Harmony has decided not to use treasury funds to make up for the $100 million lost on the Horizon bridge. The project has been looking for ways to cover the damage with its developer team for a while after the attack. Finally, the project developers decided to issue ONE token to cover the losses of the project.
Harmony Will Hit ONE to Cover Damage in Horizon Attack
“The Horizon bridge resulted in the loss of around $99,340.030.00 worth of digital assets across 14 different asset types,” Harmony developers said in a proposal recently posted on the protocol’s management forum. The Harmony team feels it is important for the overall strength of the ecosystem that the damage to affected wallets be mitigated in a feasible and optimal way for the project.
At this point, the developers offered two options. The first offers an estimated 100 percent cashback with the issuance of 4.97 billion ONEs, which equates to 138 million tokens per month over a three-year period. Second, it offers an estimated 50 percent cashback. This translates into monthly issuance of 2.48 billion ONE or 69 million tokens over the same period.
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