90% Slippage on my 1USDC?

Community
1

I haven’t checked my Harmony USDC funds on Metamask until just recently… It all appears to be there, but I need to bridge the funds out and am seeing 90% slippage?? Can someone please tell me what is going on? Can this be corrected? Thx.

2

It appears that you are not aware of the Horizon bridge hack, which depegged all non-native coins that were bridged into our ecosystem by use of the Horizon bridge. The tokens were stolen on June 23rd from the Etherium side of the bridge and now we are proceeding to slowly operate a recovery campaign to remove those damaged assets from circulation and to slowly offer better rates for users to redeem their 1Assets.

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3

I’m not seeing any new hope to recover more than 10%…Are there any new developments or do I just take my beating?

4

I can’t give financial advice, but I can say that we have steadily increased the liquidity behind some of these depegged assets over time, for instance 1USDC. This is a long-term solution and it is up to each affected wallet to determine their risk tolerance. The on-chain price of depegged assets is decided by the circulating supply, which we are actively decreasing each round through the use of the Horizon burn contract, and the market itself. The latter is determined by what price users are willing to exchange these assets for. The idea of the recovery method is that eventually the supply will become so low that in order to continue redemptions we will need to increase the price offering. Otherwise users that have been holding for a better rate won’t exchange.

It will take time and there is a lot of market uncertainty.

5

Thanks for the response.

6

New developments? Sure! Harmony will build virtual reality metaverse games, hyper boosted DeFi protocols and life-changing technology that will make world better place. It will be the fastest, best looking and great working top notch blockchain soon, true revolution.

7

Hello has there any more news on this I have someone that found a large amount of 1USDC in gheir wallet. Anyway to get it off chain??

8

many of us are waiting for full repeg if it ever happens …

9

full repeg would be easy if the chain generates tons of transactions