Increasing user education about DeFi risks
Are you really going to go there? This sounds like a mean joke. ONE is not a bridged asset, the issue is AAVE not liquidating bad debt.
As for the proposal, 10% + 4 year time horizon is not enough, I think all affected users would agree. It’s already been a year as well. I think Harmony and AAVE should split it 50/50.
Aaand back to silence. I guess we should bring back the ARC I originally made and hope to submit and get that passed. The amount of time I and others spent on this thread likely not even worth the ONE stuck in AAVE :D
Yes, let’s keep the conversation going to find solutions for the locked funds. Our input shows both AAVE and Harmony that this issue still deserves attention. I’ll sync up with my contacts for feedback.
What year should we expect results?
We will proceed with the following steps using our proposed solution:
- ARC: Review and provide feedback on the Aave Request for Comments (ARC) document, which highlights the problem, proposed solution, and potential impact on our community.
- Aave Snapshot: Vote on the proposal using Aave Snapshot to understand community sentiment without incurring gas fees.
- AIP Preparation: If the proposal garners support, prepare the Aave Improvement Proposal (AIP) and submit it on-chain.
- On-Chain Proposal: Pay the proposal fee in AAVE tokens to create the proposal on-chain.
- Voting and Execution: Participate in the community vote, and if approved, the proposal will be executed.
Tobes, could you assist me with the process? I’m aware of what BGD and AAVE’s proposed solution would be. As a Harmony burn partner, we can align with the current recovery plans and Harmony’s perspective.
Let’s try and get liquidity for everyone affected here on AAVE.
New ARC: ARC: Aave and Harmony Joint Recovery Plan Following the Harmony Blockchain Hack
Not sure in what ways I can be of assistance, we have a plan, I see you’ve made a post to get AAVE to try and implement the plan.
They, (The AAVE community), will need to vote on the plan, to start the vote you need to be an AAVE holder, or find a holder that wants to help.
As far as Harmonys contribution(s), thats really on you, i tried for months and your response here is the closest ive gotten to a reply other than one of the team members acknowledging that users on AAVE Harmony were affected as well.
Until you posted here I had all but written off any direct help from the Harmony side and my proposal was to get AAVE to buy 100% of our debt with the knowledge Harmony is slowly buying back all debt through the recovery process and they would eventually be reimbursed, which the size of the debt compared to the size of their reserve is miniscule, so even if they bought 100% from us the holders, and even if it takes Harmony 4 years to buy it back, the whole thing would be negligible to them.
Another month gone and nothing to show?
It’s been more than a year now. I gave up on Harmony and AAVE to do the right thing. If they wanted to, they would have.
Hi, any news? There were a good dynamic unfortunately stopped right away after recovery one proposed something and then… nothing. What was the goal of it if no actions followed after?
I’m not sure there was a goal, the only thing that was accomplished was to waste everyones time for the past two-three months, and de-rail the progress we had made so far
How about we just submit proposal and vote?
I don’t see Harmony or R1 coming through to bail us out in any rush. So there’s really only two routes that I see as being feasible at this point.
The first being, we do nothing, we sit and wait until the Harmony and R1 teams have bought back all of the other assets. at which point, the only thing left for them to buy is the AAVE debt. As long as they continue their current plan of buying back all of the bad debt it will just be a matter of time. (This is the first route.)
The other route is we submit a proposal for AAVE to either deposit the liquidity for us to withdrawal. (Based off the assumption, Harmony and R1 will eventually buy the debt from them instead of us.)
Or instead of depositing liquidity, they could create an exchange for aONE to AAVE, and the aONE holders would become AAVE holders, the only question with this decision would be which blockchain the exchange would take place on, and if not on Harmony, how will we bridge our assets off, and if on Harmony, how would they bridge their AAVE on. (Again, based off the assumption, Harmony and R1 will eventually buy the debt from them instead of us.)
With the second route we will need AAVE community approval, and honestly I’m not seeing as much support or interest as I was seeing months ago before we were derailed, but if the community was behind the idea, and we had someone with enough AAVE to start a vote, we might finally become liquid again, and or become AAVE holders instead of aOne holders. (At this point I think I might rather be an AAVE holder based ot the lack of support Harmony has shown us.)
R1 had temporarily paused work on this leading up to the recent Harmony consensus vote on HIP 30v2 (Governance Report: HIP-30v2 on 25% Emission Split & 2 Shards). There are now new stakeholders involved in the process, and they are now part of the discussion. We plan to resume this initiative starting in October.
We also believe it’s wise to have multiple options proposed by the affected community. R1 will continue advancing our work, and if you proceed with your proposal, we can collectively channel more energy towards finding a solution.
This idea of aONE holder getting AAVE makes sense. Without the aONE lenders, the AAVE borrowing did not function at the first place. So it makes sense aONE lender have a share of AAVE.
I would agree as well with this idea. Maybe we could propose a new vote? This way, there wont be any complexities on how to buy the ONE … as per the previous solution since aONE holder would receive AAVE.
I support any solution that can pass. I think any blockchain would be fine, AAVE can just be airdropped to aOne holders, proportionally. It can be Ethereum, one of L2s, etc, whichever has cheapest gas fees would probably be best. Would you please expand your idea into the ARC format that AAVE DAO wants? Then hopefully we’ll find someone with enough AAVE to start a vote.
It has already been mentioned dozens of times but the Harmony market wasn’t covered by the Safety Module
So even if the losses had been due to AAVE (that’s not the case here) there would have been no “refund” whatsoever
That is a bit of an easy answer. May i know who you are?
Some people have lost a lot of money because of both aave and harmony. Aave for its inefficiency to secure its users funds who took days before shutting down lending and borrowing. Not considering the 1000% apy displayed for a month. Harmony for its inefficiency on securing the bridge.
Do you really think this decentralized way of working is the future if users are not protected anymore at all? I don’t think so.
This would be a very bad advertisement for aave to not provide any solutions for its users, if decided so, and be sure that this would get much more visibility, i would personnally take care of that. Not considering seeking for legal advice. So we are still waiting for a solution to decide the next steps.
Unfortunately, the reputation damage has been already done and quickly forgotten. It’s been over a year since the incident, let’s not kid ourselves that this will do any more reputational damage to AAVE. Mostly because the loss was <.1% of total AAVE holdings, I did the math above, total lost ONE was about 1M USD and that was a year ago, so now like half of that. It’s too small of number for anyone to care but us, who actually lost value.