ARC: Harmony Recovery

How about we just submit proposal and vote?

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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.)

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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.

Hello there,

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

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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.

I will personnally never give up. And you shouldn’t either. Those are our funds stuck on this platform!
One way or another, this will get more visibility.
People with only short term vision are always contributing to the fail of a project without even realizing it. There are many examples in the cryptosphere.

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so after almost a year there is no hope of recovering the blocked funds?

It’s been more than a year, 15 months now. AAVE doesn’t give a shit, Harmony doesn’t give a shit.

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One of the R1 Ambassadors posted this, please weight in. We will look to move this forward if we have your support.

Hello everyone - this is Owen, a reporter with The Defiant (https://twitter.com/DefiantNews).

I’m working on a story exploring the recovery efforts in the wake of the Harmony hack. I’m specifically focusing on the deployment of Aave on Harmony.

I’ve talked with Matthew of R1, but would like to interview someone with the (unfortunate) experience of having ones lent assets borrowed indefinitely via Aave.

If you’re interested please reply to this message here or shoot me an email at owen@thedefiant.io. Twitter also works (https://twitter.com/ofernau).

Cheers and thanks.

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And in the meanwhile 0VIX had an incident and already solved the negative debt :see_no_evil: so sad to see this funds still locked…

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Is there any update?

See here:

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So what now? What is this kind of governance doing nothing for its users? Agreeing to deploy on a new chain following a vote is okay to make profits, but when an issue occurs, no one is there and whales easily block any kind of compensation plan.

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Nothing, obviously
Getting ready to write my ONE off as a loss on this year’s taxes