- The Concord Protocol workforce has proposed a reimbursement plan that entails hard-forking the chain.
- The plan entails two choices: minting 4.97 billion ONE for full reimbursement or 2.48 billion ONE for 50% reimbursement.
- The minted ONE will then be distributed inside three years.
The workforce at Concord protocol has proposed a reimbursement plan to make entire its group members affected by the $100 million exploit carried out by the state-sponsored North Korean hacker group, Lazarus.
The proposal entails Forking the Concord Chain, minting Billions in ONE.
To start with, the proposal entails a tough fork of the Concord chain to extend the provision of ONE token. These tokens will, in flip, be used to reimburse affected group members over three years. The distributions will likely be made month-to-month with claims being made ‘at any time that tokens can be found for the impacted wallets.’
The proposal additionally suggests two methods the ONE tokens could be minted with the onerous fork. The primary is minting 4.97 billion ONE to facilitate a 100% reimbursement. This quantity equates to roughly 138 million ONE tokens distributed month-to-month or $2.76 million utilizing a worth of $0.020. The tokens will step by step be launched into circulation over the three years.
The second choice is minting an estimated 2.48 billion ONE to facilitate a 50% reimbursement to affected group members. This interprets to roughly 69 million ONE tokens per 30 days or $1.38 million. The tokens may also be step by step launched into circulation over three years.
An extra 86 million ONE will likely be minted as a part of the plan. These tokens will likely be used to resolve uncollectible loans throughout numerous DeFi lending protocols intertwined with the Concord ecosystem.
Concord Group Voices Considerations Over the Potential Inflation of ONE.
Nonetheless, the plan to hard-fork the Concord chain and mint billions of ONE has obtained blended reactions from the group, who’re involved in regards to the influence of the extra tokens on its worth. Beneath is a pattern of responses from each Twitter and the Concord discuss discussion board.
Guys, minting of 4.97B ONE will crash the worth in merely few days. Please take into consideration the buyers who’ve been holding and staking for years. We received’t attain an ATH ever once more with that provide. The chain would collapse. – by @ingenious_geek on Twitter.
I’m about to unstake all of my $ONE tokens and promote them for a distinct chain if both choices occur You’ll be able to’t print extra tokens out of skinny air and count on me to primarily payback these effected by the #HarmonyOne hack. My staked 200k are solely a small drop within the ocean. – by @DogecoinPilot on Twitter.
“We gonna offer you tokens that will likely be closely inflationary, however don’t hurry, each little factor is gonna be alright” – by Allayam on discuss.Concord.one.
Can the proposal add a BURN after the wallets are reimbursed? Personally although, what’s misplaced is misplaced (we all know the dangers of crypto and that it’s not FDIC insured)…Re-peg is extra necessary. – by PyramidMines on discuss.Concord.one.
[Feature image courtesy of ShutterStock.com.]