Harmony Starts Migration from Binance Chain, Ethereum to the Native ONE Token
- No deadline for the token swaps has been announced, but the lack of staking support for interim tokens would probably incentivise holders to get it done quickly.
- Multiple exchanges have already announced support for the token swap.
Founder and CEO of Harmony, Stephen Tse, utmost right, taking a picture with other Harmony team members. Harmony
Token swaps are now available for holders of Harmony (ONE). Following a successful hardening phase in response to a security audit, the mainnet is ready for purchasers of the token to use.
The process of acquiring mainnet tokens in exchange for interim ones on the Binance and Ethereum chains has been described in an official blog post. Users are given a number of options to choose from, thanks to Harmony’s partner services.
Users of Bitmax and Binance can simply deposit their BEP-2 tokens and later withdraw native ONE tokens. Bitmax has announced their support for the token swap months in advance, while Binance is expected to release full details in the near future.
For holders of ERC-20 interim tokens, a similar process will be available on HonestMining. The Staking as a Service platform will also support the more popular BEP-2 version of the cryptocurrency.
Other platforms where ONE can be traded are also expected to announce token swapping instructions – the blog post explicitly names Huobi, Gate,io and KuCoin as future supported services.
While the benefits of swapping are obvious for those looking to build on top of the novel high-speed blockchain, or consume services that utilise it, traders and speculators also have a lot to gain. Staking will only be available on the mainnet, and those who fail to quickly swap their interim tokens will miss out on block rewards and transaction fees gained in exchange for securing the network.
So while the token swap deadline has not been decided on yet, there is already a good reason for holders to quickly proceed with the swap.
- PayPal USD (PYUSD) will be issued by Paxos and the Ethereum blockchain, and is backed by U.S. dollar deposits, short-term Treasuries, and similar cash equivalents.
- The company said the stablecoin can be redeemed for U.S. dollars at all times, and exchanged for any other crypto supported by the platform, including BTC, ETH, BCH, and LTC.
PayPal logo and sign in front of PayPal Holdings headquarters building in North San Jose Innovation District in Silicon Valley, San Jose, California, USA, 17 March, 2019. Michael Vi/Shutterstock
- North Korea’s Lazarus Group has moved around $63.5 million of crypto assets connected to the Harmony bridge hack over the weekend.
- The hackers tried to move a portion of the funds through Binance and Huobi, but the exchanges were able to freeze their account and recover around 124 BTC.
- The attacker was able to make illegitimate swaps from BitKeep addresses that had approved tokens on the wallet’s Swap router on BSC and Polygon.
- The platform noted it will launch a compensation portal within three days, and reimburse 100% of the tokens stolen from users.