Community Sentiment Poll : Asset Rescue Mission

Actually what could be even done is that part of the reward could be forwarded governance treasury collector address for the community to decide on funding grants and other initiatives since the community has been active and helping out to support the proposal 0x464C71f6c2F760DdA6093dCB91C24c39e5d6e18c

and the on-chain proposal deployer could have a deployment fee as well as an incentive.

Docs for who ever wants start this initiative Voting & Governance - Developers

3 Likes

Alright so this issue took place in November. It’s about to be February and there has been no updates or real response. I have almost $10,000 originally invested in AAVE…I’m sure it’s well over that now. Can those of use who believed in the coin before it exploded get some type of help?

I’ve learned to use the Uniswap merkle distributor and generated merkle trees for the lost tokens.

Once we figure out how we’re going to go about getting the funds out with an upgrade through governance, we’ll get the tokens back.

Hang in there! We’ll save every token overnight!

8 Likes

I’ve done the same thing by sending BUSD to the smart contract address in error. When we correct this I’m assuming it will return all tokens deposited to Aave smart contract addresses, not just Aave tokens right? obviously a dumb error on my part.

How about a 1-5% penalty to fund these ressources. And to incentivise to be extra-careful.

As someone who incorrectly deposited USDC into the Aave: Lending Pool V2, I also think it is fair to pay a fee to recover funds lost via an erroneous deposit. Such a Recovery Fee would be similar to a “Stop Payment Fee” or “Locked Deposit Bag” fee that a bank charges to one of its clients. I appreciate the team’s work to resolve this issue for so many of us.
cheers,
geoff

2 Likes

Actually in the real world if you were to mess up; for instance buying the wrong transmission/gear box for an automobile, you would be lucky to get away with a 15% restocking fee. Let’s be real— no matter which instance this happened in, every instance/mishap is unique, requiring dedicated time for research and retrieval…

I say a 10-15% restoration fee seems fitting IMO.

1 Like

I wanted to send my tokens from eidoo to another etherwallet because i wanted to swap my ethlend tokens to aave but i mistakenly sent “ethland token” to a wrong adress ( your own token adress) you know the adress which i send is :

0x80fb784b7ed66730e8b1dbd9820afd29931aab03

My eidoo eth wallet adress 0x389a0d25495d1f7791fbc264788ac32dd4c89114

Need your help please

The refund must be made because the AAVE token administrators are the ones who own all the tokens that were sent to the AAVE contract by mistake.
Charge a commission for ransom, but return what was sent minus the commission and that’s it.
It has been more than 3 months since this happened.

Whatever the community determines that a recovery fee should be would be fine with me. While I follow your restocking fee example, I think we should look at the fees traditional financial institutions charge to come up with something that could be applied by AAVE.

Below, I perform a quick Asset Rescue Mission Fee Analysis denominated in USD based on typical industry fees I compiled from here among other websites. We could denominate these fees in AAVE, and could require payment of the fee be made in AAVE. [I used a spot price of US$402 to calculate the AAVE equivalent].

Asset Rescue Mission Fee Analysis

$25 (0.062 AAVE) Investigation Fee (for the team to initiate a asset rescue mission)
$35 (0.087 AAVE) Stop Payment Fee (for the team to identify the asset)
$75 (0.186 AAVE) Asset Release Processing Fee (for the team to return the asset)
-----------------------------------------------------------
$135 (0.335 AAVE) Total Asset Rescue Mission Fee

Traditional financial institutions charge flat fees for administrative work, which in the final analysis is what the Asset Rescue Mission is. In my case, paying US$135 for a US$1,000 erroneous deposit of USDC would equate to 13.5%, which would sting, but is manageable. However, those who made a smaller erroneous deposit would find the flat fees usurious.

Since the flat fees traditional financial institutions charge tend to discriminate against smaller clients, a %-based Asset Rescue Mission Fee would be more egalitarian.

Therefore, I suggest AAVE implement an Asset Rescue Mission Fee that equals 10% of the value of the lost asset. 10% would be painful enough to teach the depositor to be more careful, while 15% when coupled with the fees to engage in DeFi could discourage one’s continued use/exploration of DeFi.

cheers,
geoff

3 Likes

Hey @Zer0dot. Any update on how it’s going with the rescue mission?

Cheers Nathane

1 Like

I agree to the charging of a fee, but return the AAVE tokens

2 Likes

I would like to know the same too

Working on it folks! It’s going to take some time, but it will happen.

7 Likes

If you do this, this must become “a standard offering from AAVE.”

Once you make an exception, it becomes the rule. In that vien, we either need to define the full outline of what this looks like an add it as a standard AAVE offering or don’t break precedent. If you break precedent, the fee needs to have defined parameters:

10% of coin or $1000 , whichever is greater (or whatever numbers make sense). You need the second number not related to the amount of coin because 10% of coin could be more than the gas to get it if it is $1.

And let’s be real, people in this space are only going to get greener and make more mistakes than everyone here now. If there aren’t strict guidelines set, the number of proposals similar to this will become like whack a mole.

I’ll say this because you need to hear it. You should be thankful this is being considered instead of behaving like a petulant child.

This isn’t “a clear problem and issue” with the protocol. You state that this affects you for a significant sum of money. So YOU sent a significant amount of money to an address YOU did not check to make sure was accurate. YOU paid the transaction fee to do so. But now THEY are the ones with a problem? The protocol doesn’t have a problem or an issue. YOU do.

I hope as you mature you learn the importance of accountability for your actions.

1 Like

Doesn’t it make sense to code into the smart contract to kick funds back automatically if they’re sent to a smart contract? Rather than playing whack a mole forever

I’m not concerned with the money. Your not going to get mass adoption of this platform until it’s made dummy proof for people to come on and use it.

1 Like

The defined fee is fine to fix the past issues. I agree people should pay that. I’m trying to suggest fixing the problem going forward. I’m not sure why we’d want this to be a possibility of happening when you onboard millions of users.

But sure don’t do it and other platforms will make it a simpler process and take market cap. I don’t care

3 Likes

Hello, freezing this thread for now.

An Aave genesis team dev is working full time on this mission.

This is not a trivial task and it’s expected to take a few weeks before we reach AIP-ready state.

This thread will be re-opened with corresponding AIP as soon as it ready and the community will be more than welcome to discuss it.

Thanks for your understanding.

4 Likes