Harmony Releases Compensation Proposal, Plans to Increase $ONE Supply via Hard Fork

Harmony released a compensation proposal for the cross-chain bridge Horizon hacker event, planning a hard fork of Harmony to increase the supply of $ONE and compensate affected wallets for $ONE tokens over three years, with distribution occurring on a monthly basis. The proposal offers two compensation-specific options. The first option proposed is an estimated 100% reimbursement with a minting of 4.97B $ONE, which equates to a 3-year monthly emission of 138M tokens ($2.76M using the token price of $0.020). Minted tokens will be gradually brought into circulation over the 3-year period. The second option proposed is an estimated 50% reimbursement with a minting of 2.48B $ONE, which equates to a 3-year monthly emission of 69M $ONE tokens ($1.38M using the token price of $0.020). Minted tokens will be gradually brought into circulation over the 3-year period. Snapshot voting will begin on August 1 and end on August 15. An additional 86M $ONE (included in the proposed options) will be minted as part of the reimbursement plan, and distributed to certain affected DeFi protocols over the same 3-year period, to mitigate losses resulting from uncollectible loans.