Crypto

The end of the Harmony blockchain and here’s why – The ₿log

A huge loss to the ecosystem, which affected 65,000 wallets and 14 different types of assets, was dealt when the blockchain bridge on Harmony (ONE) lost $99,340,030 of digital assets due to a hack. After that, the team made an offer for damages.

Payback plan based on mass display

The Harmony team is looking to find solutions in the absence of a public or private investor to save the project, as was the case with the Solana blockchain. His desire is to make the project sustainable and long-term. In order to repay the project in a sustainable and sustainable manner, the Harmony team came up with a repayment plan based on the following elements:

  • Over the next three years, up to 138 million tokens will be created monthly to fully redeem the stolen funds.
  • Return of 50% of stolen funds or 2.48 billion ONE or 69 million tokens per month for the same period

It is important to note that the initial supply of ONE tokens will eventually increase on the Harmony blockchain. This proposal requires a hard fork of the Harmony blockchain to increase the initial supply of ONE tokens. After this hard fork, the affected wallets will have to claim their tokens within the next three years. Claims can be made at any time on affected wallets and distributions will be made on a monthly basis.

After hitting $0.37 in ATH in October 2021, its value is only around 0.02 cents today. ONE is facing resistance from the community after the announcement of this hard fork. Regardless, Harmony remains a human-scale blockchain through daily use.

Read also How to choose the right stablecoin – Tether (USDT), USD Coin (USDC), Binance (USD) or TerraUSD (UST)?

According to Dune Analytics for June 2022, only 303 unique users interacted with the Harmony-Ethereum bridge. Thus, it is clear that in July the trend was still downward. Between the drop in the number of users and this huge impression, it is difficult to be calm about the future of the Harmony blockchain. Time will do its job, but this is probably the end of the story that is being written before our eyes.

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