AI is in both goodbye letters this week. neither chain died of AI๐
harmony: seven years on mainnet
- August 12: an exploit mints nearly 4 billion unauthorized ONE, about 26% of supply
- August 17: chain rolled back to August 11, 109,126 regular transactions erased to undo it
- the proposal now: chain off, snapshot, ERC-20 on ethereum. non-binding, 7-day intro, 14-day vote
- and September 10 is already the date to get out of the contracts. exits open before the vote even CLOSES
that's the cause of death. AI-video is where the team goes next. different sentence
router: more than four years building bridges
- their own words, the honest bit: compressing fees against costs that never sleep
- tried to sell it, license it, get bought. none reached an outcome that sustains a protocol team
- money going to AI is in the letter too, as the excuse
cause of death: no buyer
now the holder side, because that's the only side i'm on:
$ONE becomes an ERC-20 on ethereum, snapshot, same addresses, no claims
the chart did -2.9% on the week, and the bag survives the chain
ROUTE: 303,333,198 burned from the treasury, about 30% of supply, CEX delistings on the way
September 30 and it's over. about 50% down in 24 hours, all-time low $0.00003970. nothing to migrate
one team pays validators a $1.372 million pool to switch off nicely. the other sets fire to its own treasury)
i don't know what to do with "old chain" as a category any more. seven years and it's one vote away
i guess check the wallets from your first cycle before someone else decides for them. no idea what else
which fossil is still in your wallet? drop it in the comments, i'll collect them in one list and we'll see which one dies first๐
like if this was news to you. follow for the next one, from a guy who can't name every chain he holds)
#one #route Not financial advice.