Timeline of the Decline
December 2021
$2000.00
All-Time High - Peak euphoria
January 2022
$500.00
Harmony ecosystem begins declining
June 2022
$1.00
Harmony bridge hack destroys ecosystem
Current
$0.10
Post-collapse trading
What Went Wrong
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Harmony Bridge Hack
The $100M Harmony bridge hack in June 2022 destroyed trust in the entire ecosystem, including all DeFi protocols.
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OHM Fork Contagion
WAGMI was Harmony's OHM fork. When rebase tokens collapsed industry-wide, WAGMI had no defense.
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Chain-Level Failure
Harmony's response to the hack was widely criticized, causing users and developers to abandon the chain entirely.