Offering $ 98 million in cryptocurrency for free: Harmony’s bold plan

billions of billions – After being robbed 98 million dollars in one clickthe Harmony protocol then offered hackers $ 1 million in exchange of the remaining loot. The response from the hacker so it was not long in coming. The $ 100 million of the hack ended up disappearing, taken away Cash Tornado. Exhausted by bear markets and faced with the necessary need for development, harmony tries to find a way out and proposes a government vote.

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Harmony: ONE, the solution

The developers had been clear. Harmony’s money will not be used to repair the Horizon bridge, connecting the Harmony blockchain to the Ethereum blockchains or the Binance Smart Chain.

“The Harmony team believes it is important to the overall strength of the ecosystem that damage to affected portfolios is mitigated in the most feasible and practicable way for the project. “

Harmony Source: The block

Harmony still has to repair the damage caused to its users. He therefore decided to consult them around a governance vote. The solution would then go through theIssue of a token, the protocol’s native cryptocurrency. It would cover the loans related to bridge piracy and thus make the protocol ecosystem more serene. Two solutions are available to voters:

  • A refund of 100% of the funds stolen which includes the creation of 4.97 billion ONE, or 138 million tokens per month over three years, or,
  • Reimbursement at 50% stolen funds of 2.48 billion ONE, or 69 million tokens per month over the same period.

The ONE currently costs 0.02 cents. It is therefore a long way from the peak of 37 cents reached in October 2021. Combined with a hard forkthis approach met with hostility from the community.

View the number of unique users of the Harmony bridge per month
Number of Harmony ERC20 bridge users since launch (source: Dune Analytics, @sendmeat)

However, it should be noted that in fact and in everyday use, Harmony remains a micro-niche within a niche: in June 2022, according to data from Dune Analytics, only 303 unique users interacted with the Harmony bridge. Ethereum … and the trend was clearly still down for July.

the community choice it will then be carefully examined. The number of tokens created will be a factor to consider for the future and especially the trend of cryptocurrency. Appointment made, the community will be able to vote 1 August. The voting will end on August 15th.

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