The Harmony token $ONE was officially brought into the world on Binance Chain as a BEP2 token on May 28th coinciding with the launch of Mainnet Phase 1. This was supported with a major push from Binance to bring new projects into its eco-system via the decentralised Binance DEX. Sharding is still in its infancy and we prioritised building our pool of external validators gradually to ensure security and up-time before migrating the BEP2 tokens to full mainnet.
A full breakdown of the $ONE unlock schedule can be found here
Initial Circ. Supply
3,061,800,000 ONE (24.3%)
The Harmony token is a protocol token used for a number of purposes on the network.
1. The token is used to stake in order to become a validator on the network to earn block rewards and transaction fees. We use Proof of Stake (POS) as our sybil resistance mechanism in the protocol.
2. The token is used to pay fees on the network, both transaction fees, gas and storage fees.
3. The token is used in voting for on-chain governance of the protocol. Without the token, the protocol could not function.