Harmony Seeks to Close Mainnet, Migrate ONE to Ethereum Amid AI-Related Threats
Harmony is proposing to shut down its mainnet and migrate its native token ONE to Ethereum in favor of a new business direction focused on AI-powered video editing.
The move, which involves two proposals, aims to address threats from nation-state attackers and AI entities that have compromised the network since its launch in 2019. The team claims that these entities pose significant risks to users' wallets, staking delegations, validator rewards, smart contracts, and centralized exchanges holding ONE.
The migration plan involves taking a snapshot of user wallets, staking delegations, validator rewards, smart contracts, and centralized exchange holdings before migrating the tokens to Ethereum. Users will not need to actively claim their new tokens, which will be air-dropped into the same wallet addresses as their current holdings.
ONE's total supply and emission rate will remain unchanged, with any newly issued tokens allocated to support the new business direction. The team is setting aside $1,372,000 for a one-time compensation pool, which will be distributed to validators who stop running nodes between September 10th and the network's final block, sign a protocol agreement, maintain their stake, and participate in governance.
The new business direction involves opening up prompts and materials for user-generated content, using AI entities to extend video stories. Harmony is planning to subsidize GPU hardware costs for the first year and drive demand for video generation services.