Harmony Chain to Shut Down and Migrate ONE Tokens to Ethereum

Harmony is planning to shut down its seven year old blockchain network and migrate its native token to Ethereum. The proposed plan includes taking a snapshot of the final block and distributing new tokens to existing wallet addresses on Ethereum. This decision comes less than three weeks after the project rolled back its chain to fix a massive exploit that minted trillions of unauthorized tokens.

The network has suffered multiple major security failures in recent years. In 2022, a bridge hack drained nearly 100 million dollars from the protocol. More recently, attackers exploited cross shard receipts to mint massive amounts of the asset, prompting the team to state that ongoing threats from bad actors and automated agents are simply too great to manage independently.

Under the new shutdown proposal, smart contracts and liquidity pools will not transfer automatically, so users need to exit positions quickly. Validators are scheduled to start shutting down operations soon. The team also plans to repurpose future token emissions toward an artificial intelligence video initiative, marking a complete shift away from the original blockchain design.

Traders and holders should watch for the official snapshot date and final governance votes on this non binding proposal. While token supplies and wallet balances will technically move over, the retirement of the native chain marks a major turning point for the community.