Harmony Seeks Shutdown, Migrates ONE Token to Ethereum

Harmony, an Ethereum-compatible layer-1 blockchain network, has proposed shutting down its blockchain and migrating its native ONE token to the Ethereum ecosystem. This move comes seven years after Harmony launched its mainnet and follows recent challenges affecting network integrity.

The proposal outlines taking a final network snapshot and issuing ERC-20 ONE tokens on Ethereum, effectively migrating users' token balances. Harmony intends to coordinate with exchanges to list the new tokens and ensure a smooth transition for existing holders.

Validators, who maintain the operations and security of the Harmony network, would have several options under the proposal: shut down their nodes, shift into governance roles, or participate in the network's proposed AI-video initiative.

A compensation fund of $1.372 million has been allocated for validators who shut down their nodes on time, retain their stakes, and serve as governors during the transition.