Harmony Aims to Shut Down Layer-1 Network and Migrate ONE Token to Ethereum

Harmony, the Ethereum-compatible blockchain protocol, is proposing to shut down its own network and migrate its native ONE token to Ethereum. This move would mark a significant shift for Harmony, which has been operating since 2017.

The proposal, which was outlined on Sunday, calls for a final blockchain snapshot, an ERC-20 ONE token issuance on Ethereum, and coordinated steps for validators and users to wind down activity on the original chain. According to Harmony, balances would be recorded automatically at the final block, with ERC-20 ONE airdropped to those addresses on Ethereum without requiring users to file claims.

However, some details of the plan remain unclear. The proposal leaves open whether it will be formally submitted through Harmony's validator-led governance process and when the last block would be produced. Validators are being offered options to stop nodes, continue as governors, or join a new AI-video initiative.