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 (after the 7th July 2022 hack/exploit), but is completely redeveloped and does not operate using a ‘nodes model'.
This page exists as a placeholder for that continuation...the Halon token does not exist yet.
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.
The founding members of Project X have put forward $500 each for the liquidity of the new project. Again, most of these founding members 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; as previously mentioned, even in Project X, 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. [update: the next day it was unmuted]
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. And, from what I understood, as of late September, everything was ready to launch.
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. [Update: 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 and how eg dates, numbers, current situation ($$$), closing actions, works completed etc. I've downloaded the 2 docs the Jumpshare 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 will be added. I'll update here further if/when more information comes to light.
10th Oct note: I do not know anything more than has been shared publicly. I too have been extremely let down and expected much more of an explanation by now. My involvement was to provide $1,000 in December 2021 to Project X for which I received ‘launch price' tokens. I also bought on the open market and compounded nodes like everyone else. I burned tokens along with the other founding members, donated more funds to Project X ($1,750) and then provided $500 to Halon for liquidity; £2,250 in total (note: no additional tokens received for these)….so, believe me; I'm pissed off too. For those asking; I do not know the personal details of Professor X, nor would I share them if I did. I suggest reaching out to Assure DeFi. If a further statement is released, I'll share it here.
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 (from Discord) there will be a 10M deflationary supply of Halon, it will have a price stability mechanism, there will be staking opportunities and NFTs.
Once things become more defined and finalized, I will share the details here.
How will Halon tokens be distributed?
The 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 ROI. ie. based on USD value invested vs returned.
Whilst I do not 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 want to be fair and want to try and make it so less people loose out…or, so they loose out less.
However, with crypto having crashed badly in recent months, and nothing bigger than ‘the crash of ‘node model' projects (well, except ‘DAO's!) – getting all investors back to breakeven or positive ROI is very unlikely to happen, especially in the short-mid term.
Bottom line is that it's impossible to please everyone, especially after a crash and when people were buying in at ATHs. Whilst I may not agree with how they propose to distribute, 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.
As of July, 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, but ‘passive income' as some have known it eg Strong nodes is a thing of the past.
Note that Halon has not launched yet. Be wary if you see any tokens claiming to be Halon. No tokens can be purchased or traded.
Official links
- Discord: https://discord.gg/halonfinance
- Website: https://halon.finance
- Twitter: https://twitter.com/HalonFinance
- YouTube: https://www.youtube.com/channel/UCNg9oSDX2tFDoMJiE5gH4_g
