Harmony Is Shutting Down. ONE Holders Get Ethereum Tokens Automatically

Harmony announced the complete sunset of its mainnet, which has been live since 2019. The network will migrate its native token, ONE, to an ERC‑20 version on Ethereum. The decision was driven by what the team described as “threats posed by state actors and AI agents.”

Timeline and validator actions

Validators may begin powering down their nodes from 7 a.m. Pacific on September 10. The shutdown process includes a snapshot of all ONE balances at the final block, after which the equivalent ERC‑20 tokens will be airdropped to the same addresses on Ethereum.

Impact on holders and contracts

ONE holders do not need to claim the new tokens manually; the airdrop will be automatic. However, multisig safes, liquidity pools and other on‑chain applications will not be transferred and must be exited before September 10.

Financial incentives for remaining governors

A pool of $1.372 million will reward participants who sign an agreement and continue as governors after the migration.

Token economics

The total supply and emission rate of ONE will remain unchanged. Future emissions are earmarked to fund an AI‑driven video venture called “The Remix Economy,” which will subsidize hardware for operators who stake tokens.

Recent performance and market context

ONE has been volatile, falling to a record low of $0.0005735 after an August exploit that minted roughly 4 billion ONE (about 26 % of total supply). The token recovered to around $0.00074, roughly 29 % above that low, with a market value near $11 million, placing it outside the top 1,000 tokens by market cap.

Related layer‑1 retirements

The shutdown follows a similar retreat by BounceBit, which also retired its layer‑1 network in August after an attack moved 286.5 million BB and reissued the token on BNB Chain.