Harmony Proposes Shutting Down Layer-1, Migrating ONE Token to Ethereum

Harmony has proposed to voluntarily shut down its Layer-1 blockchain and migrate its native ONE token to Ethereum as an ERC-20 asset, the project said in an X post on Sept. 6.

The plan would retire the network that launched in 2019 and redirect the token’s future emissions toward an artificial-intelligence video business. “The threats posed by state actors and AI agents are too great.

Since our mainnet launch in 2019, our community has been resilient through attacks and changes, but it is time to fully sunset the Harmony network,” the project wrote.

How the migration would work Under the proposal, Harmony would take a final snapshot of ONE balances and issue matching ERC-20 tokens to the same wallet addresses on Ethereum.