Today, I held a twitter space for ~3 hours to collect the community’s thoughts on how the situation has been handled so far. I collected feedback from many prominent members of the community, and then spoke with the ALEX team directly on a voice call afterwards.
I believe we can find a win-win solution that avoids an outcome with extreme negative downward pressure on the ALEX token, which I believe will result in bad outcomes for both impacted LP providers and the long-term sustainability of the ALEX platform, which is vital to any long-term solution.
The ALEX team expressed interest in seeking a more robust solution, if we can build community support for a robust plan that addresses diverse users needs and allows the ALEX team sufficient time and resources to operate a reclaim resources for redemption for affected users.
This was prompted after discovering a big disconnect between the possible solutions selected in the latest on-chain vote by the affected users and the ALEX team. I believe this disconnect is largely due to the psychological toll an exploit of this nature can leave on those affected, creating FUD, and resulting in fight or flight tendencies. This makes it hard to communicate in a high trust way, where no party is really understanding the needs of the other.
I do believe we can find a win-win solution, so I’ve made some updates to my previous Synthetic STX (aSTX) proposal to more clearly outline the redemption solutions so that it caters to the needs of both users seeking to exit quickly and recover their liquidity– and those willing to take on more risk at the cost of greater rewards, which gives ALEX the runway required to be sustainable and fully reimburse lost funds.
Please read, review and ask any questions you have in the replies on my post. Hopefully we can rally community support on a proposal, and move forward together.