AMA With Stephen Tse

Hello Harmony community!

As part of our continued efforts to increase engagement and interaction with the broader community we are excited to bring an AMA session together this upcoming week with Stephen Tse, founder of Harmony.

We know you have questions and are providing a forum for both dialogue and two way communication The post below will outline details of both where you may engage and specific times; but first a couple of house keeping items

  • AMA Format - Both this post as well as the mirrored post on Reddit will begin taking submissions from the community, and community voting via upvotes can help push specific topics to be answered first during the response period. (however, this is not required for your question to receive a response)
  • Question submissions will be accepted through both the forum and Reddit through

Tuesday, August 16th at 10am PT.

  • AMA topics are not being provided in this case, as we aim to allow time for Stephen to engage and respond to as many questions as possible, all we ask in this regard is to assist fellow community members in promoting questions.
  • Moderation will be light and we hope to allow for all posts/questions to remain, will do our best to exercise moderation only in circumstances that are outside the general rules and conduct of both he talk forum and Reddit, respectively.
  • A formatted Q/A response will be generated from the AMA and provided via the talk forum and respective socials over the days following the AMA, so if you aren’t able to participate by Tuesday, we will recap all answered questions in a concise summary of the AMA.

We look forward to continuing these engagements with the community over the coming weeks,
and thank you all for your participation in them.


I love this format as this promotes constructive dialogue… I think one question should be recovery plan timeline, 6 months? 1 year ? and what is the health and state of the chain (Team numbers, Treasury) Will the primary focus to be on the technology ? Cross shard messaging, finality, gaming focus?

  1. @stse if you plan to retain absolute control over decisions will you also become the face of Harmony again and provide your vision to the community like a traditional CEO who answers to shareholders and a board of directors. If so what is that vision? Steer the ship privately and publicly. Clear concise vision as if the end state was painted in a mural for all to see. This provides purpose and direction to investors, contributors, validators and core team members.

  2. What is your plan for talent management within the core team? As of late many critical members of the core team have left for other protocols. With more than 20 years of management and leadership experience the reason is clear to me, work environment and managerial leadership style. Servant leadership is critical, always ask how you can best support your team not control them.

  3. Is there a plan to restructure the core teams chain of supervision and project assignments in order to use your talent (and by extension be a good steward of their most valuable resource: time) in the most efficient way possible?

  4. What is the plan to entice projects to come and build on Harmony in order to replace the many that have left? And what support can projects who have stayed expect. An L1 without an ecosystem has no use case.

  5. What is the plan for Harmony the foundation to generate revenue outside of the token price action? SDK’s, bridges, wallets?

  6. How will Harmony support the native projects that have built here? FuzzFi, wenLambo, SonicSwap etc all come to mind. This community has an exceptional amount of talent that is leaving in droves.

  7. What is the DBM(Dominant Buying Motive) to buy or build on Harmony? What makes Harmony standout from other fast and cheap L1’s? What is our market fit that separates us from the pack and will drive adoption in the future?

  8. What is the plan to get the ENG team back on track with the roadmap and to fix persistent issues with the chain?

  9. Will you also dedicate some of your time to R&D of the chain? We know that’s your best product fit.




I do have some things to say…

Repegging assets is not an easy task and it will require a few things to be done in this regards.

It has always been a question that the community asked if they were in contact with CZ or another wealthy crypto person who could bail us out. It may not be the full amount, but a percentage of the total amount would help a lot.

A suggestion is to sell all the bored apes so that we can make up a small portion of the repeg costs. My recommendation is to partner with Logan Paul and sell them on, which will bring a lot of free marketing and publicity. The price of ONE could sky rocket do to this.

In addition, I would like to suggest that the gas fees be increased for a year. I wouldn’t mind paying $0.50 per transaction if this helps the chain prosper and pays back investors who lost money. Further, now that we receive 10% from staking, I don’t mind if this drops to 7% for a year and the 3% goes to reimbursing those in need.

A question to Steven is how much Harmony, not fiat he is willing to give/use to do the repeg?

Another suggestion, some investors who have lost money might be ok with not getting their money back in full. Each wallet affected by the hack should have a form that allows them to sign up and choose how much they want to receive back. For example, if they have 1,000 1USDT, they can choose to receive 100% or a smaller amount like 90% which is 900 USDT. This will help to pay them quicker or not pay them at all encase we cant find 100M to cover the loses.

I also think that they should ask for the community’s help with a donation to cover up the loss. I know many might not be happy to do this, but I personally would make a small donation if it would help to solve this issue.

Lastly, I just want to say that I have been an investor in this chain for over 2 years and have a question about grants. Non-investors join just to receive a grant for something silly like Vegan African DAO of 50k, while investors gain nothing. My vote is against this, and we don’t want you to offer grants when you know that they will not add value to the chain and the price will drop due to sale pressure. So I hope he can speak about how he will go forward in regards to this as well.


1.) How are you going to reverse the reputational damage of Harmony blockchain, caused by your (and Li’s) rampant nepotism, failure to deliver on commitments and general mismanagement?

2.) When are you going to start engaging with and supporting major projects on Harmony and helping them develop instead of letting them leave Harmony under the worst of circumstances?

3.) When are you going to start treating your staff like human beings instead of minions who are there to clean your car and polish your ego?

4.) Can you describe what you and Li actually do that adds value to the Harmony blockchain?

5.) Do you feel any shame at all?


  1. Do you acknowledge that due to the assets frozen and locked in AAVE some users lost everything as they cannot even sell assets with huge value loss. Should this be tackled as priority so we can actually decide what to do next with our harmony tokens?

Have you contacted CZ or some VC?

  1. What’s the deal with a16z. Why are team members posting about it? If this isn’t a partnership you are mocking us
  2. Wen Repeg?
    3, what utility do you actually provide to harmony?
  3. How much liquid cash is in the treasury?

Thank you for initiating this comm.

@stse Lemme be honest. Everyone wants to gain profits irrespective team members or community. There is NOTHING called community.

Since you are the face of HARMONY, we want to hear concrete plan. I’m confused with my investment in $ONE now.



Hello Domin0 here, aka Sejin

First I wrote weeks ago a proposal plan for the network recovery:

As someone implied, working and living in Harmony would like to address some questions of my concern:

  1. Have you considered the possibility of asking for assistance and collaboration with other Networks to confront the situation? I believe the idea of working together in the recovery with other decentralized Networks speaks in the spirit of decentralization and they could offer promotion and support for it and also in exchange for technology and development. We could get some promotion to bring back people who have left the network back in exchange for collaboration.

  2. When you mention and you speak about working with your community, how do you choose the members of the community who will work with you?
    I think Harmony belongs to everyone working and living on it and it includes people with not a lot of online presence. Will you consider officially creating a Harmony communication channel to truly move and ask, talk, listen and work with people involved besides their popularity or their participation in certain circles? I know several investors, builders, artists, and developers who have been working hard in harmony helping it to grow who are not being considered enough, and perhaps they are the ones we need the most.

  3. I strongly believe the best way to recover funds is not asking for money from anyone or planning to give it back over credit or fees, but instead to put the network to work better than ever worked before supporting mainly and strongly people building on it, so their projects bring back investors and users to the network helping it to recover by naturally and efficiently by its own merits. For this, support, communication, and collaboration with builders should be the main target. Are you willing to make the first move and contact and talk directly with all the builders and create supporting and promotional plans for their projects in exchange for conditions related to loyalty, presence, and promotion of the Network?

  4. I think communication is the main issue with the harmony team, is very difficult to reach you and more difficult to have an answer. The forums and the Discord are not enough cared and the communication channels are dispersed.
    A revitalized communication system organized, cared, and administer by the Network could bring back communication among users and builders, attracting people to participate actively on it and it could include channels for every project working officially in the network to get more attention from the start and not have to build their own way from zero when trying to contribute.
    I will let here a model based on Discord:

Wishing the best for the Network and believing strongly in growing by accepting and learning from our mistakes to don’t make them again in the future.



More effort to communicate with the community .The community have to learn about information and news through CT &social media .

The sentiments are very negative, there is no transparency . You focus to much on clearing with legal team, waiting, brainstorming yet putting very little focus on the critical time wasted and community losing trust .

It’s just shows your priorities.

Why are everyone saying you run harmony like a dictator good ideas gets shot down and bad ideas get funded ?

Why are everyone working on harmony complaining and begging for payments openly on social media, yet non of the team opening stand out to address and close the loop.

Why are everyone saying: the team is always silence and waiting for things to happen without giving a response or clear direction? From grants, dao, community update, hack .

Up till now we still don’t know who is accountable for that hack , how the engineer was phish? Why is there only 2/4 multi Sig to locked down the network?

Why is there no risk management team to ensure the treasury able to cover the TVL of the bridge harmony maintain just in case it screws up? Hindsight , might have been a good idea to have an extra 100M when you sell at ATH .
@vitalik convince eth foundation to sell eth at ATH and double their runway cash flow.


Hi Steve and Li, with the problem of management which will affect the development and adoption of harmony, u ever thought of stepping down?

The management problem seems not the first time, happened way back ago when the developer and founders left harmony. Thanks

There is what a week ago would have been counterintuitive, but now that the recovery process has began is likely to become an truly unnecessary PR disaster for Harmony with an apparently simple solution.

That is relating to the user assets still stuck on the bridges and how this issue is just beginning to spiral from one of the more minor negative user outcomes, to one that compounds negatively as users who want to participate in the recovery effort collectively have up to roughly $800,000 sitting there completely illiquid on Harmony. With no option to redeem those assets and swap back over to ONE, and then use that ONE to buy the affected 1assets stolen by the hack to join the effort in helping to repeg.

Also as mentioned before the PR issue here, and how being left out is going to make it difficult to retain this significant portion of the user base is actually just one facet of the problem here. Many of these assets are the type bridged over in good faith by people in cross-chain communities. Utility tokens like Chainlink, various Gamefi communities, competitors like Polygon, potential future partners like Uniswap(for V3) et cetera. You can imagine what kind of unjust accusations and such are needlessly spread through the cryptosphere, which is painful considering we know here Harmony is a victim just as much as they are. And how up until a point, every reasonable user here who has been paying attention understands and respects the difficult position you were in with investigations and security in the post-hack era prior to the recovery era.

So I would ask if there is any reason that some quick effective action like moving the remaining “dust” from the stolen assets out, some slight modifications of the front end to inform users of the situation and disable them attempting to redeem unbacked assets(back end users should understand if they try and fail), and simply reopening the bridge at least temporarily(even if just for redemptions so people can buy ONE or help repeg and not get let behind) until the trustless version of Horizon is deployed, is something we can’t see prioritized to put out this fire now before it gets worse?

Personally I would be thrilled with any technical solution such as Harmony facilitating some cross-chain swaps for native ONE on Harmony while the BSC/ETH assets get swapped to their respective ONE representation, which then gets burned and we can all move forward. Or bringing liquidity back so we can just swap the backed and secured assets for ONE ourselves at the proper market rate. Perhaps this is more complex than simply allowing redemptions, but if something is blocking that please consider providing alternatives which result in a similar outcome where the full value is available in ONE in a very timely manner as the speed at which the restoration effort and ONE’s revival seems to be taking place is going to unavoidably result in some resentment sadly if users are explicitly left out like this.

Simply waiting for the trustless bridge, as fantastic as we all hope it will be, does not seem to be an option that mitigates any of the serious issues unfolding currently. As I believe I have illustrated the time sensitive nature of the situation amplified by the beginning of the restoration effort, which I personally have been extremely excited about and working on and hoping to contribute to, but quickly realized how minor problems like this can reverberate and derail even the best efforts and intentions.

Thank you for your time and consideration.


Simple questions both for Stephen & Li:

Stephen Tse’s motto in various public forums has been about running or creating a “decentralised”, “community” chain for years now, while extolling the ideas of radical (not effective) transparency.

  • However, as CEO & among the very few co-founders left with project, does he believe having lived these ideals not only in principle & letter, with the sequence of events leading upto, and not limited to the hack?

  • The lack of quality control w.r.t DAO’s, news of nepotism & contentious circles of opaque decision making, and non-prudent financial risk & runway management w.r.t changing market conditions have brought the chain to heel. This isn’t conjecture, it’s facts. Is Stephen open to changing the management structure to include steering committees, advisory board & chairman, instead of letting this be a CEO led chain, centralised and opaque towards decision-making?

  • The internal ethos has always been that Harmony One has been a small startup & therefore, operates with similar mentality (I disagree - Billion USD worth Treasury at peak bull market w.r.t TWAP & 100 millions as locked collateral tx’s on bridges, Daily transaction volumes in millions with 80% due to DFK - isn’t small).The market sentiment flipped, and no project leader took notice as others were fund-raising, completing tech acquisitions, creating multi-year cash equivalent runways while staying upto date on cutting edge, open-source tech. How does Stephen plan to support his core team members, ensure better visibility of project goals moving forward? Harmony, and L1’s aren’t WhatsApp - They are Amazon v 0.01.(supposedly decentralized)

  • For a 100 day plan, how do Stephen & Li make sure that their executive contributions to the chain are transparently communicated to the public (i.e. active executive head-hunting, protocol & product developer growth, strategic partnerships, financial risk management, fund-raising)? Can they please illustrate their specific value add to the chain in these domains, past August 2021, the initiatives they personally led (with success rate) & their specialist role within the team - in bullet points, as the performance reviews were not explicitly indicative of these details for Stephen & Li.

  • What is the value proposition of Harmony going forward for builders amidst new L1’s, L2’s and the merge, considering the project has been accumulating technical drift & debt for some time? Have the milestones been restructured to ensure that critical project development is completed at the earliest for further fundraising, & not diverted towards non-essential product related tasks?

  • Restore consumer & stakeholder confidence w.r.t bridge compensation plan. What does that look like? Harmony has been pretty closed source project by all standards, considering there is little in terms of documentation, SDK’s available to the public.

Sidebar : If you are open to spirited, constructive discussion about solutions post bridge hack, reach out for personal 1:1. A rule with fear/by fear is unsustainable.


That’s when @stse moved to the back and got @lij to represent him and moved to the front, @stse still have full control behind the scene .

I heard it through tweeter and definitely prefer to hear it from the horse mouth , why so screwed up yet not implementing any changes.

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@stse during the ama .
Due to the time constraint and difficulty to invite you to speak to the community while troubling you to come down from the ivory tower and be as accountable as you should have been.

I reccomend all question to be answer straight to the point with beating around the bush cut to the bare minimum.

We all know you are well versed to ,Speaking for many minutes but actually saying nothing at all.

We require concrete timeline, action , milestone, plans , roles of members , accountability towards every role and communication, etc

Please don’t come up again :” it’s a difficult time …. The team have been working hard …. Harmonys is abt the community… we appreciate the community support…

Cut the crap and let’s go straight in ,to the details that are long due .


1.) Why am I constantly having to change RPC’s to use HarmonyONE. Can you fix your mainnet RPC

2.) What is Harmony doing for marketing? I see other chains daily posting something on Twitter for engagement. You have 0 community engagement other than what we create ourselves.

  1. I would like to see some more recognization to projects like WenLambo who has kept me on chain.
    When can I expect Harmony to promote their own strongest projects (regardless of names)?
    You could even simply promote NFTkey for selling NFT’s on chain……?

@stse - how much to buy you out of Harmony?


What’s the nature of harmony’s relationship with Andreessen Horowitz. The tweets on sunday are very vague.


Were there any investors who approached you or whom you approached to help Harmony $ONE with fresh funding after the hack for partnership? If yes, what are progresses in the partnership talks? If the talks failed, please provide the primary reasons.

Thank you.

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