Harmony Doesn’t Plan to Mint Aditional ONE Tokens

Harmony Protocol, which suffered a hack in June, has shared an update on its recovery plan for the community.

The team stated that there would be zero percent minting, at least for now.

  • In an amended recovery proposal published in a Medium blog post on Friday (September 23, 2022), the Harmony team said there are no plans to mint additional ONE tokens, nor would there be a hard fork.
  • The latest development shows a shift from an earlier recovery plan in July, which proposed a hard fork to mint billions of ONE tokens. However, the community kicked against the proposal, which caused a change in the reimbursement plan.
  • Harmony, in this week’s update, said the team listened to the concerns shared by the community and validators and stated plans to use the treasury for development and recovery.

“We are committed to building Harmony for many years, to leverage our chain’s unique scaling advantages of uniform sharding and realize our long-term vision of network adoption and ecosystem growth. To do this, we plan to commit our treasury both to development, to make Harmony the best scaling network possible, and to recovery.”

  • Also, the team promised to provide a more detailed update in the coming days and find the mechanics that would ensure the proper deployment of funds allocated for recovery.
  • As previously reported by CryptoPotato, Harmony’s Horizon bridge suffered an exploit in June, which led to the loss of assets worth $100 million. Harmony later offered a $1 million bounty for the return of the remaining stolen ETH, which the hacker ignored and instead began laundering the ETH via Tornado Cash.

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