Harmony Bridge Recovery Plan Update — September 29, 2022
Harmony Validators and Community,
In our updated Horizon bridge recovery proposal, we proposed a 0% minting strategy.
This strong commitment to avoid hard forking the Harmony blockchain for minting ONEs means that we would need to balance the resources allocated for network development and bridge asset recovery. Due to the 0% minting commitment, all of the recovery funds contributed by Harmony would be coming from the Harmony treasury.
While we move towards recovery, we are even more dedicated for many years to realizing the potential of Harmony as an open platform for developers and communities. We continue to invite builders to build on our mainnet which runs Ethereum compatible applications with 2-second transaction finality and 100 times lower fees.
We plan to build out uniform scaling, publish a 2023 whitepaper to recruit sharding fellows, and grow our transactions by onboarding more projects.
Each month, we plan to balance allocation towards the network, team, and recovery. We would still need to allocate budget to support the network at the protocol, endpoints, and middleware layers and advancing the Harmony ecosystem by focusing on the top builders, while conserving our overall treasury.
We plan to allocate towards recovery starting in October after confirming with partners who are steering the process. These funds will be used for grants to participating partners who will direct the funds to recovery mechanisms, such as a burn process, designed to remove depegged assets from circulation on the Harmony blockchain. We will allocate to partners to remove depegged assets over the coming years while we continue to build the protocol and ecosystem.
We want to thank the Recovery One team for their efforts to gather community participation and their recommendations on next steps. We will be working with them as our primary partner to steer and execute the recovery grant program. We will be working with DeFi partners who were affected and active organizations like Recovery One. We plan to allocate grants based on effectiveness of gathering and removing depegged assets from circulation. We are working with partners to start the process as soon as practical, targeting the week of October 10th. We will be providing updates as we start towards the first tranche of budget allocation.
We appreciate the community effort and thank the participating projects in advance for their contribution and support if they choose to supplement the grant funds with additional resources, such as their own platform tokens, as part the recovery programs they design.
Harmony launched one of the world’s first fully sharded blockchains in 2019, and proof of stake with on-chain delegation in 2020. We strive to serve as a unifying Web3 platform. While blockchains are becoming the foundation of the global economy, their adoption is at only 1%, which means that developers and pioneers will be shaping the future with 10X impact. We at Harmony look forward to building Web3 with you for many years to come, and we thank you for your continued support.
The Harmony team and partners.
