I totally agree with relaunch. I would suggest to review approach by HEGIC team. They have been hacked too and I think they provided hacked people big share of long vested very cheap price tokens to collect rewards from HEGIC option ecosystem.
Now here what I think wasn’t so right. Idea of rewarding people 1.5x shares and 1.5x USD is great, but doesn’t make sense when price is already low and keeps dropping. What would be good with launch new system, focus on have something like most ICOs do. They rise funds and give people vested tokens.
So here my proposal and I will focus on shares users as they are most important part of the ecosystem. Without share users, there is no interest in using dollar coin. Share is DAO token.
Lets say we know people lost funds in version 1, those funds were able mine X shares per day if hacking didnt’ happen. Now those people are unable anymore to mine same X shares rewards compared with the fair relaunch. System can take weeks-months to rise funds to repay losses for people.
Giving 1.5x share people made in 2 weeks, would mean system expects that in 2 weeks it can repay losses to the users in v1.
What would be better approach?
Calculate how much people would be able to mine in 6 months with growing ecosystem, based on funds provided as LPs and vest this amount for 6 months in separate contract. Where this shares coming from? You should take them out of the mining contracts and team contracts. Reduce amount of shares mined in 6 months by LPs. This vested contract should let people from v1 be able withdraw % monthly. Parameters could be still discussed. This allows new users to mine shares with USD = 1 USD peg calmly without being afraid to be dumped on and old users, who worked hard to mine shares and help ecosystem not to worry about their share and INVESTMENT IN SYSTEM.
Now with dollars, 1.5x dollars is nice, but as we can see share holders and old users will get upset with system and just dump and leave it to save their money, because there is a lot of uncertainty. It’s also complex as we have lots of dollars on the market and hard to keep peg for the LPs. So the dollars lost in version 1 need to be auctioned for new relaunch with peg USD = 1 USD so new users can buy them and use for liquidity providing, rised funds repayed to version 1 users. Version 1 users cant dump them, it should be sort of auction contract for all the USD users in version 1 to deposit dollars too. And we don’t need 1.5x USD, we just need USD = 1 USD. Also will need to reduce USD supply in other contracts, focus on the one lost by version 1 users.
In my opinion whoever dumped SHARE and USD can just leave the ecosystem and not deserve to participate in relaunch. They still can wait for repay lost funds -> ETH …
And of course, we all must invest in marketing and support of growth of ecosystem, not hope in quick exit skem. I propose this system because I am interested as share holder to rise proper % in ecosystem and stay as long term investor supporting it. Giving 1.5x shares person hardly mined in version 1, is basically cutting him off the way to support ecosystem and being its influencer or being rise more shares he planned in begin…