Harmony Protocol Structures Plan To Retrieve Stolen $100M
- The plan also called for a hard fork of the Harmony network.
- Harmony considered compensating the hack’s victims with the protocol’s native token.
The developers of the Harmony protocol have put up a new plan. In order to retrieve the $100 million in stolen assets from the Horizon Bridge in June.
Initially, Harmony considered compensating the hack’s victims with the protocol’s native token, ONE. Which would have required the minting of billions more tokens. To boost the number of ONE token, the plan also called for a hard fork of the Harmony network.
The Harmony team originally intended to use the foundation’s funds to compensate the service’s users. But after receiving a flood of negative feedback, they scrapped that idea in favor of another.
According to the developers, “with 0% minting,” the basis of the Harmony blockchain is now the priority after “listening to our validators and community.”
Harmony stated in a Medium post:
“We propose not minting more ONE tokens nor changing our tokenomics with a hardfork of the protocol. Instead, we propose deploying our treasury towards both recovery and development.”
Wrapped Ethereum (WETH), AAVE, SUSHI, DAI, Tether (USDT), and USD Coin (USDC) were among the cryptocurrencies stolen and later exchanged for Ethereum, totaling over $100 million.
The team added:
“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.”
Harmony has promised a more comprehensive update describing the means to efficiently use the monies provided for recovery “in the coming days.” On June 24th, the Horizon bridge attack was disclosed by Harmony, a company with the purpose to address the “blockchain trilemma” by striking a balance between scalability, security, and decentralization.
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Read more: https://thenewscrypto.com/harmony-protocol-structures-plan-to-retrieve-stolen-100m/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
