Harmony proposes shutting down layer 1, migrating ONE to Ethereum

Harmony announced a proposal to sunset its native layer‑1 blockchain and move the ONE token to the Ethereum network. The plan includes a final network snapshot, issuance of ERC‑20 ONE tokens on Ethereum, and migration of exchange listings.

Proposed migration process

The proposal outlines a snapshot of all ONE balances at the final block, followed by an airdrop of ERC‑20 ONE tokens to the same addresses on Ethereum. The snapshot will cover wallets, staking delegations, validator rewards, smart contracts and centralized exchanges, with no claim process required.

Validator options and compensation

Validators may choose to shut down their nodes, continue as governors, or join Harmony’s new AI‑video initiative. A pool of $1.372 million is set aside to compensate validators who stop on time, retain their stakes and agree to serve as governors.

Limitations and user actions

Harmony warned that multisig safes, liquidity pools and on‑chain applications cannot be migrated. Users are urged to exit all smart contracts before September 10.

Governance details

The proposal is non‑binding and does not specify the exact final block or whether it will go through Harmony’s validator‑led governance process. Under current rules, a proposal requires 51 % of total stake weight to participate and 66.7 % support after a seven‑day introduction and a 14‑day vote.

Background: recent exploit

Less than four weeks earlier, Harmony suffered an exploit that forged nearly 4 billion ONE tokens (about 26 % of supply). The network planned a rollback to an August 11 checkpoint, discarding 109,126 regular transactions and 315 staking transactions, and worked with exchanges, bridges and law enforcement to trace the forged tokens.