Harmony to Shut Down Mainnet, Issue ONE Tokens on Ethereum

Harmony has proposed shutting down its seven-year-old mainnet and issuing ONE tokens on Ethereum. The decision follows an August exploit that created trillions of unauthorized ONE tokens, prompting a rollback plan.

The proposal would recreate ONE balances as ERC-20 tokens on Ethereum, eliminating the need for manual exchanges. Harmony plans to publish the Ethereum token contract, snapshot calculations, and airdrop scripts for outside review. Users with assets in smart contracts are advised to withdraw their funds before September 10, as they cannot be automatically migrated.

The team has reserved $1.372 million to compensate eligible validators and delegators over four quarters. Eligible validators must stop their nodes, retain their stakes, sign an agreement, and continue serving as governors after the mainnet closes. The proposed shutdown also includes plans for a new AI video project, where future ONE emissions would fund its development.