This proposition maintains the staking rates to incentivize XCN stakers who govern and control the protocol and DAO.
Launching the Onyx v2 markets will redeploy the NFT money market but focus on risk controls on assets and support. The 3 NFTs will continue to be supported, and the only lending markets that will be available will be ETH, WBTC, USDC, DAI, and USDT. As mentioned, a snapshot will be taken as the v1 winds down to capture user balances and create an ongoing recovery plan. These high-revenue building assets can help with the ongoing recovery plan.
The plan of action would be as follows.
Vote to close the v1 markets on the Ethereum blockchain and capture the current suppliers’ balances;
Launch the v2 markets with CryptoPunks, BAYC, MAYC, ETH, WBTC, USDT, USDC, and DAI markets;
Implement a fix on the rounding errors for all markets from the v1 exploit;
After the launch of v2, create a streaming recovery plan to help the v1 community.
How can we vote on this without details on what the recovery plan will be?
As 20% of the deposits are gone. I would like to propose to recover 10% via selling from the treasury and the other 10% via vested XCN tokens.
If you do not vote, the process will take longer. We must trust the team and evaluate and vote on the proposals. Everyone’s goal is to help shape Onyx.