Discussion - Nomad Recovery Plan Announcement 08/17

Nomad has just announced their recovery plan. I would like to raise discussion around their plan and the Moonwell Community’s response.

The Road to Recovery. Where we are today | by Nomad | Nomad | Aug, 2022 | Medium


Nice, glad to see them finally post something resembling a plan.

Given these considerations and complexities, and the desire from the community for a faster solution, the Nomad team is designing a reboot of the token bridge to distribute recovered funds–regardless of the amount recovered–and allow users to “unbridge” in a fair and orderly way.

I think this is an important signal - sounds like they are planning to honor redemptions back across the bridge, so the *.mad assets still seem to have some value that’s not $0.


Good luck to them in this difficult task.

Also posting here:

We started a discussion about diversifying bridge risk in the Polkadot forum. Comments encouraged!