WEB3
by BSCN
September 18, 2023
A recent post on X (Twitter) confirms a mistake in Hedera’s code. In particular, regarding Hedera’s V39 mainnet release in July 2023, which resulted in no network fees being allocated toward staking rewards.
On September 17, Hedera confirmed on X (Twitter) that its July 11 release of V39 mainnet had been “misconfigured”, with the result that, between July 11 and September 15, no network fees were allocated towards staking rewards.
This allocation should have stood at 10% of network fees but instead, for the two month period, 100% of fees were directed towards operations.
The announcement goes on to confirm, therefore, that some 1.5 million HBAR tokens had been incorrectly allocated. At time of writing, 1.5 million HBAR is equivalent to just over $77,000, according to data from CoinMarketCap.
Though Hedera’s statement did not feature an apology, Hedera’s follower base appears to have reacted gracefully to the news.
Based on the announcement’s comments, Hedera’s fellowship has shown little-to-no frustration at the mistake, with some users thanking Hedera for the “clarity and transparency”.
That said, some pundits are still seeking confirmation that this is the reason behind the decline in HBAR’s staking APY and some are also asking whether or not the 1.5 million HBAR will be returned to staking rewards:
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
Latest News
2h : 19m ago
Base Announces Permissionless Fault Proofs Launch on Oct. 30
3h : 49m ago
Chainlink and Major Market Players Launch AI-Powered Initiative to Tackle Unstructured Data in Finance
6h : 4m ago
Uniswap Launches Permissionless Cross-Chain Bridging on Nine Networks, Including Polygon and ZKsync
October 23, 2024
Nigerian Government Drops Charges Against Binance Executive Tigran Gambaryan
October 23, 2024
Sui Announces Integration with Google Cloud to Boost Real-Time Blockchain Data Access
October 23, 2024
Aurum Equity Partners Unveils $1B Tokenized Fund on XRP Ledger
October 23, 2024
Vitalik Buterin Calls Michael Saylor's Bitcoin Custody Remarks “Batsh*t Insane”
October 22, 2024
Do Betting Odds Know Best?