Harmony Seeks to Abandon Blockchain and Migrate ONE Token

Harmony, an Ethereum-compatible layer-1 network, has proposed shutting down its blockchain and migrating its native token ONE to the Ethereum network. 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 options to stop their nodes, continue as governors, or join a new AI-video initiative.

Under the proposal, all ONE balances would be recorded at the network's final block, and new ERC-20 tokens would be 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.

However, Harmony noted that multisig safes, liquidity pools, and on-chain applications cannot be migrated, urging users to exit all smart contracts before September 10. Validators may begin shutting down that day, with a $1.372 million pool set aside to compensate those that stop on time, retain their stakes, and agree to serve as governors.