Harmony proposes shutting down layer 1, migrating ONE to Ethereum
Harmony proposed shutting down its Ethereum-compatible L1 and migrating ONE to Ethereum as ERC-20 tokens after seven years. The plan calls for a final network snapshot, then an airdrop to existing addresses based on balances at the last block, covering wallets, staking delegations, validator rewards, smart contracts and exchange holdings. Validators could stop nodes, become governors, or join a new AI-video project, and a $1.372 million pool would compensate those who shut down on time and keep stakes locked. The proposal is non-binding and its governance path/timeline is unclear. Users are urged to exit smart contracts before Sept. 10 because multisigs, liquidity pools and dapps will not migrate. The shutdown proposal follows a recent exploit involving forged ONE tokens and a planned rollback of over 109,000 transactions.
