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Harmony proposes shutting down layer 1, migrating ONE to Ethereum
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- DeepHorus
Harmony, an Ethereum-compatible layer-1 network, has proposed shutting down its blockchain and migrating its native ONE token to Ethereum. The Sunday proposal comes seven years after mainnet launch and less than four weeks after a major exploit. It signals a shift from repairing the network to ending it as an independent blockchain.
Under the non-binding plan, Harmony would take a final snapshot, issue ERC-20 ONE tokens on Ethereum, and migrate exchange listings. All ONE balances at the final block would be recorded, with new tokens airdropped to the same addresses. The snapshot would cover wallets, staking delegations, validator rewards, smart contracts and centralized exchanges, with no claims required.
However, multisig safes, liquidity pools and onchain applications cannot be migrated. Users must exit all smart contracts before Sept. 10. Validators may begin shutting down that day, with a $1.372 million pool to compensate those that stop on time, retain stakes and agree to serve as governors.
Validators can stop their nodes, continue as governors, or join Harmony's AI-video initiative. The proposal did not specify the final block or whether shutdown would go to validator-led governance. Harmony's rules require 51% stake participation and 66.7% support after a seven-day introduction and 14-day vote.
The proposal follows an Aug. 12 disclosure that an attacker minted nearly 4 billion unauthorized ONE, about 26% of supply. An outside account claimed 2.8 billion tokens reached exchanges, though Harmony had not confirmed this. On Aug. 17, Harmony planned to revert to an Aug. 11 checkpoint, discarding 109,126 regular transactions and 315 staking transactions.
Investigators traced nearly all forged tokens to wallets or service boundaries and worked with exchanges, bridges and law enforcement. The migration proposal puts ONE's future in validators' hands. If approved, Harmony would cede its independent chain status and become an Ethereum-based token.
