Harmony Abandons Mainnet, Migrates ONE Token to Ethereum Amid Growing Threats
Harmony is planning to shut down its Layer-1 blockchain after nearly seven years of operation. The mainnet was launched in 2019, and since then, the project has been working on various developments. However, Harmony's founder has cited growing threats from state actors and AI agents as a reason for the shutdown.
In an effort to shift its focus towards an AI-powered video 'remix economy', Harmony plans to migrate its token ONE to Ethereum. A final-block snapshot will be taken followed by an airdrop of ONE as an ERC-20 token on Ethereum. This move is expected to happen in the near future, with users being urged to exit smart contracts before September 10.
It's worth noting that multisig wallets, liquidity pools, and on-chain applications will not migrate to Ethereum, so users are advised to take action accordingly. This decision has sparked discussions within the community, with some questioning the feasibility of such a plan.