Harmony Horizen Bridged BUSD (Harmony)Price

(BUSD)

Harmony Horizen Bridged BUSD, commonly referred to as BUSD on the Harmony network, is a digital asset that represents the Binance USD stablecoin on the Harmony blockchain. This token is created as an HRC-20 asset, allowing it to function within the Harmony ecosystem for various purposes, including decentralized finance applications, decentralized exchanges, and liquidity provision. The token is created through a process called bridging, which was primarily managed by Harmony's Horizon Bridge. This cross-chain protocol was developed to allow for the seamless movement of assets between Harmony and other major blockchains, such as Ethereum and the Binance Smart Chain. When a user bridges BUSD to Harmony, the original tokens are locked in a smart contract on the source chain, and an equivalent amount of bridged BUSD is minted on the Harmony network. This mechanism is designed to ensure that the bridged asset is backed by the original collateral. In June 2022, the Horizon Bridge suffered a major security exploit. The breach occurred due to a compromise of the private keys used to secure the bridge's multi-signature wallet system. This incident resulted in the unauthorized removal of assets from the bridge's vaults, which negatively impacted the collateral backing for several bridged tokens, including this version of BUSD. Since the exploit, the project has been a central part of Harmony's recovery and reimbursement discussions as the community and developers worked to address the loss of asset backing. The name Harmony Horizen Bridged BUSD appears on various data platforms and exchanges, sometimes using the spelling Horizen instead of the bridge's formal name, Horizon. While there is a separate blockchain project known as Horizen (ZEN), this specific BUSD token is primarily associated with the Harmony network and its legacy bridging infrastructure. In the time following the security incident, the Harmony ecosystem has transitioned toward using different bridging technologies, such as those provided by LayerZero, to provide more robust security for cross-chain transfers. Furthermore, the broader context for BUSD has changed significantly as the original issuers of the stablecoin stopped creating new tokens in 2024, leading to a general decline in its use across the entire cryptocurrency industry. As a result, this bridged version of BUSD now exists as a legacy token within the Harmony ecosystem, primarily held by users involved in the network's long-term recovery efforts or existing decentralized applications. Learn more

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