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!
1 Like
Eh, the requirement is 320,000
In the first five hours only 157 total. Extrapolating that to a week is only 5Kā¦
Whales, where you at? :D
1 Like
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 āstuckā in this.
V/R,
Tri
3 Likes
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 Harmonyās rOne distributions
What are the aave rONE distributions? Afaik AAVE didnāt 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 thereās 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 itās 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 iām in favour in some sort of recovery, but Iām opposed of reactivating the Harmony pool (harmony explorer still doesnāt properly support verification, which should have been a no-go to start with). A bit sad that the proposal combines both.
2 Likes
Letās 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, canāt confirm AAVE is receiving rONE, that would be a question to AAVEās Dao leadership.
By ātreasury profitsā 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 wouldnāt want to harm either of those.
Oh, I was under the impression that Harmony has fixed the exploit and reactivated the bridge. If thatās 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 (thereās no proper explorer, bridges donāt 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 iād 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%.
6 Likes
Thank you for the feedback. Yes, it would be great to have exact numbers and such, I just have no idea how to collect that info on-chain. The harmony on AAVE page shows $1.16M USD (54.28M of ONE) that is stuck, but Iām not sure that page can be trusted.
Just to point out, the proposalās primary aim was to help people whoās ONE token is stuck. That is not Harmonyās fault, that is AAVEās fault for not liquidating bad debt. This is what happened:
- Users supply their ONE token in AAVE
- Depeg happens
- Bad actors deposit millions of depegged USDC/USDT/etc
- Bad actors lend out ONE tokens (AAVE still thinks those depegged assets are worth full price)
- Users canāt redeem their ONE deposits
What should have happened is AAVE not allowing those bad actors to lend ONE tokens. (Or rather, only tiny amount corresponding to depegged assets real value)
But these are great suggestions, thank you for these. I will try to improve the proposal with your suggestions (assuming this one wonāt pass). Iād love some help folks, I canāt be the only one who cares about this!
1 Like
This is where opinions divide. What you wrote as a summarization of events politely excludes this very relevant part of the story:
Scrolled a bit trough this topic and also want clarify some (imo wrong) points raised here a few times:
Oracle price = evil:
In reality pricing tokens on global(not per chain) price is quite common and necessary on smaller networks. Otherwise the oracle is to easy to be manipulated due to low liquidity. This is essentially how the oracles on all assets across all deployments are configured. 1 USDC is still 1 USDC, the problem/difference is just that it can no longer be redeemed on the bridge (as the bridge lost the backing).
As long as one thinks the prices will recover itās irrational to switch the oracle - even if one would switch the oracle it would just mean depegged assets would potentially be liquidated - not changing anything in regards to bad debt.
Proof of reserve
People who say that POR should have been used ignore the fact that
a) the POR system for aave was not yet audited & live on any chain
b) there are no POR feeds on harmony(afaik only network providing them is avalanche), so even if - it wouldnāt have worked on harmony.
Days of treasury income
Some posts here indicated that āa few days of treasury incomeā would be enough to cover the whole bad debt. This is simply untrue. Donāt let yourself be mislead by https://cryptofees.info/ - cryptofees tracks the whole protocol fees (also the one paied to suppliers). You can assume ~10-20%(reserve factor) of that to be accrued to the treasury. Ignoring all other expenses the DAO has to pay, this would mean roughly 3 months of fees across all networks would be needed to cover the debt.
All that said, i think the DAO shouldnāt have ever deployed on harmony & could/should have reacted faster. I think some partial recovery might find support.
2 Likes
If lending protocols use global prices for assets, thatās kinda awfulā¦ 1USDC != USDC, they are separate entities/contracts, and Circle has nothing to do with 1USDCā¦
But either way, thank you for the information.
1 Like
Folks, we are almost at the quorum, but only have 1 day left!
Even if you vote against, please go vote for the proposal - Snapshot
Spread the word in discord/twitter/telegram as well!
1 Like
So will never recover my frozen ONE in aave?, looks like aave is a scam project.
Why is it a scam?
People created a Snapshot (not aligned with guidelines) and people voted against it, thats decentralisation. Maybe, if it had more information and good structure, the output would have been different.
Just try again, but think about a good approach and get people together to vote in favour for you.
Wishing you good luck.
Hey mate, yeah, youāre not helping. It is a sucky situation, Iām in the same boat, but shouting insults wonāt help for sure.
1 Like
Hello Marc
The proposal has, obviously, failed, but we did reach the 320K AAVE quorum. I will re-read the governance process you linked, and using feedback I received in this thread, re-write the proposal from scratch. I would appreciate any help from the team, as you mentioned above.
Thank you
2 Likes