Harmony Proposes Shifting ONE Token to Ethereum

Harmony revealed a plan on September 6 to shut down its seven year old Layer 1 blockchain. The team cites security concerns regarding state actors and the growth of AI as primary reasons for this proposed move. If the plan goes forward, the network will effectively migrate to the Ethereum ecosystem.

Under this new proposal, existing ONE tokens would be issued on Ethereum. The team also plans to redirect future token emissions toward a fresh AI video initiative. This shift signals a major change in strategy for a project that has operated its own independent mainnet since its inception.

The market is currently processing what this means for token holders and the broader infrastructure. Investors are watching closely to see how the migration process will be handled and what specific utility the ONE token will have within the Ethereum network. Further details regarding the timeline for the mainnet shutdown are expected to follow.