Harmony Abandons Mainnet, Migrates ONE Token to Ethereum

Harmony has proposed closing its seven-year-old Layer 1 blockchain and moving the ONE token to Ethereum. The plan, which follows an August security breach that created trillions of unauthorized ONE tokens, would see users' ONE balances recorded at the final block and recreated as ERC-20 tokens on Ethereum.

The proposal includes a four-quarter compensation package for eligible validators and delegators, totaling $1.372 million. Users are required to withdraw from smart contracts by September 10, as applications and liquidity pools cannot migrate automatically.

Harmony cited the mainnet's exposure to 'state actors' and 'AI agents' as too risky to continue operation. The team has not announced a timeline for producing the blockchain's final block or explained whether validators will decide on the proposal through the network's existing governance process.