Harmony proposes shutting down layer 1, migrating ONE to Ethereum
Harmony proposed sunsetting its layer-1 blockchain and migrating ONE to Ethereum, weeks after an exploit led to plans to discard 109,000 transactions.
Harmony proposed sunsetting its layer-1 blockchain and migrating ONE to Ethereum, weeks after an exploit led to plans to discard 109,000 transactions.
Ethereum-compatible layer-1 network Harmony proposed sunsetting its blockchain and migrating its native ONE token to Ethereum, seven years after launching its mainnet.
On Sunday, Harmony proposed taking a final network snapshot, issuing ERC-20 ONE tokens on Ethereum and migrating exchange listings. Validators would be offered options to stop their nodes, continue as governors, or join its new AI-video initiative.
Under the proposal, all ONE balances would be recorded at the network’s final block and new ERC-20 tokens airdropped to the same addresses on Ethereum. The snapshot would cover wallets, staking delegations, validator rewards, smart contracts and centralized exchanges, with no claims required.