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.
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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!