Layer-1 blockchain Harmony has proposed to mint billions of its ONE tokens in order to reimburse the victims of the Horizon bridge hack that saw around USD 100m of user funds stolen.
The Harmony blockchain would have to hard fork and increase the supply of ONE to mint new tokens. The team said reimbursement would be in the form of ONE tokens and span a three-year period due to the treasury's limited ability to provide immediate reimbursement.
In a blog post, the Harmony team put forward two working options and asked for the community's feedback.
The first option is "an estimated 100% reimbursement" that proposes minting ONE 4.97bn, which equates to a 3-year monthly emission of 138m tokens, or around USD 2.76m, using the token price of USD 0.020, they said.
The second option is "an estimated 50% reimbursement" that suggests minting ONE 2.48bn over a three-year period, which translated into a monthly emission of 69m tokens, worth around USD 1.38m using the token price of USD 0.020.
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