[Temperature Check] Sweep and redeem for the broken HLY underlying contract on Harmony

Stage 1: Temperature Check
1

TL;DR

  • Sweep and redeem for the broken HLY underlying contract on Harmony

Justification

A recent setting change of underlying HolyGrail contract, totalAllocPoint, prevents Saffron users from depositing or withdrawing.

This proposal will have Saffron use the sweep_erc function to recover USDC from the insurance fund. In turn, a smart contract will distribute funds to make users whole.

VOTE

Vote FOR: Sweep and redeem
Vote AGAINST: Make no change

  • FOR: Sweep and redeem
  • AGAINST: Make no change

0 voters

2

I vote FOR, not only is this a no brainer but this is a fantastic opportunity for us to exercise Saffron Finance’s insurance tranching mechanism and demonstrate the value of our protocol. We can have new users look to this as an example of our implementing a claim mechanism against a contract failure.

As an aside this is also a prime example of why we have guard rails in for our experimental pools as well, as this is fortunately a relatively low-risk demonstration of the insurance mechanism considering we have a 10k limit per deposit on joining these pools.

3

This needs to be defined.

  • Which users will be made whole?
  • Will users receive USDC value, if so how is USD value determined?
  • Will users receive native HLY/WONE pair assets?
1 Like
4

Personally love this idea. I am glad to see a new post here as well. Me and the community are dying to see more from you all and hope this is the start to a great trend.

1 Like
5

Agree with both maze and jcrisci

6

yeah im keeping my fingers crossed

7

Can’t think of any reason not to do this, but as maze said I do think the exact numbers should be defined.

8

I’m gonna vote YES for this temperature check, but, I also want to have specific numbers for the consensus check (where SFI holders vote).

9

This Temperature Check has reached 48 hours and the community has voted overwhelmingly to proceed. This proposal will proceed to Consensus Check when Turpintinz is ready to post. I agree with others in this thread that we should have the hard data of what is defined by “making users whole” in the initial Consensus Check post so our users know exactly what they are voting for. I will leave this topic open until the Consensus Check is launched if there are any lingering questions or discussions to be had.