Blockchain News

Hedera (HBAR) Announces Mistake with V39 Mainnet Release: Community Shows Understanding

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.

Hedera’s Community Shows Understanding

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:

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