Suggest your best proposal /idea for recovery phase

Suggest your best proposal /idea for recovery phase

will discuss during AMA

Don’t touch the Treasury or LDA. Don’t sell out to Strike. Let the Onyx team buy in open market and return the XCN to those hacked. Maybe set up a donation fund if it can be trusted to be distributed appropriately.

1 Like

I believe that the best solution would be for XCN to employ the LDA Captial facility to make users whole rather than being acquired by strike.

  1. The Advantages of Using the LDA Capital Facility:
    Tldr: They are a fund that does not wish to sell their investments at a loss (XCN price rise) and are a huge confidence booster. There would be a future for XCN

Despite the fact that XCN is sold to LDA Capital, they are a fund and their purpose is to make money. At the current pricing, they would lose money if they sold their entire interest, thus they have an incentive to ensure the profitability and growth of XCN. In turn ensuring that they would be able to earn a greater profit but also improving onyx for all users at the same time.

Also, because it is an Over-The-Counter (OTC) transaction, selling to LDA Capital would result in no instant price drops or crashes, but rather a simple transfer of funds between the DAO and LDA.

Furthermore, rising Onyx from the ashes with the LDA Capital Facility would be a big confidence booster. Because of this feature, users have a larger belief in the fact that Onyx Protocol has good backing and can use their backing, implying that the upside of Onyx is far superior than that of many other protocols. Wormhole Bridge, for example, was exploited for an outrageous 327 million, after which their partner Jump Capital stepped in and covered the difference. This created massive confidence for wormhole which is now still in operation greater than ever.

Furthermore, the quantity of XCN is not newly produced but rather from the DAO, implying that ownership is transferring rather than an additional minting of XCN.

Of course, more clarity regarding LDA’s function would be beneficial for members, but because the nature of a fund is profitability, we can be certain of the goal of strengthening XCN.

With both the future usage of XCN and the confidence increase, Onyx Protocol has a promising future.

  1. Getting Acquired by Strike is pointless.

Let Onyx Protocol (XCN) NOT be acquired by strike.

If the LDA Capital Facility is available, the strike acquisition makes no sense. This is because the increased confidence in XCN makes it desirable for Onyx to be its own separate entity, allowing it and its users to benefit from the bullrun. If it is acquired, the increased confidence will not be transferable to strike and would thus be wasted.

Furthermore, with Onyx not being acquired, members of Onyx have a lot more upside.