Harmony, Router Protocol, and Orionx Announce Closure Plans Amid Industry Turmoil

The cryptocurrency and blockchain industry is facing further turmoil as Harmony, Router Protocol, and Orionx have announced plans to cease operations.

Harmony has proposed shutting down its L1 blockchain due to 'threats from state-sponsored hackers and AI agents'. The team will record ONE balances at the final block and issue ERC-20 tokens on Ethereum. Users are urged to withdraw funds from smart contracts by September 10, as applications, liquidity pools, and multisig wallets cannot be migrated.

The compensation fund of $1.372 million is available for participants who meet the transition conditions and join the governance of the project's new initiative. Harmony's future development is linked to the creation and reprocessing of AI videos, with new ONE issuances proposed to be directed towards this area.

Router Protocol will cease operations by September 30 due to reduced fees, concentrated activity in a few networks, and capital outflow from Web3 to AI. The team plans to burn 303,333,198 ROUTE from the treasury and coordinate with centralized exchanges to delist the token.