Wednesday, March 22, 2023
MetaWeb3
Subscribe
  • Home
  • About Us
  • Listings
    • ICO List
    • IDO List
  • Web3 Events
    • Events List
    • Events by Month
    • Web3 Calendar
  • News
  • Blog
    • Blog
    • Press Release
  • Contact
    Home / News / Harmony intends to mint billions of new ONE tokens for reimbursement
BTC/USD
  • BTC/USD
  • XRP/USD
  • BCH/USD
  • EOS/USD
  • LTC/USD
  • TRX/USD
  • ADA/USD
  • XLM/USD
  • IOT/USD
  • ABC/USD
  • NEO/USD
  • XMR/USD
  • DASH/USD
  • XEM/USD
  • QTUM/USD
  • BCN/USD
  • ICX/USD
  • ZEC/USD
  • LSK/USD
  • IOST/USD
Low
High
Marketcap
News
July 28, 2022 by admin
Share this:
  • Facebook
  • Twitter
  • Google Plus
  • Pinterest
  • Email to a Friend

Harmony intends to mint billions of new ONE tokens for reimbursement

Harmony

Harmony is preparing a hard fork to create billions of new harmony (ONE) tokens to compensate victims of last month’s bridge hack.

Harmony, a proof-of-stake (PoS) blockchain, employs ONE token as its native currency to pay for network transaction fees. The blockchain promises to be speedier and less expensive than Ethereum.

A hacker stole $100 million in cryptocurrency assets in June. The assets were safely stored on the Harmony-managed Horizon bridge on Ethereum.

Since the incident, victims have been requesting refunds.

According to The Block, the team proposed to the community on Wednesday that they fork the Harmony network and mint a new supply of tokens to begin the refund process. According to the proposal, “This will necessitate a hard fork of the Harmony blockchain because it will increase the supply of ONE token.” 

The community was given two options to decide how many tokens to mint:

The first option is to mint 2.48 billion ONE tokens ($49.6 million), which the team claims will provide victims with 50% compensation at the current market price of $0.02 per ONE token.

The second option is to create 4.97 billion ONE tokens ($99 million), which would be sufficient to compensate all victims.

However, the community is said to be unhappy with the suggestion because the price of the token would be harmed if the overall supply of tokens increased. The total quantity of the token in the protocol is currently around 13.1 billion units. According to the research, if the idea is accepted, the supply may be expanded by 19% to 38%.

cryptocurrencynews
Previous Post
Tron Filmmaker Donald Kushner Creates Cryptosaurs in the Metaverse & NFT Collections
Next Post
Dubai Police to Release Second Bunch of NFTs

Related Posts

Top Crypto Exchanges
News
Top 10 Crypto Exchanges and Platforms for 2023
February 28, 2023 by admin
Tokenizing the Titanic
News
Tokenizing the Titanic: New Partnership Brings Real Artifacts from Wreckage to NFT Market
February 24, 2023 by admin
Hong Kong Crypto Trading
News
Crypto Hub in the Making: Hong Kong Pushes Forward with Plans for Retail Crypto Trading
February 23, 2023 by admin
ICO Calendar
May 16, 2018
CoinLion

Exchange & portfolio management

View All ICOs
Advertisement
Advertisement
Most Read
  • How To Bring Virtual Fashion Into The Mainstream
  • Poppy Playtime NFT and the controversy latest updates
  • Metaverse Summit: The first women-led Web3 conference to take place in Paris
  • What is Cryptocurrency, and how does it work?
  • How To Build A Web3 Community
Latest
Top Crypto Exchanges
News
Top 10 Crypto Exchanges and Platforms for 2023
28 February, 2023
Tokenizing the Titanic
News
Tokenizing the Titanic: New Partnership Brings Real Artifacts from Wreckage to NFT Market
24 February, 2023
Hong Kong Crypto Trading
News
Crypto Hub in the Making: Hong Kong Pushes Forward with Plans for Retail Crypto Trading
23 February, 2023
Categories
  • Blockchain
  • Blockchain Game
  • Crypto
  • dApp
  • DeFi
  • Metaverse
  • News
  • NFT
  • PR
Calendar
March 2023
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031  
« Feb    
MetaWeb3
  • Write for Us
  • Terms & Conditions
  • Privacy Policy
  • Contact
  • Web3 Calendar
About

MetaWeb3.tech is an online media site that focuses on Fintech, digital assets, blockchain technology, Decentralized Finance (Defi), Decentralized Apps (DApps), Metaverse, Crypto Games and other related technologies, covering news, opinions, trends, and informative articles.

Contact Us

Categories
  • Blockchain
  • Blockchain Game
  • Crypto
  • dApp
  • DeFi
  • Metaverse
  • News
  • NFT
  • PR
Newsletter Subscription
Connect With Us
Copyright © 2019 MetaWeb3 Tech. All Rights Reserved.