Recovery One

Recovery One Foundation

Entity Name: Recovery One Foundation (@recoveryonefdn)

Role in the Harmony Ecosystem:

Recovery One Foundation serves as a critical component in the governance and recovery framework of the Harmony blockchain, particularly in response to significant incidents like the Horizon Bridge hack:

Post-Hack Recovery:
Asset Recovery and Management: After the security breach, Recovery One Foundation has focused on managing the fallout by engaging in the process of burning depegged assets, converting them to USDC, thereby aiding in stabilizing the token’s economics and restoring trust in the platform.
Funding Allocation: They have been the recipient of dedicated recovery funds from the Harmony Recovery Multisig Committee (RMC), underscoring their role in leading recovery efforts.

Community and Ecosystem Development:
Community Engagement: By promoting new niche projects, Recovery One Foundation plays a crucial role in expanding the user base and diversifying the ecosystem, helping to bring in new demographics and revitalizing community involvement.
Governance and Proposal Support: The foundation actively participates in community governance, supporting and sometimes leading proposals aimed at enhancing ecosystem resilience, functionality, and growth.

Long-term Strategy:
Ecosystem Restoration: Beyond immediate recovery, Recovery One Foundation works towards long-term ecosystem health by encouraging innovation, supporting new blockchain applications, and ensuring community-driven development paths.