The problem Token Resurrection solves

The problem it solves

Token Resurrection addresses the issue of tokens lost due to mistaken transfers to contract addresses, often resulting in permanent loss. 🔄 Currently, there is no means to connect with the issuer and build a community around these lost tokens.

Solution

Platform built around focusing on token recovery using EAS attestations and strong verifications.

How It Works

Verification and Proof Generation

Token Resurrection verifies the locked tokens and generates proof. A Merkle root is created for beneficiaries to attest using the Ethereum Attestation Service (EAS). 🌱

Recovery Proposal Submission

Recovery proposals are then submitted to issuers or contract owners for approval. Upon approval, tokens are disbursed according to agreed-upon percentages: 70%, 20% and 10% distributed amoung user, issuer and platform

Benefits for Issuers

By introducing concepts like Gross Circulating Supply (total supply of tokens on blockchain) and Net Circulating Supply (Gross Circulating Supply minus Tokens Locked), the solution ensures proper auditing and transparency. This is particularly important for pegged tokens like USDC, which have audited market supplies against reserves held in banks. It encourages issuers to participate in recovery efforts while maintaining transparency and auditing standards. 📊

Decentralized Autonomous Organizations (DAOs), such as Optimism and Arbitrum, aim to foster community growth and engagement. When users mistakenly transfer tokens to contract addresses, DAOs can facilitate recovery. This increases trust and loyalty within their communities, encouraging more active participation on their platforms. DAOs can allocate a percentage of their total value annually (e.g., 2% per annum for OP and ARB). Token Resurrection facilitates these recovery processes efficiently, benefiting all parties involved. 🌐

Challenges we ran into

We encountered several challenges during the development process:
1. Creating Strong Logic for Verifying Contract Addresses: Developing robust logic to verify which contract addresses actually hold locked tokens proved to be challenging. Ensuring accurate identification of these addresses was crucial for the integrity of our solution.
2. Generating a List of Users and their Locked Token Amounts: Collecting and organizing data for five tokens required intensive research into locked tokens. We needed to accurately compile a list of users affected by these transactions and the corresponding amounts of locked tokens.
3. Implementing Merkle Root Creation: The implementation of Merkle root creation posed difficulties, particularly with the Ethereum Attestation Service (EAS) in the resolver contract. Decoding issues surfaced, causing significant delays as we debugged for two days to identify and resolve the problem.
Despite these challenges, our thorough data collection and analysis underscored the potential benefits of our solution, validating its relevance and utility in recovering lost tokens.