Reflection on the Agave launch

Firstly I want to apologise. To those who participated, To the other members of the Agave team, and mostly to the 1Hive community. The mistake was mine and mine alone.

I was entrusted to open the AGVE/HNY pool with a 50HNY/10,000AGVE ratio. However, I made a mistake and opened it at 50HNY/1000AGVE. Compounding this, there were so many people buying it pushed the price up even further. The team had an emergency call trying to figure out what to do. we decided to pull the liquidity.

Others had added to the pool and so the damage was done, there was no way to reset the pool to the correct price. I swapped 52 of the remaining HNY for WETH so I could create a new pool at the correct price. This also had a negative effect on the HNY price, but at that point, we had to get the remaining 9000 AGVE into Honeyswap.

I sent the AGVE/WETH LP tokens to the Agave DAOs agent, so it is now controlled by the DAO. I also sent the remaining HNY taken from the original to the DAO and about 40 of my own HNY but his May not be enough to cover the losses people suffered, I suspect I will have to add more of my HNY to cover. We will Later do a postmortem and come up with a plan to compensate those who lost out. However how we move forward is not up to the seeds at this point, We have no control over the DAO or the remaining 72% of AGVE. Agave is now controlled by the community. How we move forward is going to be up to you.

Again I can’t apologise enough, The fault is all mine. Whatever I need to, be that compensate with the rest of my HNY and the agave I have vested as a seed I will do.

That being said, I have been blown away by the interest and excitement around the project. We don’t even have the MVP or even a website yet! I really was not expecting so many people to participate. We had a really rocky start today but I have no doubt the Agave in the ability of this community to succeed

UPDATE
Link to my proposal Agave Retributions Proposal

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This is a class act on how to handle a crisis. Thank you for the transparency and quick solution to a human error.

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:honeybee: I have to whole heartedly agree with stanforce on this. You handled this with class and transparency. I am very excited to see where this will go. I think big things are around the corner. :honeybee:

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GreenHornet, Thanks for all your hard work in making this happen. I’ve made mistakes when fatigued so I know how you feel and understand. Like the others have said, you (and the rest of the team) have handled this very well.

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Congrats on the launch! Thanks for the apologies, we all know it was an honest mistake. The future is now, lets go!

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We will do this. I would really like to handle the Twitter strategy of Agave, I will say more on #buzz
Agave is awesome, it has the branding, the community and the function to be a top 200 on coinmarketcap.

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I wanted to get this proposal out here before millions of ideas are floated. As we know DAOs are extremely hard to get consensus:

Take snapshot of all agave addresses and balances when price was similar to today. Then compare snapshot to AGVE balances before liquidity was pulled. The difference is those who bought after price was above a certain amount only reimburse those addresses a proportional amount of all the HNY obtained when liquidity was pulled.

The reason is because we don’t need to reimburse those who bought at $25 per agave. We want to reimburse those impacted the most based on recent stable price.

There is a possibility that if somehow someone bought between those times they bought high and sold low. I don’t know how to capture that.

There is always 1 person who bought at $400 and sold seconds later at $100 but if it occurred after liquidity was pulled they would be reimbursed.

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Anyone could have been a hero and double checked your tx before you made it…

The problem isn’t the mistake, more about not having a process to check the work. That is the lesson I am taking from this.

This quick disclosure and swift action stops the problem and the power of having a DAO to act as a backstop to make everyone whole is Agave’s saving grace.

Thank you! Great work!

This is recoverable & probably will become a great story to tell :wink:

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Hi Everyone, congrats on the launch :sweat_smile: exited about agave and the new DAO. im bummed out that i swapped 3 HNY for 10 Agave minutes after launch, i understand buying token launches is risky business, but any compensation for the Devs mistake would be greatly appreciated.

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Hola realice una compra. Pero nunca vendí. Si perdí bueno es mi responsabilidad. Veré en el tiempo si me resulta ganadora. Gracias al equipo de agve y 1hive

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To err is something natural in people, Thank you very much for your sincerity and also congratulations for making this something really good! I am sure it will be a success for everyone !!

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Hey man, appreciate the honest apology. It may be considered a silly mistake, but if you were entrusted of doing something, it means that the Agave team trusted you. You deserve such trust in my honest opinion, your words proved that.

Only who acts can make mistakes, and your action and reaction to the chain of events has shown great responsibility and care for the 1Hive Community.

What I care to add is this: Mistakes happen, but what is most important now is the transparency and the communication in going forward. I’ve seen projects come out stronger after a fuckup, so let’s all work in that direction. I am ready to help if I can.

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being transparent is key…its still early for honeyswap lets do the right thing and continue to move the platform forward…onward …chins up… keep pushing…btw i paid $350 a coin for a small amount within first 15min of launch seemingly…was a fine moment of today…maybe honor my trade at hny:agave at 1:100 instead of the bascially 1:3 that i paid…im not expecting 1:200 or even asking but i was there at start maybe honor my trade at 1:100 hny:agve…i was up early for agve so i kinda want agve as compensation close to inital liquidity pool …im being reasonable asking 1:100 not 1:200 realizing only few could ever get that price

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It is a fantastic story and absolutely gives me full confidence transferring my loans to Agave as soon as it launches.

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I have been watching 1hive from afar for some time. When I heard you guys were doing an Aave fork I knew this was going to be big. I aped in like most people at the unlock and ended up paying 10 HNY for 23 AGVE.

@GreenHornet you did fuck up, but you acted with the utmost integrity. Reparations should be made, but the HNY you sent to the DAO should be returned to you. anyone who paid into the hundreds of dollars should be given AGAVE from the 72% in the DAO, not your HNY.

Today was an absolute shit show. but look at SushiSwap, MasterChef rugged and after social pressure returned the funds. You rugged for the community and offered hundreds of thousands to make everyone right without anyone asking! This bodes well for the future of this community!

your a real -0G :stuck_out_tongue_winking_eye: get it

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minus 0 :man_facepalming: thanks a lot man. and thank everyone for there support and understanding. I am humbled and proud to be part of this awesome community

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@luigy I hear your doing OTC deals for people who plan to lock up the liquidity. How do I get in on that action?

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Great to see so much positive feedback here, so far I think the team has handled this well. Green Hornet you deserve the up most respect for taking responsibility and owning up to the mistake that was made. Agave devs you all acted quickly and did the best that you could in order to redistribute the remaining agave to the pool in the form of agve/weth, You listened to the community and we are very grateful for this. It was a scary experience to see it shake the markets like it did!
It’s unfortunate that things happened this way, I’m on of the people who intended to be an early supporter and purchased within the first 15 minutes of launch but received 1/10th of the amount of of agve that was intended to be in the pool. My suggestion would be to snapshot the people who purchased within the first half hour before the liquidity was pulled, and distribute to them via airdrop the correct amount of agve tokens they should have received if there were the correct amount of agve tokens in the pool. I have great expectations for the project and look forward watching it progress! Just thought I’d put by 2 cents in, I hope that my suggestion is taken into consideration but I am sure that whatever the final decision will be will be a fair one.

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Mate respect for owing up and showing courage in handling the situation. My only point would be that when there is future lauches such as this I would encourage a peer review of all steps that can have a major financial implication. This would ensure that there is always an extra pair of eyes that can provide a safety check prior to any commits. Hope to see more great launches and sticking around this community.!!

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I am keen if the dao is going to offer something like this to 1hive. I’m assuming it is not some under the table thing right?

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