Harmony Doesn’t Plan to Mint Aditional ONE Tokens

Harmony Protocol, which was hacked 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 launched against the proposal, which led to a change in the repayment 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 treasure for development and recovery.

“We are committed to building Harmony over many years, to leverage the unique scale advantages of our uniform sharding chain and realize our long-term vision of network adoption and ecosystem growth. For to do so, we plan to commit our treasure to both development, making Harmony the best scale network possible, and recovery.”

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

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