Harmony Proposes Abrupt End to Blockchain, Migrating ONE Token to Ethereum
Harmony, an Ethereum-compatible layer-1 network, has proposed shutting down its blockchain and migrating its native ONE token to Ethereum. This move comes just seven years after Harmony launched its mainnet.
The proposal, which is non-binding, suggests taking a final network snapshot and issuing ERC-20 ONE tokens on Ethereum. The migration would cover wallets, staking delegations, validator rewards, smart contracts, and centralized exchanges, with no claims required.
However, Harmony notes that multisig safes, liquidity pools, and onchain applications cannot be migrated, urging users to exit all smart contracts before September 10. Validators may begin shutting down their nodes on this date, with a $1.372 million pool set aside to compensate those that stop on time, retain their stakes, and agree to serve as governors.
This proposal comes just weeks after an exploit created forged ONE tokens, leading Harmony to consider a rollback that would wipe more than 109,000 transactions. The network has since planned to revert the blockchain to an August 11 checkpoint, discarding 109,126 regular transactions and 315 staking transactions.