Hi,
The Proposal assumes the same XCN staking rate.
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Before you vote on proposal 5, please explain to the community why the hack date was November 1 but on November 3 the DAO treasury was withdrawn nearly 500 million XCN? According to my tracking of XCN withdrawals from the DAO treasury, they are all divided into multiple wallets and then pushed to exchanges for sale.
Check 3/11/2023 withdrawals 496M XCN: Ethereum Transaction Hash (Txhash) Details | Etherscan
Check 26/8/2023 withdrawals 600M XCN:
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When would any recovery measures be confirmed then?
wen voting will be live ?
is it true ? withdrawals happens with voting right ?
Interested in an explanation for this as well. 1 billion XCN coins is a lot of money. I didnāt see any proposal accepted for those funds to be removed. Are we missing something?
you all are supporting this proposal or not ?
Hey,
Sure, I explain as much as I understand it.
Whales staked or supplied XCN much before the hack, and after they knew about the incident, they withdrew them from the protocol as they were confused about whether it was safe to keep tokens staked.
Hi,
Next step after Onyx v2 launch.
Get ready to vote!
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Idea: Implementing Only Isolated Lending Pools as v2 markets
An outstanding protection against hacks and other bad events is to have only isolated lendig pools. Besides, it is very important that every isolated lending pool only has two crypto currencies. For example you can only use in one lending pool PAXG as collateral and USDP as debt. In another lending pool you can use USDP as collateral and PAXG as debt.
Like OpenLeverage (https://openleverage.finance ) does it.
Such a lending system which consists only of isolated lending pools is much more resilient against events like hacking attacks or other events which can lead to that the protocol can become āinsolventā. For example planet financeās protocol became āinsolventā due to a different raeson than a hack. Due to the collaps of the Terra protocol planet financeās liquidators were unable to liquidate positions correctly when the Terra chain was halted and Chainlink stopped price feeds abruptly[1]. As a result, planet financeās debt was higher that its assets an depositors were not able to acess their deposited cryptocurrencies, exactly like the hack occured in our protocol. In both cases a purely isolated lending pool would have sgnificantly limited the losses of these two protocols.
Really impressed with Recovery Proposal 5 and the launch plan for Onyx v2. Itās great to see a strong focus on risk management and support for key assets. Eagerly looking forward to the streaming recovery plan for the v1 community. This thoughtful approach sets us up for success. Great work, team!
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Seems very convenient for a old whale new wallet to come about at this point. Perhaps Proposal 5 was meant by the team to go thru.
I hope the team actually comes up with a recovery plan for v1 @alex
i will say wait till it gets passed. you never know what happens at last moment
Point 4 is talking about that
True . hope the affected users get compensated as soon as possible . that will work as blessings for onyx
Hi,
Itās good to see that there is a light, finally after the community rejected 4 proposals.
Yes, v1 users recovery plan includes already discussed options, but a decision on specific steps is postponed.
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