ARC: Harmony Recovery

Harmony has begun the recovery process and it appears AAVE and the many people with locked or frozen assets in the Harmony blockchain are being left out of the process.

https://snapshot.org/#/hashme.eth/proposal/0xa42068299c4a50901160fc12a1d00785aef9a188613792d49ce8a80e0ae72d10

Unless there is communication or work going on behind the scenes that I am unaware of.

Can we get a vote to either participate in the recovery one process or find a different method to fix the issues with AAVE on Harmony?

3 Likes

I was trying to find any evidence of collaboration, discussion or dialogue between AAVE and Harmony teams but found nothing.

1 Like

I agree. Nothing has moved so far for aave users with locked assets since more than four monthes. A solution has to be be found, it cant stay like that for ever.
A possible bailout would represent around a day or two of aave fees and makes a very good advertisement on aave caring for its users in case of issues, and for very cheap.

2 Likes

I would imagine that with good organisation, this could be really valuable PR campaign for AAVE. Doing something really good for regular people in the world of wild West DeFi.

@P5555A As an active commentator on the Harmony discussions, I challenge you to put together a proposal for the Aave community to move forward with the Harmony situation.

Here is the proposal:

  1. Create detailed snapshot of the current state
  2. Perform liquidations of all debts vs collateral as it is.
  3. After eliminating all debt, compensate the difference from AAVE own funds (fees revenue)
  4. Open withdrawals for X time
  5. After X time announce retirement of AAVE protocol on Harmony chain
2 Likes

Well, like @G-Blockchain already said, you have to create a proposal not just a comment in this thread. You have to get the people discuss about your proposal and then gather the needed voting power in order to execute a snashot vote.

1 Like

Is there any guide describing the process of creating proposal that you can share? Thank you

1 Like

I have this strange feeling that I was challenged to do it just so AAVE stakolders can vote NO and use it as an excuse or argument that this subject is closed forever.

The problem with this proposal is that everyone who is not a victim here, does not see any positive points or benefits. I’m having plenty of doubts about this now.

Maybe good approach is to first find more positive aspects of this solution to AAVE stakolders?

@G-Blockchain and @EzR3aL - can I ask if you have any tokens on Harmony chain currently in AAVE?

@P5555A don’t overthink it.

From your summary above I gather that you want to ask for funds from the treasury to allow lenders to withdraw their funds from the Harmony market. If you can reason why the long term benefit to Aave outweighs the cost I’m sure people will get behind it.

First you’ll need an estimate of the cost, and ideally some metrics of affected users. Without that it is impossible to make this decision and any vote will fail.

2 Likes

Hey, no i don’t have.

Hey @craiglr.eth - what if I would confess: I just want my money back. I don’t see any benefits of me wanting my money back to AAVE stakeholders / voters except one: after I get my money back you won’t have to see me again here.

I would say that my wants, while also self serving, at the same time align with AAVEs goals of growing and progressing, benefiting its users with a powerful financial lending tool. Helping us would prove to your user base that AAVE can be trusted to keep its users money safe even with a decentralized governance system that can be difficult to navigate. Blockchains, web3 and crypto in general will never be foolproof or hackproof, but by helping your users you will be generating provable trust and security.

Even if Harmony fails to recover, which is seems to be on track to do. Hiring new engineers and buying back depreciated assets. Having a lending platform that isnt stuck in state of perpetual limbo would be an asset to AAVE rather than a liability assuming its reimplemented with a proof of reserves model to insure this type of situation cant ever be repeated.

The cost to do this while great to the stuck lenders on Harmony who chose to trust in AAVE, would be negligible to AAVE and its users and holders on other chains.

To be fully transparent I just want my coin back so I can restake/relend and generate better than the current 3 percent apr.

1 Like

Hopefully you benevolent folks choose to go that route and not let AAVE Harmony continue to stagnate and corrode and remain the hulking eyesore that proves the fallibility and instability of decentralized lending.

1 Like

Maybe that can explain a bit:

1 Like

I wonder if it’s even possible to liquidate a negative debt? :thinking: And why are those LINK APY still running? those three wallets with negative debt who bridged out will probably never pay back and if a negative debt can not liquidated :man_shrugging:t3:

Can the aave community makes a proposal?

You can easily create one there. As you are also part of the Community/DAO.
No one is blocking you from doing so.