Decision to leave Harmony, Re-imbursement for Harmony users
OpenXSwap was a decentralized exchange featuring contracts derived from Uniswap and Sushiswap that launched on the Harmony blockchain in June 2021 (as "Open Swap").
The project originally deployed on Harmony to fulfill Harmony's mission statement:
"We are committed to the creation of a radically fairer economy."
Defi is not sustainable on Harmony until pegged assets are restored. Read more about our decision to leave Harmony here. Several chains were considered, each weighed for what made it unique.
We chose to deploy to Optimism to aid in producing infrastructure that promotes the growth and sustainability of public goods. We are committed to building tools that make blockchain applications intuitive and accessible for users and builders alike for every generation to come.
Changes in pairings and incentivization were made hoping to salvage a base layer of liquidity and keep the DEX functioning. A recovery plan has not materialized. We cannot wait for this to happen.
This is not a migration, it is a re-launch. We are not abandoning our users on Harmony, they are coming with us. After the Horizon Bridge was hacked, a pre-sale of our OpenXReserve NFT pre-sale collection was introduced so users that believed in the project could help us provide initial LP for our re-launch. The NFTs were sold for 10,000 ONE tokens apiece, 186 in total sold.
Harmony users who purchased our NFT pre-sale will receive their OpenXReserve NFTs once contracts are finalized. These users are already receiving emissions from the underlying LP tokens. There is no further action needed for Harmony users unless they wish to participate in governance. Those in the latter case will be able to lock xOpenX in their NFTs as soon as they are minted.
6% of new OpenX tokens will be set aside for reimbursement of Harmony's OpenX. It is unlikely this allocation will be needed in total. There is no absolute timeline for these events. We are not responsible for the Horizon Bridge hack but our users were affected. We have created a sustainable model and set achievable goals to accomplish all of our intentions.
The reimbursement will be fixed at a rate of $0.0095, OpenX's value at the time of the Optimism announcement. No snapshot will be taken. The reimbursement goes to the holders of the tokens.
We do NOT advise anyone bridge funds to Harmony to try and purchase the old OpenX token.
Even if there is an arbitrage to be made, liquidity is extremely low. The DEX is no longer supported.