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
Link to my proposal Agave Retributions Proposal