Harmony plans to move ONE to Ethereum and shut mainnet

Harmony has proposed closing its seven-year-old Layer 1 blockchain, issuing ONE on Ethereum and directing future token emissions to a new AI video project. Summary ONE balances would be recorded at Harmony’s final block and recreated as ERC-20 tokens on Ethereum. Users must leave smart contracts by Sept. 10 because applications and liquidity pools cannot migrate automatically. Harmony has reserved $1.372 million to compensate eligible validators and delegators over four quarters. The proposal follows an August exploit that created trillions of unauthorized ONE tokens and prompted a rollback plan. Harmony said in a Sept. 6 post that the mainnet’s exposure to “state actors” and “AI agents” has made continued operation too risky, leading the team to propose retiring the network it launched in 2019. The plan remains nonbinding, and Harmony has not announced when it will produce the blockchain’s final block. The team also has not explained whether validators will decide the proposal through the network’s existing governance process. Under Harmony’s published governance rules, a proposal must receive votes representing at least 51% of total stake weight. Approval requires support from 66...