The End of the Harmony Blockchain and Here’s Why

A enormous loss for the ecosystem which affected 65,000 wallets and 14 different asset types was suffered when a blockchain bridge on the Harmony (ONE) lost $99,340,030 worth of digital assets following a hack. Following this, the team made a proposal for reimbursement to compensate for losses.

A payback plan based on massive impression

The Harmony team aims to find solutions in the absence of a public or private investor to bail out the project, as was the case for the Solana blockchain. His wish is to make the project sustainable and long term. To repay the project in a sustainable and sustainable way, the Harmony team has proposed a repayment plan based on the following elements:

  • Up to 138 million tokens will be created each month over the next three years to fully repay stolen funds
  • A refund equal to 50% of the stolen funds or 2.48 billion ONE, or 69 million tokens per month over the same period

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

After reaching an ATH of $0.37 in October 2021, its value today is around only 0.02 cents. ONE encounters resistance from the community following the announcement of this hard fork. Despite this, Harmony remains a blockchain on a human scale in reality through its daily use.

Read also Why is Loopring’s cryptocurrency skyrocketing today?

On Dune Analytics data for June 2022, only 303 unique users interacted with the bridge Harmony-Ethereum. It is therefore clear that the trend was still down for July. Between the drop in the quantity of users and this massive impression, it is difficult to be calm about the future of the Harmony blockchain. Time will do its work, but this is probably the end of the story being written before our eyes.

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