Harmony Proposes Shutdown, Migrates ONE Tokens to Ethereum Amid AI Threats

Harmony, a Layer 1 blockchain that was once a major competitor to Ethereum, has proposed shutting down its mainnet due to what it calls 'severe threats' from AI entities and nation-state actors. In a post on X, the Harmony team stated that since the network went live in 2019, the community has faced numerous attacks and changes.

The team claims that the risks have become too great, and as such, they are proposing a plan to migrate ONE tokens to Ethereum and redirect new token issuance towards their new initiative, 'The Remix Economy for AI Video'. According to the proposal, the migration will be based on the final block record of ONE balances (i.e., a snapshot) to determine each holder's allocation of alternative tokens on Ethereum.

The alternative tokens will be airdropped into the same wallet address on Ethereum, and exchanges will also migrate to the new token. While the proposal states that holders do not need to submit a claim, users are advised to exit all smart contracts by September 10, 2026. Additionally, Harmony is proposing to pay validators and their delegators in four installments from a pool of $137.2 million, provided they retain their staked tokens, sign the protocol, and assume governance roles.