Concord is proposing to close down the blockchain it controversially restored through a rollback less than three weeks ago.
The Sept. 6 plan would finish Concord’s impartial community, transfer ONE to Ethereum, and protect the token by way of a snapshot and airdrop, reversing the undertaking’s place from Aug. 17, when it rejected migration as too disruptive.
As an alternative, Concord chose to roll again the chain after an Aug. 11 exploit that allowed attackers to reuse cross-shard receipts and mint tokens with out corresponding debits elsewhere.
The undertaking initially reported 4 billion ONE created within the assault. Its broader reconstruction later put unauthorized issuance at roughly 3.01 trillion ONE throughout six solid transactions.
Concord accomplished the rollback on Aug. 21, discarding greater than 109,000 common transactions and 315 staking transactions from the affected shard-0 archive, and mentioned the community was working usually.
This represents the second main assault the blockchain community has suffered in recent times.
In June 2022, Concord’s Horizon bridge was drained of nearly $100 million in an assault the FBI later attributed to North Korea’s Lazarus Group.
The exploit marked a significant setback for the community and was adopted by a chronic decline in ONE, which finally traded about 99% beneath its peak. Knowledge from CryptoSlate confirmed ONE buying and selling at $0.0007122 as of press time, with a market worth close to $10.75 million.
On account of these assaults, the community now desires to retire its providers altogether.
“The threats posed by state actors and AI brokers are too nice,” Concord mentioned within the new proposal.
The migration Concord rejected is again on the desk
Beneath the brand new proposal, Concord would take a snapshot on the chain’s last block and distribute new ONE tokens to the identical wallet addresses on Ethereum.
Delegated stakes and unclaimed rewards would transfer into particular person governor vaults, whereas token provide and emissions would stay unchanged.
Nevertheless, the blockchain itself can not transfer.
Smart contracts, liquidity swimming pools, and multisig safes won’t migrate routinely, prompting Concord to induce customers to exit sensible contracts earlier than Sept. 10. Validators may start shutting down from 7 a.m. Pacific Time that day.
A proposed $1.37 million compensation pool would pay governors and delegators over 4 quarters, topic to shutdown and repair situations.
The plan would additionally repurpose future ONE emissions towards Concord’s AI-video initiative, additional separating the token’s future from the chain it was initially designed to safe.
That leaves the rollback wanting much less like a everlasting restoration and extra like a short lived bridge to shutdown.
Concord spent August rejecting migration, rewriting chain historical past and restoring operations to protect the community. By September, it was proposing the migration it had put aside and getting ready to desert the infrastructure anyway.
The proposal stays non-binding, and Concord has not but disclosed the ultimate block or airdrop date.
