![]() ![]() These loans are in effect uncollectible now, locking up ONE suppliers' tokens. In the wake of the hack, DeFi arbitrageurs borrowed ONE against Harmony's de-pegged stablecoins. When Harmony's Horizon bridge was hacked, many of the Harmony ecosystem's stablecoins de-pegged. But the Harmony team has "decided against using the foundation treasury in the interest of the longevity and wellbeing of the project as reimbursing from the treasury would greatly hinder the foundation’s ability to support the growth of Harmony and its ecosystem." There’s $1.7M Earmarked for DeFi Loans Harmony has a treasury, and in late 2021 the treasury contained $200M. Given how little discussion there was before these proposals went public, it's likely the path forward has already been decided by ONE whales. ONE token holders can vote to pay back all of the money or half, in monthly installments, over the next three years.
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