Harmony Proposes Network Sunset, Migrates ONE Token to Ethereum

Harmony, an Ethereum-compatible blockchain protocol, has proposed shutting down its own network and migrating its native ONE token to Ethereum. The plan, outlined in a recent post, would involve taking a final snapshot of the Harmony network, issuing ERC-20 ONE tokens on Ethereum, and coordinating the wind-down of activity on the original chain.

The proposal aims for an orderly transition, with balances recorded automatically at the final block and new ERC-20 tokens airdropped to corresponding addresses on Ethereum. However, key execution details remain unclear, including whether the plan will be formally submitted through Harmony's validator-led governance process and when the last block would be produced.

The proposed migration follows an exploit that occurred in mid-August, which resulted in forged ONE tokens being minted. At the time, Harmony considered a rollback to reverse the unauthorized activity, but has since shifted its focus towards shutting down the network altogether and relocating the token to Ethereum.