Since inception, a total of 1,216,871.43 FXC (the predecessor to AMP) and 2,288,882.74 AMP have been erroneously sent to the Amp token contract (0xfF20…95c2) and the Flexacoin contract (0x4a57…ebde). This is resulting from the FXC-AMP token migration, and staking attempts on the Flexa network.
All of these tokens are permanently unrecoverable: the admin keys to the Flexacoin contract were burned to a “keyless single use" address in November 2020, and the Amp contract does not have admin functionality to interact with these assets.
This proposal is for community vote on whether a one-time Amp replacement for the unrecoverable assets should be offered. If approved, Flexa will purchase 3,500,258.07 AMP on the open market and allow affected addresses to claim new tokens. This one-time act by Flexa is intended to support the early adopters and users of the network.
In order to ensure that tokens are sent to active addresses, users will need to prove ownership of their affected address via a gasless signature. The Amp team has verified a list of the 35 eligible addresses that have erroneously sent AMP/FXC.
Please note, this proposal and the use of funds is unrelated to the Amp Community Grant Program passed in the previous proposal. Flexa will voluntarily buy Amp from the open market using its own funds. Amp will not be issued from any treasury or development funds.
This is the righteous way and admirable thing to do. I have yet to see any project in the crypto space do this, so I can expect other projects to follow if this proposal passes.
Economically, Flexa purchasing AMP off the open market also introduces more scarcity to the asset.
I view this as a win-win-win. It’s good for everyone!
AWSOME team …!!! … I know of absolutely no other project that has done this … this team is truly the best and the future for AMP is so amazing… this really does show the project is of the highest order of integrity!!!
Hi Tyler- I think this is a great idea and will definitely vote yes. One question, is there any mechanism that the team can put in place to avoid this from happening in the future?
I support the concept, but have a couple of questions.
If I compare your numbers to Whoopsie Wall - Amp Dashboard - I notice that the latest two “whoopsies” are not included:
0x72223af51689ff7462c498e9f72239f3045920f3473b415cf4ec373338cc53f9: ~29k Amp on 9/25/21
0xdb8c51f37ae1764d18b9df5f0c24c832f52fbd90ef709f7b955628ecaf7c3800: ~6k Amp on 9/15/21
Adding those two transactions to the total in the proposal gives:
2,248,105 + 29,074.02 + 6,207.05 = 2,283,386.07 (which matches with the site)
Would this proposal exclude these two transactions?
What happens if another whoopsie happens between now and the time this proposal gets implemented, would they be out of luck?
A lot of the transactions come from Coinbase, how would you get the tokens to the correct user?
Your parents should be proud of you. Doing the right thing is not always the easy thing to do. Thank you for setting the example for the rest of the Ampire.
Thank you.
I’m one of the Whoopsies (thankfully one of the smaller ones), and have been kicking myself.
I guarantee I will leave those tokens staked for a long, long, long, long time - as I originally intended to do.
As a thank you, I will purchase same amount as recovered, so that stake can be doubled on Flexa.
This is very, very cool to make whole early adopters - really cements that AMP is the right place to be invested.
I am all for this proposal, but I would suggest a disclaimer that the claimed new tokens are staked for a certain period to support the network long-term. To prevent AMP erroneously sent to the AMP token contract in the future, staking from exchanges must be an option to encourage and ease the mind of future stakers. I am glad we can help those recover from their mistake. I have no doubt AMP/ Flexa is making the right move here! AMPIRE BABY!
However… as a gesture of good grace sure do this proposal, BUT…
The new tokens are not receivable until these mistakes cannot happen again. Somewhere in the smart contract it should boot out any accidental request to send to the contract address. This will protect all future amp holders from losing their precious tokens.
