Harmony Proposes Shutting Down Layer-1 Network to Migrate ONE Token to Ethereum
Harmony, an Ethereum-compatible blockchain protocol, has proposed halting its Layer-1 network and migrating its native ONE token to Ethereum. This plan comes after a recent exploit that resulted in forged ONE tokens.
The proposal outlines a final snapshot of the Harmony network, followed by the issuance of ERC-20 ONE tokens on Ethereum to the same addresses as those recorded in the snapshot. According to Harmony, balances would be automatically recorded at the final block, with ERC-20 ONE airdropped to eligible addresses without requiring users to file claims.
The proposal leaves some key execution details unclear, including whether it will be formally submitted through Harmony's validator-led governance process and when the last block would be produced.Validators would have options to stop nodes, continue as governors, or join a new AI-video initiative. However, certain on-chain components, such as multisig safes, liquidity pools, and deployed applications, cannot be migrated.
Harmony emphasized that the proposal is non-binding, but it suggests closing down the independent Harmony network altogether and relocating the token to Ethereum. This shift changes the recovery narrative from 'repair and continue' to 'migrate and end', potentially leaving users to transition not only balances but also the broader ecosystem footprint.