Indexed Recovery Plan Proposal

#1

Hey so wanted to make a proposal that allows us to finally start getting back on track as the dust settles. The hacker has been summoned for court orders with warrants out for them so return in full probably won’t happen soon so we need to make a plan to start recovery. There are current claim under law thats stopping the movement and use for recovered assets from pool. So here’s my pr0posal.

Actions

  1. Make a vault based token that allows the token to be burned for mybal/totalsupply worth assets from the vault.

  2. Drop the token to all index holders/LPs affected at a $1 to 1 token rate. Based on snapshot right before hack.

  3. All DAO revenue and some dndx revenue (.5x) sent to the vault. The DAO has NDX to cover expenses

  4. Commit 500k NDX to a backstop whereby when NDX reaches $30 we OTC the tokens, pay back the debt, and then we are free from any debt clouds/holders are compensated fully and soon as possible/good reputation for the project having compd holders.

  5. Deploy a new FFF so that we can get users back through the most popular asset for retail. Turn on fees to help comp.

  6. Implement an Olympus style LP swap system for NDX vs rewards for LP to lock liquidity cheaper.

Why
This would give a secondary/prediction market on repayment, will allow partial repayments (person is happy with 50%, they burn the token when it covers 50% of total debt), with more early people redeeming you have to repay less.

Also allows for speculators to bet on NDX to succeed, buying a token for a small part of what the token will be worth should NDX succeed, which we all expect otherwise why be here. That allows for a competitive market and for those that want to get what they can now to get a reasonable rate, and for those who have compensation tokens to be repaid much sooner than based on revenue only.

Ultimately feel that by combining a vault that pays back based on revenue, has a win condition to free us from any debt based on success and a strong come back, free market to form as a compensation mechanism for both short and long view compensation and the ability to terminate debt early at a discount should be the best way forward that aligns everyone to want the project to succeed.

We also can then start to use NDX for new team members and change the LP reward mechanism to a Olympus style LP swap.

4 Likes
Revival Strategy
#2

It sounds like a proposal that would work. I’m in agreement. Thank you.

#3

I’m with you pr0, seems like a reasonable proposal.

#4

I’m in agreement that we need to move forward with these items and get some momentum back. I think several of these already had Forum posts and Snapshot votes.

#1, #2, and part of #3 were covered in the Snapshot votes that ended on Nov. 1, 2021. We may consider retaining some of the protocol revenue for DAO expenses.

#4 is easy and it would be great to do that when NDX hits $30.

I’m open to a new FFF style index per #5, can we leveraging Nirn yet so that the underlying assets are productive?

For #6 we did have a discussion and vote to engage with Olympus Pro, but it is not clear whether you are talking about POL for NDX governance token or for for the index tokens. My take is that we only need Index token liquidity on Eth Mainnet since mint/burn is a better option on Polygon or any other chain where gas fees are not exorbitant. Probably this LP topic will need some more discussion, but I do think the current LP rewards are too generous, once they are funded per #7 we should transition quickly to something new.

LFG!

#5

In favor of something, for sure.

Making sure injured parties don’t sell at 50% and then complain when hodlers get 100% may be difficult and should be discussed at the time of adoption.

#6

Happy to join this forum for the first time.

I am very interested in the recovery plan proposal. I lost something like $25,000 to the Canadian thief and will cooperate in any way I can to help get it back.