Ethereum
Harmony Proposes Shutting Down Layer-1 Blockchain and Migrating ONE to Ethereum
Harmony has presented a non-binding proposal to sunset its layer-1 network and migrate the native ONE token to Ethereum following a major security breach.
Seven years after launching its mainnet, layer-1 network Harmony has proposed shutting down its independent blockchain and reissuing its native token, ONE, as an ERC-20 asset on Ethereum. Under the plan, a final network snapshot would record balances across wallets, staking delegations, validator rewards, smart contracts, and centralized exchanges, airdropping corresponding tokens on Ethereum without requiring manual claims.
The proposal includes a $1.372 million pool to compensate validators who halt their nodes by September 10, retain their stakes, and transition into governance roles or join an AI-video initiative. However, Harmony noted that multisig safes, liquidity pools, and decentralized applications cannot be transferred, urging users to withdraw from smart contracts before the September 10 deadline.
The move follows an August 12 exploit in which an attacker minted roughly 4 billion unauthorized ONE tokens, representing about 26% of the circulating supply. While the team initially considered rolling back the chain to erase more than 109,000 transactions, the new plan would permanently retire the layer 1. The proposal remains non-binding and subject to Harmony's validator governance requirements.
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