Harmony Abandons Layer-1 Blockchain Amid Security Concerns

Harmony has proposed shutting down its seven-year-old layer-1 blockchain and migrating its ONE token to Ethereum. The plan would see validators able to begin shutting down nodes from September 10 as the project prepares a new AI video business.

The proposal remains non-binding, but Harmony has not given a date for the final block. The project cited security threats from state actors and AI agents when announcing the proposed shutdown.

Users would not have to file claims for the new tokens, with ERC-20 ONE sent to the same addresses recorded in the final snapshot. Delegated stakes and unclaimed validator rewards would be distributed to individual governor vaults.