Harmony Aims for Blockchain Shutdown, ONE Token Migration
Harmony is moving to shut down its blockchain and migrate its ONE token to Ethereum, according to a proposal shared by the network. The plan would involve taking a final network snapshot, followed by an airdrop of ERC-20 ONE tokens to the same addresses on Ethereum.
The snapshot would include wallets, staking delegations, validator rewards, smart contracts, and centralized exchanges, with no claims required from holders. However, Harmony warned that multisig safes, liquidity pools, and onchain applications cannot be migrated, urging users to exit these positions before September 10.
Validators will have options: stop their nodes, continue operating as governors, or participate in Harmony's new AI-video initiative. A compensation pool of $1.372 million has been set aside for validators who shut down on time and agree to serve as governors.