ARC: Harmony Recovery

some progress towards repeg, I wish AAVE would participate

So what’s up with proposing a plan and organizing a vote?

There was a guy who said he had enough AAVE to add a proposal, but he disappeared since…

Anyone else has 50 AAVE lying around?

Didn’t disappeared, only waiting for the final text.

I will copy past your proposal.

Let’s go!

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https://snapshot.org/#/aave.eth/proposal/0xf9706ff43ce8e3d3c887e98e6e2b59fdce7d9dc371245464e91f8b03df210e0a

I hope community is ok with this. Love you all !!!

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Hello, this snapshot doesn’t follow the community guidelines standards.

But as the community took a long time to organize, I won’t bother any of you with this, and if this proposal reaches quorum, if think we should consider it as a successful TEMP CHECK that can be escalated to an actual ARFC.

the ACI will abstain in this vote. but if the quorum is reached, we will support it by writing a standard ARFC.

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Thank you Marc for your kindness and your time!!!

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Guys, read this :“In order for a proposal to succeed, a minimum of 320k AAVE or stkAAVE must participate in the vote. Any changes to the quorum requirements must be amended by the community through an AIP.”

We will need help here… twitter, Harmony team, everybody can help. Buy Aave and vote.

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Thank you mate, highly appreciate you creating a proposal. I will go post the link everywhere to reach the quorum. Everyone, please do the same, we need this to happen!

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Eh, the requirement is 320,000
In the first five hours only 157 total. Extrapolating that to a week is only 5K…

Whales, where you at? :D

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Why would anyone abstain from voting on this. This is the best shot that anyone who invested in AAVE on the harmony protocol will see at a chance of recovering of the loaned funds. The rONE that was given to AAVE from the Harmony team should be used by the AAVE team to help the Harmony investors who poured $1.5m into their lending protocol on the Harmony side. Holding it does no good to AAVE for the harmony protocol and peer lending side. Obviously you have insight into what it would take to raise this to the level it needs to get movement on this. Help those of us who are “stuck” in this.

V/R,

Tri

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Could you elaborate on a few things here as for me they are unclear, so i guess for other ppl might also be hard to cast a vote:

AAVE protocol is to spend all of Harmony’s rOne distributions

What are the aave rONE distributions? Afaik AAVE didn’t get any rONE distribution? I think i followed relatively closely the forums, but might have missed sth. Assuming I missed sth how much funds will this be, so one can know how much treasury funds will be needed in addition? Would be great to clarify.

If you are talking about the wONE LM distribution, afaik the One/Recovery One team is & always has been in possession of them, so there’s little the AAVE DAO can do.

50% of all AAVE treasury profits coming in to buy and replace collateral put in by AAVE users into AAVE on Harmony.

You mean harmony treasury income, or overall aave treasury income(all networks). First would not do anything as it’s all worthless, 2nd seems a bit unnecessary complex - i assume might be more reasonable to buy depegged assets with existing treasury funds?

Is there currently an existing/working bridge - not long ago(last month) I tried bridging some wETH to harmony and ended up with depegged assets not being tradable on any dex.

AAVE can reactivate full functionality (lending and borrowing), and AAVE on Harmony will be revived.

Personally i’m in favour in some sort of recovery, but I’m opposed of reactivating the Harmony pool (harmony explorer still doesn’t properly support verification, which should have been a no-go to start with). A bit sad that the proposal combines both.

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Let’s pass the quorum first. AAVE is only available on ETH main net?

rONE is a token Harmony is distributing to all impacted wallets/protocols. Afaik AAVE is receiving it too, I remember reading the plan for a different protocol that is using rONE distributed to make users whole. But yeah, can’t confirm AAVE is receiving rONE, that would be a question to AAVE’s Dao leadership.

By “treasury profits” I meant income coming into the treasury (platform fees), from all chains AAVE is deployed on. The goal being not to bankrupt the treasury, but slowly and steadily gather enough funds. Treasury exists for emergencies and new initiatives, I wouldn’t want to harm either of those.

Oh, I was under the impression that Harmony has fixed the exploit and reactivated the bridge. If that’s not the case, reactivating depegged assets would be a bad idea. Can reactivate the ONE lending and borrowing though.

AAVE is on multiple chains, like Matic, etc, afaik

After day one of voting, a bunch of people voted for the proposal, but one whale with 11K AAVE comes in and negates all the votes lmao.
At least he is helping reach the quorum

Shit ! 107k AAVE vote to NO on Snapshot by someone

Those voting NO, what made you say no? Do you have any suggestions on how to improve the proposal? What would make you vote YES?

There is a thread from each of those delegator explaining their decision on these kind of votings. I would suggest to wait and see what they are writing.

As noted above the proposal is very vague(or wrong) in important aspects and mixing multiple things.

  • You write very vague about rONE distribution, which according to all public information i could find, does not exist. If they exist, the number would be important.
  • You write about reactivating Harmony, which i personally think should never happen (there’s no proper explorer, bridges don’t work, gas cost was raised to 1000 gwei making everything utterly expensive).

On the other hand, the proposal requests to pipe fee income from multiple networks to slowly recover harmony. This is just a very complex process(if possible at all, due to missing bridges) and sth that could be defined later. The important question to answer in a proposal and to ask the DAO are imo:

How much debt is there to cover? (reading the messages here, seems like e.g. most of link was accrued after the hack, so i guess might be around ~1.4M?)
Will RecoveryOne help in any way in this process? Will parts be covered with rONE? I think no one of the rONE team has even engaged here in the forum(correct me if I missed sth) so i’d assume no.

Will the aave dao cover user losses caused by harmony bridge hack at all?
How much will the DAO cover(%/$)?

I imagine if the AAVE DAO commits to covering 100%(which i doubt will find consensus) a potential resolution might look very different to the DAO covering 20%.

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