Harmony Seeks to Migrate ONE Token to Ethereum Amid Network Integrity Concerns
Harmony, an Ethereum-compatible layer-1 blockchain network, has proposed shutting down its mainnet 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.