I heavely invested in the network in 2021 nearly 90K, not in a speculative purpuse, but because the project is claiming to be fully decentralised, disruptive and free of VCs.
few days ago i wanted to send my wznn from the BSC chain to the syrius wallet to skate them, this is how i discovered this issue.
I saw a few tweets on november 2021, that didnt stipulate at all that the WZNN could be lost, burnt or who knows. (Please find below the ‘tweets’). i probably missed tweets, messages, updates… but even though investors must be fully respected in any project and can’t be spoiled in anyways. I’m sure we are all agree on that.
@Sol exposed the issue in a respectful and professional way. On the github he proposed * distribute equivalent, valid ZNN to these holders.
Can we please all agree with that? And this case will be a very strong opportunity to be publicly exposed, it will bring more confidence and will embrace for sure new investors into the journey of Zenon.
best,
Here are the tweets: @Zenon_Network
twitter/Zenon_Network
[3 nov. 2022]
“Starting with the 10th of November, the bridge will enter into partial maintenance mode: the [$ZNN flow will be closed and only swaps from [$wZNN] will still be possible. The complete termination of the 2-way Bridge will occur during December.”
@ Zenon_Network
twitter/Zenon_Network
[3 nov. 2022]
All users are encouraged to swap their [$wZNN]
I’m with @Rom here in that all investors should be respected. I too did not see anywhere saying the wZNN on BSC would be destroyed/worthless so assumed in time the bridge would be rebuilt in order to change the wZNN to mainnet.
Given the options above I believe that creating some sort of swap portal that must be verified with a signed transaction from the holders BSC account to swap to mainnet.
I’m not a dev, just an investor and would like to see resolution to this current problem.
Happy to discuss other methods of anyone else has opinions
Just to summarize your post, are you asking others to invest in development just because you haven’t been interested in the project for more than 2 years?
Just to summarise, you didn’t get the point here and go on attacking/pointing. The subject is extremely serious it’s not a game of who is right or wrong, but finding a solution regarding the investors.
I’ll reformulate:
The mistake here is on the communication, never got or saw a red flag, a clear message that I could be in the situation with other potentiel 1000 of investors.
We are not talking about a video game buta lot of money invested. That’s why they is some rules as soon as they is 1$ in the game.
I think when you invested what I invested my implication speaks it self.
Because of behaviour like that people are running away from DEX.
I’m betting on the strong community of Zenon to be above that and solve our issue asap.
Cmon, I’m no attacking anyone…I’m just giving the other side’s perspective, and I totally get that you’re trying. Anyway, agree with deeznnutzs idea:
Here is my recommendation. We wait. We have the snapshot. When the price goes up these tokens will be worth more and maybe the wZNN BSC holders can hire a dev to retrieve them. They could fund the work as a Percent of funds retrieved. My $0.02.
Self custody of native tokens is fundamentally an individual responsibility.
A solution for recovering these assets is reasonable and possible.
The question is how, and when to develop a solution.
When one of these points is disregarded, conflict emerges.
When all points are regarded, we find that we all aiming in the same direction.
The most natural solution to this dilemma is to see what a great opportunity it is, for wrapped BSC token holders to get involved and recruit or incentivize new devs to join the decentralized developer community of Zenon. The rational incentive to do so, will likely increase.
I emphasize with anyone affected, but to relativize your statememt that comms are at fault: If you were off the grid, how was anyone supposed to get the message to you? The funds weren’t burned or stolen, they were moved to shared pillar custody (AZ contract) after months of public warnings. While people here are willing to find an amenable solution, the onus to keep track of one’s investments in this space is always the holder’s. And you chose not to keep it on the mainnet but on BSC. What if BSC had gone down? Would you have blamed this community as well?
I oppose we spend valuable dev resources on this. If you want those funds to be released from AZ, stop blaming everyone but yourself and submit a formal AZ proposal. Onwards.
Agree with most of your points, though I don’t think most investors have the ability to propose and develop a solution to reclaim their funds.
Individual AZ payouts won’t scale with the demand.
In my opinion, the best solutions are 2a and 2c (reclaim on any EVM chain that isn’t ETH).
Simple to develop, simple reclaim for investors.
Dependencies will take some time to deploy.
Hi friend I am a WZNN user since 2021 when winter arrives I simply bought WZNN in BSC and kept it at $3 with TX proof I was sad to hear the project moved to ETH That’s all that’s left of me so I’m looking forward to community help
Sol, when you said simple to develop, what will be your estimation in term of dev time? Could we hve access to some documents regarding this topic? what kind of dev do we need here? anyone you know would be happy to take this job?
Regarding the amount that is stuck on the BSC i dont think it will be difficult to finance this action. Is in the interest of everyone to solve this.
Thank you
I’d be willing to do this though we don’t have the dependencies for a smooth user experience.
We could launch it on ETH today but I doubt many people will want to pay those fees.
I got some of your points but you didn’t get mine sorry. i wasn’t off the grid, i even share the main tweets here, i’m questionning the communication that we all received i didnt saw or understand that the bridge will be closed for wznn=>znn, it’s not what it’s written. that’s my point. after i probably missed other communication but again investors are not all of them technical or connected to all the channels. we just need to understand both parts and respect both side of the community
Options 1-3 in the original post propose 1-to-1 redemptions.
Options 1 and 2 should take a couple days to setup. Option 3 will take longer, maybe a few weeks.
In order to avoid future calamity and confusion, the solution should involve the BSC token holders sending their tokens to a burn address, or the equivalent effect of taking them out of circulation, permanently.
We can’t pull the liquidity nor halt the contract. If the tokens are left in circulation then the market stays open as a frayed tangled end that will cause headaches.
Moreover, the premise that there are 1:1 tokens on mainnet will be violated, unless the holders forfeit and burn them permanently.
Judging by the behavior of the unwitting user, it seems reasonable to assume people will continue to trade these tokens.
Also wrong that they would be able claim mainnet and then also sell on BSC for BNB.
Burning the wZNN on BSC and offering wZNN on ext chain on NoM seems to be the cleanest solution assuming the goal is to fix the horrendous communication from Mr. Kaine and get rid of the BSC problem. 1 ZNN burned = 1 ZNN you can redeem.
