Harmony Seeks to Abandon Layer-1 Blockchain in Favor of Ethereum

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

Harmomy stated that all ONE balances would be recorded at the network's final block and new ERC-20 tokens airdropped to the same addresses on Ethereum. However, multisig safes, liquidity pools, and onchain applications cannot be migrated, and users are urged to exit these smart contracts before September 10.

This proposal comes weeks after an exploit created forged ONE tokens and led Harmony to plan a rollback that would wipe more than 109,000 transactions. The network had considered repairing the damage but has now shifted towards ending it as an independent blockchain.