Harmony Proposes Shuttering Blockchain and 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 seven years after Harmony launched its mainnet.
The proposal, which is non-binding, involves taking a final network snapshot, issuing ERC-20 ONE tokens on Ethereum, and migrating exchange listings. Validators would be offered options to stop their nodes, continue as governors, or join the new AI-video initiative.
Under Harmony's governance rules, elected validators can create proposals, while unelected validators may vote, with voting power based on total stake. Passage requires 51% of total stake weight to participate and 66.7% support after a seven-day introduction and 14-day vote.
All ONE balances would be recorded at the network's final block and new ERC-20 tokens airdropped to the same addresses on Ethereum. However, Harmony said multisig safes, liquidity pools, and onchain applications cannot be migrated, urging users to exit all smart contracts before Sept 10.