Less than $6.9 million worth of assets remain – a 95% drop. Things looked good.īut 12 months later, the blockchain is a ghost town. Harmony’s flagship app, a fantasy RPG game called DeFi Kingdoms, was all the rage among crypto “degens,” and the chain’s native token, ONE, was trading close to records. Last year, Harmony’s total value locked – a measure of assets deposited into DeFi protocols on the chain – hit a high of $1.42 billion. Harmony’s biggest draw is that its transaction fees are much cheaper than those on the more dominant Ethereum blockchain. It is a smart contract-enabled chain, allowing ecosystem developers to build DeFi protocols, crypto games and NFT projects. Harmony is one of several “Layer 1″ blockchains that soared in value during the 2021 crypto bull run.
In a standout incident, several former team members reported that a disgruntled ecosystem developer physically assaulted Tse in Harmony’s Palo Alto office after they claimed he reneged on a $250,000 grant promise. The same staff accused Li Jiang, fellow founder and Tse’s second in command, of “mismanaging treasury funds,” taking Harmony’s coffers from a $1 billion value at the start of 2022 to around $50 million today. Former contractors for the Simple Rules Company, which develops and maintains the once-thriving Harmony blockchain, have accused the company’s two remaining co-founders of misconduct and mismanagement.įive former team members and several Harmony ecosystem developers have alleged to DL News that CEO and founder Stephen Tse reneged on promises and was “controlling” to staff, contributing to Harmony’s steep decline in users and developers over the past 12 months.
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