Harmony Shuts Down Mainnet and Migrates ONE to Ethereum

The team behind Harmony announced it is shutting down its blockchain, which originally launched in 2019. The move comes as the network faces mounting security concerns from state actors and autonomous artificial intelligence agents. Validators are expected to start powering down their nodes on September 10.

Token holders do not need to take any action to receive their new assets. Harmony plans to take a snapshot of all wallet balances and airdrop new ERC 20 tokens directly to users on the Ethereum network. However, the team warned that users must exit all liquidity pools and smart contracts before the September 10 deadline, as these functions will not transfer to the new chain.

This transition marks a significant shift for the project, which struggled with major security incidents in recent years. After the migration, the project intends to pivot its focus toward a new AI video platform called The Remix Economy. Future token emissions will be used to support this venture, which involves creating an open library of digital assets and prompts.

While the project moves toward a new goal, the market response has been muted. The price of ONE saw a decline of over 2 percent following the news, leaving it trading well below its previous highs. With a market capitalization now sitting near 11 million dollars, investors are closely watching how the token performs once it completes its move to the Ethereum ecosystem.