Harmony lost $100 million in Ether due to the bridge mining a month ago. However, Harmony repaying 4.97 billion results in a backlash. Harmony developers began to consider compensating the community for its financial losses. Therefore, the creators of the Harmony blockchain network offered to issue up to 4.97 billion of its native ONE token. The return of Horizon Bridge’s $100 million exploits in June.
The Harmony team proposed a hard fork to generate additional ONE tokens to compensate users affected by the recent cross-chain bridge exploit in an early Wednesday submission to the network’s governance forum.
Your capital is in danger.
Community Not happy with either The solution
After a month of no communication following the incident, Harmony informed the public via a blog post, urging them to vote on potential fixes. The programmers initially claimed that a quick refund would be difficult given their current cash flow situation. It could mean a number of things, only a few of which are positive.
Harmony promised to repay the community in OP tokens created after a hard fork for the more than 14 asset classes lost, totaling around $100 million across 65,000 accounts. This inflationary proposal could be implemented by compensating users for the value of their stolen tokens over the next three years or by compensating users for only half of the stolen value.
Harmony will refund 4.97 billion tokens
The first option is to mint 4.97 billion tokens, which translates to 138 million monthly tokens over three years ($2.76 million for $0.021). This option should provide full compensation. The newly minted coins will gradually be released into circulation over the next three years.
The second plan calls for a 50% redemption with a mint of 2.48 billion ONE, resulting in a 3-year monthly issuance of 69 million ONE tokens ($1.38 million for $0.020). The minted tokens will be phased in over the next three years.
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