Token Burn Complete
300M ONE burned to offset early mainnet mining
Two months ago, we announced that we would burn all ONE tokens mined on mainnet before the launch of Open Staking. Now that Open Staking is live, it’s time to light the bonfire.
TL;DR
- A total of 319,237,512 ONE tokens have been burned
- 228,353,819 ONE from Harmony nodes and 90,883,693 ONE from the foundation
- The total supply was 12.6B ONE at Open Staking launch
Background
From the original mainnet launch on June 28, 2019 to the launch of open staking on May 16, 2020, foundational nodes and Harmony internal nodes earned block rewards. We burned the equivalent amount of tokens that were minted during this period to ensure that no new tokens were issued beyond the original 12.6B ONE.
Here’s how the calculation was done. A total of 13,301,563 blocks were mined across 4 shards from June 28, 2019 to May 16, 2020. During this time, block rewards were set to 24 ONE per block. This means that a total of 24 • 13,301,563 = 319,237,512 ONE tokens were minted. We accumulated the rewards from all internal Harmony nodes at this address, totaling 228,353,819 ONE tokens. The remaining 90,883,693 ONE tokens are held by foundational nodes.
The burn
Here’s how the burn was done. Burned tokens were sent to one of our official burner addresses one10000000000000000000000000000dead5shlag and its balance is now 319,237,512 ONE. First we burned all 228,353,819 ONE tokens from our internal nodes. Then we burned 90,883,693 ONE tokens from our foundation to offset the tokens hel d by foundational nodes.
Here are the transaction hashes to verify they were sent: 0xb58ce06a1e3caf5d97975bbb767bab03e75afad3156427534803ea2c6806e544, 0x089cb7d95f758e778b4919ae4879fdd3dc8437b406d5ab7b2b0f52d5d4a73061.
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. 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, please read this blogpost and have a look at this model spreadsheet.
Now that Open Staking is launched, everyone around the world can participate in staking on Harmony. Head over to our staking dashboard to get started. Happy staking!
