Harmony Mainnet Token Burn
Dear Harmony Community,
Many of you have asked questions regarding the ONE tokens that were mined on mainnet since launch on June 28, 2019. To clarify, we will be burning all ~200M tokens mined by internal Harmony nodes and all remaining tokens issued to foundational nodes will come out of the Harmony Foundation balance. So, the tokens that were mined on mainnet before the launch of Open Staking are not an inflation of the original supply.
TLDR:
- 100% of ~200M ONE tokens mined by Harmony internal nodes will be burned
- 100% of ~100M ONE tokens mined by foundational nodes will come out of Harmony Foundation’s balance
- 0 new ONE tokens have been issued hence there is no inflation due to mainnet mining
Now let’s get down to specifics. In total, there have been roughly ~300M tokens mined on the mainnet since launch. Of those tokens, roughly ~100M tokens have gone to foundational node operators and ~200M tokens went to Harmony internal nodes. All ONE tokens mined by Harmony internal nodes are being accumulated at this address from which they will be burned upon the launch of the new Open Staking mainnet. We will announce when the burn takes place and provide a transaction hash for the community to verify.
Transparency is a core value for Harmony, so if you have further questions or concerns please voice them in our community telegram channel and we will be sure to answer them. For more information about our token distribution and unlock, you can find the complete breakdown here. If you’d like to learn about our token economic model, have a look at our spreadsheet and stay tuned for an upcoming blogpost.
Sincerely,
Nick White
Harmony Co-founder
@nickwh8te
