Harmony Proposes Shutting Down Blockchain Amid Exploit Fallout

Harmony, an Ethereum-compatible layer-1 network, has proposed shutting down its blockchain and migrating its native ONE token to Ethereum. This move comes just seven years after Harmony launched its mainnet.

The proposal, which is non-binding, suggests taking a final network snapshot, issuing ERC-20 ONE tokens on Ethereum, and migrating exchange listings. Validators would have the option to stop their nodes, continue as governors, or join Harmony's new AI-video initiative.

Harmony described its published governance rules, which state that elected validators can create proposals while unelected validators may vote based on total stake weight. Passage requires 51% of total stake weight to participate and 66.7% support after a seven-day introduction and 14-day vote.

The proposal would see all ONE balances recorded at the network's final block, with new ERC-20 tokens airdropped to the same addresses on Ethereum. The snapshot would cover wallets, staking delegations, validator rewards, smart contracts, and centralized exchanges, with no claims required.