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Halon Finance

Halon Finance

Halon Finance is an evolution (of sorts!) of Project X which you can read more about here. I say ‘of sorts’ because it is not really an evolution in terms of technology or model, but in terms of community. Halon is a new project that is a continuum of much of the Project X utility roadmap, but is completely redeveloped and does not operate using a ‘nodes model'.

This page exists as a placeholder for that continuation…

Very briefly, Project X had been working on adaptations and utility features. On 7th July 2022 one of the Project X contracts was compromised and as a result Halon Finance was born — a new project that aims compensate the Project X community and carry forward much of the original roadmap (it had become clear that the ‘nodes model’, especially at existing rewards levels, was unsustainable in a bear market).

The founding members of Project X have put forward $ funds for the liquidity of the new project.

Again, most of these contributors are passive — we do not directly communicate with the team or have much input in terms of direction. Occasionally there are options to vote, and when there are, I will doso.

Whilst I have had no say in Halon and I may not agree with everything ‘Halon' or ‘Project X', I standby that the owner has demonstrated himself to me to be an honest individual with good intentions. Note: see update below, 3rd Oct.

UPDATE: 3rd October 2022 – WTF?

I don't yet know exactly what has happened or why. Just that, as of today, Halon's Discord is gone. I'm as shocked as anyone.

There was no advance information in the ‘founding members' channel either and no reason / announcement regarding Discord closure. Just a pinned message from the owner about being fucked over by a dev before a stealth launch (we did not know about this either, which would be normal if it was going to be ‘stealth'…although, we did not know anything about there being a ‘stealth' launch either; we were generally not kept in the loop).

Anyway, I was totally shocked and disgusted by the actions of today, so I posted this…(as you can see from previous message, we only just found out ourselves)…

Shortly after I posted (3rd October), sending messages got muted in the ‘founders' channel.

Is it a panic / knee-jerk reaction? Let's face it, after the pxt exploit in July, surely precautions were in place? How could this have happened?!

And why shut everything down so quickly?

Did he panic? I don't know. I do know that he's anxious, flustered and stressed based on the posts and panic-stricken messages on Telegram. But that's about it — no official statement has been made regarding what happened 🙁

Certainly, all us ‘founders' from pxt provided funds multiple times, including around $100K in December 2021, so, despite my concerns regarding how things were managed and decisions made, I do believe the owner had genuine intentions – we trusted him with $100K and he never ran off with our money then.

And he never ran off when there were millions in pxt. That would have been easy pickings.

And yes, we all donated more funds towards marketing and then again more to be used for Halon liquidity, but nothing substantial compared to the time/effort/money he spent on dev, graphics etc — he was working on it for months, intensely since December.

It doesn't make sense in terms of being anything malicious as regards ‘stealing'. But as for just closing things off without any explanation to community or any further discussion – wtf?

Will update when (if!) I hear something more tangible…anything else would only be hearsay or speculation 😢


UPDATE 4th OCT (morning): a Twitter thread was posted on the Halon Twitter by someone within the team. It was later deleted.

UPDATE 4th OCT (afternoon): a statement was posted on Halon Twitter with a link to this Jumpshare folder: https://jumpshare.com/b/nJypXEXNa6gzoUawdchj.

Personally, I would like to have seen more specific information around what actually happened eg numbers, current situation, closing actions. I've downloaded the 2 docs it contains and put them here (July exploit external investigation report) and here (Prof X / BlindApe statement) incase they go missing. Obvs, check the Jumpshare folder first as maybe more docs be added.

What is Halon Finance?

At this time, I have no further information beyond what is published in Discord, which is currently very little and incomplete; there are a series of community updates in the #Announcements channel.

Rather than share unfinalized and incomplete information here, it is best for you to check in Discord.

For the meantime, it appears there will be a 10M deflationary supply of Halon, a price stability mechanism, staking opportunities and NFTs.

Once things become more defined and finalized, I will share the details here.

How will Halon tokens be distributed?

The Project X team has been working on a means of distributing tokens based on Project X holdings (nodes and tokens), also taking into account ROI. Their aim is to distribute tokens in a manner that gives more tokens to people who did not ROI and less (even zero!) to those who did ie. based on USD value invested vs returned.

Whilst I don't agree with this method for several reasons (apart from anything, it's super-complicated given all the potential scenarios & requires crazy amounts of data and math!), I do understand their reasonings for wanting to do it this way; they wanted to try and make it so less people loose out…or, so they loose out less.

However, crypto crashed, and nothing bigger than ‘the crash of ‘node model' projects (well, except ‘DAO's!) – getting all investors back to breakeven or positive ROI is unlikely to happen, especially in the short-mid term.

Bottom line is that it's impossible to please everyone, especially after a crash. Whilst I may not agree, I commend them for trying to do what they (and many in the community) see as most ‘fair' in terms of how Halon tokens are distributed.

When will Halon tokens be distributed?

Unknown. Best to keep an eye on Discord.

My best guess is mid-late August.

Is Halon a ‘passive income’ crypto?

It's difficult to say at this stage. A lot has changed in the past year around ‘passive income’ cryptos and what is feasible in a bear market. Certainly, there will be staking and some form of rewards.

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Disclaimer: As with everything on this site, this article is for informational purposes only and is not advice of any kind. I simply share my experiences and my opinions for information. I am not a financial adviser and I am not providing investment advice or financial or legal advice of any kind. Cryptocurrencies (and most business opportunities) are very high risk. Many of the opportunities I discuss exist in new, high risk and unregulated markets. Some methods require significant investment of time and/or relevant skills. Please do your own research (DYOR) and due diligence; do not blindly follow anyone!

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