Harmony to End Mainnet, Transition Token to Ethereum

Harmony, a layer-1 blockchain project, has announced plans to completely end its mainnet and transition its native token ONE to Ethereum. The proposal was made on September 6 through Harmony's official X channel.

The decision is attributed to the significant threats posed by national entities and AI agents. Since its mainnet launch in 2019, the community has overcome attacks and changes, but it is now time to end the network completely, according to Harmony.

Under the proposed plan, a new ERC-20-compliant ONE token would be issued on the Ethereum mainnet, replacing the existing token. Exchanges handling ONE trading will also switch to the new token.

The transition process involves taking snapshots of users' wallet balances, staking delegations, validator rewards, and smart contract-held ONE tokens at the network's final block time. Users' wallet balances will be air-dropped with a new ONE token on the Ethereum address matching their original balance, eliminating the need for any additional applications or receipts from holders, delegates, or validators.

The total supply and emission rate of ONE will remain unchanged post-transition. Harmony also plans to use future-issued tokens for funding new business ventures.