TL;DR: Anyone who unstaked 7 days in the past might be free to promote their $ONE within the subsequent 48 hours, most certainly to promote.
Background
Harmony ONE skilled an enormous exploit of $100M from their Harmony ONE Bridge. Rumors are that the hacker relies in North Korea and utilizing Tornado Cash to siphon the funds to exchanges and varied addresses, which means that hopes of restoration are fading daily. This exploit, on prime of poor community adoption, treasury points, and group dissatisfaction are contributing to a destructive narrative round Harmony One protocol, regardless of its profitable expertise stack and early success tales with GameFi and DeFi.
For many validators, this may be the “final straw” that breaks the camels again and already a couple of builders have already introduced plans to maneuver to Avalanche and different chains.
From the time a validator makes the choice to promote their $ONE to the time they’ll truly promote it, they need to wait at the least 7 days, so laggards will contribute to continued promoting for the following 7-14 days.
Trade Idea
Because of this data, I consider you’ll be able to quick right here and see a possible upside of 25%
Even for those who consider in $ONE for the long-term, you’ll be able to open a protecting quick place to guard your capital that may nonetheless be in danger
Where do you get a 25% draw back?
The present ONE/stONE arb is pricing in a 20-25% low cost on stONE. While not excellent, we are able to use this as “proxy” for a way the market is pricing within the subsequent 7 days. People is not going to purchase stONE until there’s important upside to holding onto the token.
Risks
Binance and KuCoin personal ~1.2M of the 5M $ONE staked and Harmony One validators are very loyal, so promoting may be decrease than anticipated or none in any respect
Positions
1. I’m borrowing $ONE from a CEX and holding money, btc , eth
2. I’ve an lively leveraged SHORT Grid Trading Bot
3. I’ve leveraged LONG as “insurance”
If you favored this concept, ship $JEWEL to 0x923bB9e7d557E3AF05e7590e0b556D63b320BB90
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Source: countryask.com