Recovery is the elephant in the room. Yet it seems to have been swept under the rug.
A specific category should be created for it in the forum - or at least an ongoing discussion. As one of the many investors who were lured in solely by the unqualified promise of protection against impermanent loss, and ended up getting a haircut when Bancor without warning pulled the plug on this feature, I would like to see a regular update on measures being taken to redress these losses/vault deficits. That should be Bancor’s primary and single-minded focus.
Bancor should do the honorable thing: use all of its available assets to make good on these losses, as best it can, and then, and only then, reopen for business.
(I sincerely apologize if this has been said before and elsewhere.)
Given that Bancor is actively striving to make up the deficits attributable to the surprise cancellation of impermanent loss, Bancor should create an image of a partially filled bottle, the empty portion of which represents the total deficit that’s attributable to the cancellation - along with a percentage measurement. The image could be housed on the Bancor website or somewhere on the Forum. On a weekly basis, the size of the deficit should be noted anew, with a revised percentage. Hopefully, the percentage will shrink regularly. This will show how the proposals are working to achieve recovery - and that Bancor’s concern for its unfortunate investors is top of mind and front and center.
Has anyone here taken the haircut to withdraw and has arguments why they have done so?
I am currently in v3 and frankly feel blind with what to do moving forward.
My coin is ENJ
I withdraw my DAI shortly after the meltdown with a ~20% haircut. My reasoning was simple: Bancor is in a worse position than other protocols for making the money grow. A lot of people don’t trust them, they are stuck with a very specific protocol constraints (like heavy dependence on value of BNT). A fresh new opportunity or an old, battle-tested protocol is likely to do better. I’ve been slowly making my money back by lending on AAVE and LPing on Uniswap V3. It is not a get rich quick scheme, but steady progress towards growth with clear, well-understood risks.
Looking at the current situation, it seems to have been the right decision. For those who are still in v3, would you still take a 65% haircut right now or at this point just wait it out ?