My last post got removed because I broke House Rules. My bad. Wont happen again lolol.
Will the Harmony ONE validators Diamond Hand?
TL;DR: Anyone who unstaked 7 days ago will be free to sell their
ONE in the next 48 hours, most likely to sell.
Background
Harmony ONE experienced a massive exploit of $100M from their Harmony ONE Bridge. Rumors are that the hacker is based in North Korea and using Tornado Cash to siphon the funds to exchanges and various addresses, meaning that hopes of recovery are fading day by day. This exploit, on top of poor network adoption, treasury issues, and community dissatisfaction are contributing to a negative narrative around Harmony One protocol, despite its successful technology stack and early success stories with GameFi and DeFi.
For many validators, this might be the "final straw" that breaks the camels back and already a few developers have already announced plans to move to Avalanche and other chains.
From the time a validator makes the decision to sell theirONE to the time they can actually sell it, they must wait at least 7 days, so laggards will contribute to continued selling for the next 7-14 days.
Risks
Binance and KuCoin own ~1.2M of the 5MONE staked and Harmony One validators are very loyal, so selling might be lower than expected or none at all
BTC could pump which would send the price flying
Positions
1. I am borrowingONE from a CEX and holding cash, btc , eth
2. I have an active leveraged SHORT Grid Trading Bot
3. I have leveraged LONG as "insurance"
4. I am also doing the ONE/stONE arb via DeFIra with borrowedONE also as insurance/to pay back my loans hopefully in 7 days
Will the Harmony ONE validators Diamond Hand?
TL;DR: Anyone who unstaked 7 days ago will be free to sell their
ONE in the next 48 hours, most likely to sell.Background
Harmony ONE experienced a massive exploit of $100M from their Harmony ONE Bridge. Rumors are that the hacker is based in North Korea and using Tornado Cash to siphon the funds to exchanges and various addresses, meaning that hopes of recovery are fading day by day. This exploit, on top of poor network adoption, treasury issues, and community dissatisfaction are contributing to a negative narrative around Harmony One protocol, despite its successful technology stack and early success stories with GameFi and DeFi.
For many validators, this might be the "final straw" that breaks the camels back and already a few developers have already announced plans to move to Avalanche and other chains.
From the time a validator makes the decision to sell their
ONE to the time they can actually sell it, they must wait at least 7 days, so laggards will contribute to continued selling for the next 7-14 days.Risks
Binance and KuCoin own ~1.2M of the 5M
ONE staked and Harmony One validators are very loyal, so selling might be lower than expected or none at allBTC could pump which would send the price flying
Positions
1. I am borrowing
ONE from a CEX and holding cash, btc , eth2. I have an active leveraged SHORT Grid Trading Bot
3. I have leveraged LONG as "insurance"
4. I am also doing the ONE/stONE arb via DeFIra with borrowed
ONE also as insurance/to pay back my loans hopefully in 7 daysNote
Despite MACD curling up, I opened a new SHORT grid bot to capture more downside (which will stop trading above 0.020).Was legit expecting a huge pump back to 0.025, but doesn't seem to be many buyers in this market
I still have my protective LONG open just in case BTC rallies and ONE goes up with it. I hope ur main bags are fully off Harmony One now if I am right 😦
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.