Harmony, an Ethereum‑compatible layer‑1 network, has submitted a non‑binding proposal to discontinue its own blockchain and transfer its native ONE token to the Ethereum network. The plan calls for a final snapshot of the Harmony ledger, after which ERC‑20 ONE tokens would be issued on Ethereum and allocated to the same addresses.
The proposal outlines three options for current validators: cease node operations, continue as governors of the new system, or join Harmony’s upcoming AI‑video initiative. Under Harmony’s governance rules, a proposal must obtain at least 51 % of total stake weight to participate and a 66.7 % approval after a seven‑day introduction period and a 14‑day voting window.
All ONE balances—including wallets, staking delegations, validator rewards, smart contracts and centralized‑exchange holdings—would be recorded at the final block and airdropped on Ethereum without requiring additional claims. However, Harmony warned that multisig safes, liquidity pools and on‑chain applications cannot be migrated, urging users to withdraw from smart contracts by 10 September.
Validators who shut down their nodes by that date would be eligible for compensation from a $1.372 million pool, provided they retain their stakes and agree to serve as governors.
The shutdown proposal follows a security incident less than a month earlier. On 12 August, Harmony reported an exploit that minted nearly 4 billion unauthorized ONE tokens, roughly 26 % of the total supply. The attacker allegedly moved about 2.8 billion of those tokens to exchanges. Harmony responded by planning a rollback to an 11 August checkpoint, which would erase 109,126 regular transactions and 315 staking transactions. Investigators said they had traced most forged tokens to specific wallets or service boundaries and were cooperating with exchanges, bridges and law‑enforcement agencies.
If approved, the migration would mark a shift from maintaining an independent blockchain to consolidating the ONE token on Ethereum, potentially simplifying token management for holders while ending Harmony’s layer‑1 operations.
