Harmony plans to sunset layer 1 and migrate ONE token to Ethereum

Harmony has proposed retiring its seven-year-old layer-1 blockchain and moving ONE to Ethereum, with validators able to begin shutting down nodes from Sept. 10 as the project prepares a new AI video business. Summary Harmony has proposed retiring its layer 1 and issuing ONE as an ERC 20 token on Ethereum after taking a final network snapshot. Users have been asked to exit smart contracts before Sept. 10, while eligible validators can begin shutting down nodes and receive compensation from a $1.372 million pool. The proposal comes weeks after an exploit created forged ONE tokens and prompted Harmony to plan a rollback removing more than 109,000 transactions. Harmony plans to give validators the option to remain as governors or participate in its new AI video initiative after the blockchain is retired. Harmony said Sunday that it wants to take a final snapshot of the network, issue ONE as an ERC-20 token on Ethereum and move exchange listings to the new token. The proposal remains non-binding, and the project has not given a date for the final block. The plan would end Harmony’s run as an independent blockchain after launching its mainnet in 2019. The project cited security threats f...