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News

New Horizon Bridge Restoration Proposal Updated 0% Mining Strategy

September 30, 2022 - Around 2 mins mins to read
Harmony has updated its Horizon Bridge restoration plan. The restoration plan proposed a 0% mining strategy, with a plan to allocate capital for recovery from October. Resources will be balanced for network development and bridge asset restoration.
Horizon Bridge

In its latest update on the Horizon Bridge restoration proposal, Harmony said about the proposed 0% mining strategy.

Due to the 0% mining commitment, all withdrawals contributed by Harmony will come from the Harmony treasury, with a plan to allocate capital for recovery from October. These funds will be used for provisioning grants to participating partners, who will channel funds to recovery mechanisms and will be allocated to partner funds to exit decoupled assets over the next several years.

Plans to focus on overall protocol development and recovery are expected to begin on October 10.

Harmony has been hacked before, with a loss of around $100 million and then stated that it will not recover and grow by minting more ONE Tokens or hard fork.

Horizon Bridge

Prior to this proposal, Harmony made a proposal to mine ONE native tokens worth up to $4.97 billion to compensate victims of the $100 million Horizon Bridge hack. The production is receiving outcry from the community.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Foxy

CoinCu News

News

New Horizon Bridge Restoration Proposal Updated 0% Mining Strategy

Harmony has updated its Horizon Bridge restoration plan. The restoration plan proposed a 0% mining strategy, with a plan to allocate capital for recovery from October. Resources will be balanced for network development and bridge asset restoration.
Horizon Bridge

In its latest update on the Horizon Bridge restoration proposal, Harmony said about the proposed 0% mining strategy.

Due to the 0% mining commitment, all withdrawals contributed by Harmony will come from the Harmony treasury, with a plan to allocate capital for recovery from October. These funds will be used for provisioning grants to participating partners, who will channel funds to recovery mechanisms and will be allocated to partner funds to exit decoupled assets over the next several years.

Plans to focus on overall protocol development and recovery are expected to begin on October 10.

Harmony has been hacked before, with a loss of around $100 million and then stated that it will not recover and grow by minting more ONE Tokens or hard fork.

Horizon Bridge

Prior to this proposal, Harmony made a proposal to mine ONE native tokens worth up to $4.97 billion to compensate victims of the $100 million Horizon Bridge hack. The production is receiving outcry from the community.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Foxy

CoinCu News

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