Harmony to Allocate Towards Horizon Bridge Recovery Starting in October

Harmony plans to allocate towards recovery starting in October after confirming with partners who are steering the process. These funds will be used for grants to participating partners who will direct the funds to recovery mechanisms. In addition, Harmony will be working with DeFi partners who were affected and active organizations like Recovery One.

Previously, Harmony announced the updates of its Horizon bridge asset recovery proposal, proposing not minting more $ONE nor changing its tokenomics with a hard fork of the protocol. Instead, it proposes deploying the treasury towards both recovery and development of Harmony.