not only AMPL, but both AMPL and AAVE responsibility. Even if AMPL came with their code, AAVE had to check it for possible errors and mistakes.
If all of this information was provided to you right now, would it really help move things any faster? It sounds like micromanagement from someone who isn’t paying their salary.
I understand your frustration from a stakeholder point of view, but just have to be realistic - only so many dev cycles to investigate + resolve the issue and then on top of that satisfy all those demands.
If you want updates its probably best to come to ampleforths office hours every week. They just addressed this in the latest one .
They already changed smth, I mentioned that last rebase of aAMPL was only ~0.1%, and AMPL rebased for 0.97%. Its happened for at least few days already. Strange that they dont say to us, what exactly they done, so its like this now. The most important thing now, when they will add aAMPL so depositors can at last withdraw their tokens
Thank you for sharing your thoughts. It’s important to clarify that seeking updates on the resolution of AMPL issues within Aave isn’t about micromanaging the development team or overlooking the complexity of their work. As investors, our primary concern is the transparency and accountability of the platforms where our investments reside, not the intricacies of their operational management.
Expecting regular updates on a platform where we are directly affected is reasonable, especially given the impact on our ability to make informed decisions about our investments. It’s not about demanding instantaneous solutions or underestimating the challenges faced by the developers. Rather, it’s about ensuring that the communication lines remain open and accessible within the specific ecosystem where the issue exists.
Furthermore, the responsibility to seek out information should not solely be on the stakeholders. While Ampleforth’s office hours may offer valuable insights, stakeholders in Aave have a legitimate expectation to receive updates directly within the Aave ecosystem, where their investments are impacted. We shouldn’t have to navigate outside our primary platform to stay informed about critical issues affecting our assets.
Ensuring that all invested parties are informed is fundamental to maintaining confidence in both Ampleforth and Aave’s handling of this issue.
Word👍. After two months, we’re still in the dark.
Dear Naquib and bgd team,
We are again about 10 days after our last contact. It is apparently very complex and we have been waiting since December 2023 and still know nothing.
what’s going on here? @EzR3aL @MarcZeller @bgdlabs please provide an update. thank you.
Hello @Paulus , @midapple and everybody else.
We have asked again the Ampleforth team to do an update for the community, as we agree that frequent communication pretty mandatory.
We are aware they have performed some analysis in order to understand how much is the legitimate growth of the aAMPL claims as a function of borrowings and rebases, so waiting also to see the full details of it. This should be used to propose a plan as soon as possible to allow withdrawals.
And as clarification following what we already said before, we are not leading this effort, as we didn’t implement the custom AMPL code, so it doesn’t really depend on us the timing of all communications.