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

Harmony proposed on Sept. 6 to voluntarily shut down its Layer-1 blockchain and migrate its native ONE token to Ethereum as an ERC-20 asset. The plan would sunset the network launched in 2019 and redirect future token emissions toward what Harmony calls the “Remix Economy for AI Video,” a subscription service for creators to publish prompts and assets reusable by people and AI agents to generate new video clips. Harmony says it would take a final snapshot of ONE balances and issue matching ERC-20 tokens to the same wallet addresses, including staking positions, validator rewards, and tokens held on centralized exchanges, without requiring holders to claim. The proposal is non-binding and still lacks confirmation on whether it will pass validator governance. Harmony cited security issues, including a June 2022 bridge attack and an Aug. 11 flaw exploited to mint over three trillion unauthorized ONE.