Alex Labs raised a lot of funds in the previous round of financing. Why not directly use the raised funds to buy STX, and return to the users ?
Raise funds from VC/muneeb/stx foundation and return the original assets to the users (STX to STX).
Reasons
Why should we, as users, bear the responsibility? What did we do wrong?
If return by ALEX, there is a possibility of 10M sell pressure. No one wants to see this.
Explanation
If the team is confident in themselves, shouldn’t they go to muneeb/Stx foundation to borrow STX and then return it to everyone, or raise money? If you make profits, you can return it to them.
Then everyone will forgive you and applaud you, and you will demonstrate your responsibility and confidence.
A Story
According to Zhao Changpeng’s recollection, although Binance Coin had already increased sixfold, he had four other ICO cases that plummeted due to the ban. If he had compensated at the original price, Binance would have to come up with a difference of $6 million. He said, “At that time, Binance was not yet profitable and was burning money. The cost of hiring and development was high.” He said that he was on a train at the time, and the team called him for a few minutes, and in those few minutes, he decided to compensate.
These actions, taken in the face of a disaster, won Binance widespread trust and praise, and a large number of users flocked to the Binance platform. One month later, Binance had 120,000 users and began to make profits. Over the years, Zhao Changpeng would repeatedly mention the 6 million US dollars from the first major move.
He said that experience taught Binance a very important lesson: take care of the users, and the users will take care of the company.
So impressive!!. Alex team should take a look at what “trust” means here. If the team doesn’t, who will stay in the Alex and provide the pair pool then?
If this is possible, further would suggest put everything back just like it was,LP locked into farms like before that way would not have run on ALEX when reopening.
I don’t think they hold enough funds for what you suggest.
This could be practical for a protocol-stolen situation only when they have enough money to cover it.
Maybe a longer-term solution would work for both sides.
100% missing STX should be compensated with STX. The ALEX token is tanking and becoming less valuable by the day. All available funds should be used to try and acquire the missing STX and compensate all users. If this was an actual hack, the team wouldn’t bare responsibility, but it wasn’t, so I believe the right thing for them to do is fully reimburse users, even if it means short term pain for them.
perfect!! If they make all this compensation in Alex, in addition to losing some of the replacement in the market, they will have a very strong sales force!!
Couldn’t agree more, only then will sufficient community trust be regained and ALEX DEX’s TVL will recover quickly. Otherwise ALEX prices will inevitably enter a death spiral.
I agree that STX for STX is the right approach because it will increase the value of ALEX. If the team doesn’t have enough resources to compensate in STX, the compensation scheme should be some variation of STX for STX proposal instead of compensating in ALEX tokens, which will decrease the value of ALEX because of increased supply and in the end, everyone will lose.
Have to agree with this. Don’t compensate us with tokens we never wanted. What about they just swap their Alex back to STX at whatever price they are able to fetch (certainly not at the pre-hack rate as per compensation plan lol) and compensate us in STX.
check out my refinements to proposal Choice 5. If it can be implemented, the value of ALEX wont matter and we will get the total value of ALL our STX back