Harmony Abandons Layer 1 Network, Migrates Token to Ethereum for AI Video Push

Harmony has announced plans to shut down its Layer 1 network and migrate its native token, ONE, to the Ethereum blockchain. This move is part of a new initiative focused on developing artificial intelligence (AI) video capabilities.

The proposal, which was submitted by Harmony's developers, suggests that shutting down Layer 1 would allow for a more streamlined and efficient development process. By migrating to Ethereum, Harmony aims to tap into the vast developer ecosystem and resources available on the network.

According to the proposal, the token migration is expected to take place in the coming months, although no specific date has been announced. The exact timing will depend on various factors, including the progress of the AI video initiative and the level of community support for the project.