[ARCHIVED] Crosschain BitDAO with Nomad to rise recovery ratio of victims

Proposal Title: Implement crosschain DAO in BitDAO and Propose solution to raise recovery ratio of Nomad victims through BitDAO.

Authors: Sebastiano

Date: 7 october 2022

Objectives : integrate BitDAO crosschain though the DAO vote module developed by Nomad and participate to $Nomad future governance token to rise recovery ratio of victims.

Nomad Zodiac module allow crosschain DAO votes with Gnosis : docs.nomad.xyz/governance-bridge/zodiac-nomad-module

Reminder : 1 August 2022, Nomad bridge was exploited, resulting in a loss of about 190M$ according to Defilama stats. More than 2 months have passed, chance to revovers more funds from hackers is specially low for ETH holders as large majority is hold on a single hacker wallet. A bounty of 10% for returned assets seems to be still possible.

Nomad is a cross chain interoperability infrastructure (token bridge, messaging, NFT…) based on optimistic model.

They raised 22M$ few months ago , here the source : Nomad Raises $22M Seed Round for Security-first Interoperability | by Nomad | Nomad | Medium

Nomad did not communicate if they will use their treasury to rise recovery ratio, neither their +35 investors ( Polychain Capital was the lead investor). Many mechanism also exist to repeg and rise recovery ratio apart from a $Nomad token future airdrop : create DeFi incentives, farming, utilities of their NFTs, lending and borrowing, burning mechanism, launchpad, grants from different blockchains, bridge fees, write off partial debt of some market makers to benefit Retailers first.

BitDAO have a big community that could benefit on cross chain DAO and help Nomad victims to revovers though many mechanisms.

Next step : put in contact Nomad founders in Discord ( Nomad ) with BitDAO actives participants.

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Welcome to the forum @jamestrulard. To assure that your proposal meets the requirements, please follow the template provided as closely as possible. The BIT community will need more information before opening this proposal for discussion. Moving this thread to the General Archive.

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