AMA With Stephen Tse

Do you consider you have failed the adoption?

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In the next growth phase, would you focus more on the technology and funding of those Harmony developmental technologies rather than DAOs and extracurricular investment such as Blue Metaverse and BAYC?

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As using transaction fees would be one of the reimbursement strategy.
How is Harmony’s relationship with DeFi Kingdoms, Defira / Tranquil Finance, and Aave?
As >90% of Harmony’s transaction comes from them.

If some are not good, what would be your effort / strategy to re-convince them that Harmony could be better for them in the future?

Thank you Stephen. Let’s work together for a better Harmony.


Is Harmony still giving out money to Blu3DAO and to your friend @littlemoneyboss ?

Giv stated that’s not related to Harmony.

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  1. Given recent setbacks, how does Harmony plan to separate and differentiate itself from other L1s?

  2. What are you most excited about for Harmony?

  3. What is the biggest area of improvement for Harmony?

  4. What is the biggest area of improvement for Harmony leadership?

  5. Thoughts on recent departures, both from within the team and the ecosystem?


Dear Stephen, Thank you for your time. I understand you have a number of things that must require your attention. I hope that this “question” will bring a few items that I believe require your sole attention.

I have had the honor of being apart of this community for over a year, and while the community I joined is one of the strongest communities I have experienced, there are things that are transpiring that I find to be distasteful. Not within the community, but to the community by those who (desire) to lead it.

I am unsure if you are aware of the NON-PAYMENT for the VDAO for Terms 1 and 4. There were no applicants for Term 5. These are payments for work done, not future work. With Validators being the lifeblood of a POS network, How do you reconcile these decisions? When will you remit payment to the validators?
Term 1 Owed: 387962.55 $ONE - Citing FORUM POST Term 1 VDAO
And to be clear that was when $ONE was worth .22 each. That would be 2,772,000 ONE with current values.
Term 4 Owed: 414284 $ONE ( According to Term 4 Treasurer) - I understand the process for their payment was interrupted by the hack, and multiple process changes.

Are you aware that VALIDATORS are not the only community members that are effected by NONPAYMENT?

Lets go thru the GRANT applicants that were approved for funding, and then they were not funded.
1- DefiKingdoms - Approved for $1 million, received 0.
2- Knights and Peasants -
Screenshot 2022-08-15 151915

This list goes on, and should other community members have more projects to mention here, please reply with them and their experience (PREFERABLY a FORUM LINK ROFL) and I will finalize an edit before tuesdays AMA.

Do you understand that Harmony having a history of non-payment to their business partners is a huge red flag for LEADERSHIP to be LACKING? How can future partners TRUST you will pay them for work they do? What is your process for improving as a leader? Why should we believe that it will improve your process?

Regarding the Hack:
How can anyone BELIEVE you will ACT in their best interest when you have not presented an ACTIONABLE plan in over 50 days? And what did you believe the first proposal would achieve aside from community outrage? How can you cultivate consensus when the first proposal was so far from acceptable to the community?

My hope is that these questions allow you to self-reflect, and understand that there is nothing wrong with recognizing you need help. Seeking Help isn’t weakness, its strength.

Be well.
Priest - Ryan.


I also have concerns with the trust and reliability of any future efforts if there is a large history of non payment for projects and validators, and other problems such as lack of clarity in the actual real values and principals of Harmony and the direction the company is taking forward.


When Harmony was working with Chainanalysis to monitor the hackers’ addresses, why weren’t Chainanalysis’ oracles updated to blacklist those addresses from being used on Tornado Cash? (since Tornado Cash uses Chainanalysis APIs to blacklist sanctioned addresses?)

Wouldn’t that have been a fairly straightforward and sensible solution?

Do you mean something like the offical front end that was taken down used that service? If so I don’t think the hacker would be using that, or deterred by a front end block anyway if they were.

If you mean there is a blacklist function in the contracts on chain then it would be trivial to just move to other addresses with such a naive approach I think. How could they update the list fast enough to avoid a contract that sends to another address any amount of times and then deposits.

These sanctions seem to mainly hurt regular users seeking privacy by banning them on front ends like Aave, causing problems for legit projects seeking to comply. Yet changing nothing for the criminals.

On that note another question for the AMA I had in mind was how this new unfolding situation affects Harmony’s own roadmap with regard to privacy related features? On one hand I can see this make Harmony take a step back from that path on the roadmap. But on the other hand perhaps there is now a new untapped market for Harmony as a US based org to come up with some ideas that are both private and compliant if possible. Especially after being the victim here that probably pushed the gov over the edge, thus getting its place in the crypto history books. It’s an interesting narrative.

Also I really think Harmony should advocate as a US org that they roll back and reconsider the sanctions. Because they are currently as implemented an existential threat to Ethereum, and by implication Harmony as well. Being a key player as the victim will add weight to Harmony’s voice as well. I really hope something happens here, as in the short term our fate is also intertwined with Ethereum.

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The AMA should really focus on bridge incident and how you will repeg. All other questions related to future project management etc are irrelevant as long as this is not fixed. Projects are leaving, trust is gone. First you need to fix the 100 million $ gap before anything else. Please focus on those questions.

For the repeg:

  • How will you get the 100 million$ funds? Can you please be very transparent about this. If you can’t get 100 million then at least be clear about it.
  • How many % of treasury will be used? Don’t say this has to be decided. How much are you willing to use? How much $ is in the treasury? Will $ONE in the treasury be sold?
  • What is the time frame for people who lost funds to get them back?
  • It is disappointing that after almost 2 months we only have plan for a plan. You first suggested the minting plan. Now some community members took charge to come up with a plan for a plan. What do you say to the people that this is just more stalling? We really need clear information and a clear timeline. It’s absurd that after two months their aren’t any clear proposals on the table besides the minting. If it is so difficult then explain why. If this is a top priority you should have done all of this already.
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Shouldn’t this be reserved for another AMA?
This AMA should really focus on the hack imo. How will they find 100 million $, how will they fix depeg.
That’s the priority now which clearly hasn’t received enough priority since it’s already 50 days and we only have a plan for a plan.

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Will there be a fund for people who are in an emergency situation in their life need their money to survive? I posted on twitter and on every forum that Harmony had and Harmony ignored me every time. Nobody ever responded. I held my stablecoins in my Harmony Metamask and believed it was safe. Apparently it wasn’t. I found myself in a situation where I need my money to survive. I can’t wait for weeks or months or years to be able to use my money. I need it now. Can Harmony take action and help me and other people like me who turn to Harmony with a direct request like this one that I am making here now? My wallet is below. I am asking Stephan @stse and Li and the Harmony team to find a way to let me convert my 1BUSD to BUSD on Binance, the whole amount.

Here is my Binance wallet for Stephan the Harmony team where you could send me my BUSD


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Damn $81k locked in 1BUSD. I’m really sorry, that is life changing. How much do you need to get by for the next month?

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Hi and thank you for your compassionate comment. I could feel that you care, and that meant a lot to me. I need to be able to use the whole amount and if you have an access to Stephan or Li, what would help me most is if you brought their attention to my message. I will keep posting everywhere until Harmony can’t ignore me anymore. Also, I appreciate your question and my answer is - I don’t feel it’s ethical for me to take “donations” from anyone who is not representing Harmony. I invested the money from the sale of my house in that 1BUSD and now, that I am in a situation in my life that I need money, I am requesting that Harmony @stse finds a way to make it possible for me to use my own money for overcoming a hard time in my own life.

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GM everyone, as promised during the brief AMA highlights yesterday, Stephen and the team will be working to provide direct replies to these questions starting today, goal is to have everyone an answer by end of today, tomorrow at the latest.

Please note, (and there are only a few) that if there’s something we CAN’T answer at this point, we’ll specifically mention that.

Your passion, continued support, as well as your frustrations are what keep me here and im excited to continue pushing for an improved flow of communication for you all.

Stay hydrated,


I am really sorry about your situation. If there is any organised and legal, permitted here way to fund raise for you I’d like to help you.

I fully understand your situation because I ended up with the significant sum of money locked in AAVE and I don’t even know if it is mine or not anymore. I wish I was able to sell locked and frozen assets for half price to be able to slightly recover.

Also maybe speak with the members of the family and friends if they can support you because you should not be blaming yourself for the fact that someone has stolen the money from somewhere where you were not in the control :+1:

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Hi and thank you for your comment. I am humbled to read that you’d like to help me. I don’t feel ashamed because I did nothing wrong. I was in stablecoins, and I trusted Harmony to keep the bridge safe. I feel stupid for trusting Stephan just because he appeared so genuine in every interview. If anything, in terms of feelings, I lost my trust in my judgment of humans. I truly wholeheartedly trusted Stephan with my money. Out of all the founders of projects out there he was someone I could have never imagined to be capable of not caring about community. The fact that I have been writing him and Harmony for over a month now, and asking to interfere and help in my specific situation and got no response at all, left me feel betrayed. I shared that I am faced with a hard time in my personal life where I urgently need my money to survive. Nobody in Harmony responded so far. I can’t imagine that it will be an issue for Harmony to compensate one wallet. If they cared they would have done this a long ago.


Goal is to have everyone answered by end of today, tomorrow at the latest.
Why not just say by end of tomorrow which we know is the earliest we will see the replies

Harmony need to stop being like the delivery driver who says he’s 5 mins away when your order is still in the kitchen.

Stop telling us what you think we want to hear. Tell us the truth.

Btw not trying to shoot the messenger. This is directed at stephen

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Great comment. All of these questions must be answered

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