Harmony Proposes Shutdown and Migrates to Ethereum
Harmony has proposed shutting down its layer-1 blockchain and converting ONE into an ERC-20 token on Ethereum. The plan, which would mark the end of Harmony's seven-year run as an independent chain, remains non-binding and does not have a set date for implementation.
The network's final block will establish the balances used for the migration, and holders of ONE tokens will receive the corresponding ERC-20 token on Ethereum without needing to file claims. Exchange listings will also be transferred to the Ethereum-based token.
The distribution snapshot will include wallets, centralized exchanges, staking delegations, validator rewards, and smart contracts. However, multisig safes, on-chain applications, and liquidity pools cannot be transferred under this plan, and users are advised to leave all smart contracts before September 10th.