Harmony
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Harmony

Horizon Bridge Recovery Plan

0% Mint — Commitment from Foundation Treasury

The Harmony team would like to update our community on our Horizon bridge asset recovery proposal.

We have been closely following Recovery One’s progress, listening to our validators and community, and we share the goal of preserving the foundation of the Harmony blockchain with 0% minting.

We propose not minting more ONE tokens nor changing our tokenomics with a hardfork of the protocol. Instead, we propose deploying our treasury towards both recovery and development.

We are committed to building Harmony for many years, to leverage our chain’s unique scaling advantages of uniform sharding and realize our long term vision of network adoption and ecosystem growth. To do this, we plan to commit our treasury both to development, to make Harmony the best scaling network possible, and to recovery.

We would like to thank the Recovery One team for their extraordinary efforts and continued support in coordinating proposals and engaging with the community.

We will provide another long form post to detail out how we would work with partners to find the mechanisms for effectively deploying the funds allocated for recovery.

We expect to provide the longer update with more details in the coming days and continue to engage partners and communities.

About Harmony

Build on Harmony, Bridge to All Chains.

Harmony is an open and fast blockchain. Our mainnet runs Ethereum applications with 2-second transaction finality and 100 times lower fees.

We 💙 Developers.

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GlobeyNFT

GlobeyNFT

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Guy who writes about things in Web3 — Harmony Protocol