Harmony Proposes Shutting Down Layer 1 and Migrating ONE

Harmony has officially shared a plan to shut down its layer 1 blockchain. The proposal suggests migrating the native ONE token over to the Ethereum network as a new home for the project.

This move follows a recent security exploit that hit the network. In the aftermath of that event, the team also moved to discard over 100,000 transactions to handle the fallout of the incident.

Investors are now waiting to see how the community reacts to this shift. Moving to Ethereum would mark a significant change in direction for the project. We will be watching for more technical details on how the migration process might work for current token holders.