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Crypto

Harmony Proposes Layer-1 Shutdown and Ethereum Migration

Guavy AI Editorial Team
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ETH ONE
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Harmony has proposed shutting down its layer-1 blockchain after seven years of operation. The proposal involves migrating ONE, Harmony's native token, to become an ERC-20 token on Ethereum.

The plan is non-binding and does not include a specific date for the network's last block or details about validator voting.

This move could bring benefits from an Ethereum migration, including possible adoption and liquidity gains. However, it leaves uncertainty among token holders, validators, and DeFi/CEX integrations.

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