Harmony to Abandon Layer-1 Blockchain and Migrate ONE Token

Harmony is planning to shut down its Layer-1 blockchain and migrate its native ONE token to Ethereum, according to an X post on September 6. The project cited security threats from state actors and AI agents as the reason for this decision. Since launching in 2019, Harmony's network has faced several attacks, including a Horizon bridge drain of nearly $100 million attributed to North Korea's Lazarus Group in June 2022.

The migration plan involves taking a final snapshot of ONE balances and issuing matching ERC-20 tokens on Ethereum. The snapshot will cover wallets, staking positions, validator rewards, and centralized exchanges, with no need for holders to claim the new assets themselves. Harmony will publish the Ethereum contract, snapshot calculations, and airdrop scripts for public review.

The project's decision to sunset its network and redirect token emissions towards an AI video business marks a significant shift in the crypto landscape. The 'Remix Economy for AI Video' aims to provide a subscription service where creators can publish prompts and assets that people and AI agents can reuse to generate new video clips.