Harmony Proposes Shutting Down Layer 1 Blockchain, Migrating ONE to Ethereum

Harmomy has proposed shutting down its Layer 1 blockchain and migrating its native ONE token to Ethereum. The plan, which is non-binding, would take a final snapshot of the network, retire the blockchain, and issue ONE as an ERC-20 token on Ethereum.

The decision comes after Harmony faced multiple security incidents during its operation, including a major exploit in August that created billions of forged ONE tokens. The project cited threats from state-level attackers and AI agents as too difficult to manage as an independently operated blockchain.

ONE holders would not need to submit claims for the replacement tokens, which would be distributed to the corresponding addresses recorded in the final snapshot. However, users with assets held in excluded contracts, such as multisig safes or liquidity pools, may require separate action and could be affected by the September 10 deadline.