Harmony will shut down the blockchain it launched in 2019 and migrate ONE to Ethereum as a new ERC-20 asset. The team cited threats from state actors and artificial intelligence agents. The team said those threats were too great after the community endured attacks and other changes. Validators can begin switching off their nodes on Thursday. Validators may power down from 7 a.m. Pacific on September 10. An exploit in August minted roughly 4 billion ONE. That amount represented about 26% of the total supply. The exploit sent ONE to a record low of $0.0005735. Harmony responded with a rollback. A 2022 breach of the Horizon Bridge drained close to $99.6 million. BounceBit also retired its Layer 1 in August after an attacker moved 286.5 million BB. BounceBit reissued the token on BNB Chain. Holders do not need to claim anything. Harmony will snapshot balances at the final block. Harmony will airdrop new tokens to the same addresses on Ethereum. Multisig safes, liquidity pools, and onchain applications cannot migrate with the holders. Harmony urged users to exit every smart contract before September 10. A pool worth $1.372 million will pay people who sign an agreement and remain as governors. Total supply and the emission rate will remain unchanged. Future emissions will fund an artificial intelligence video venture called The Remix Economy. Harmony describes the venture as an open library of prompts and assets. Fans can fork the assets. Artificial intelligence agents can expand them into dozens of stories per branch. Harmony projects millions of remixes per day. Harmony will subsidize operators' hardware for a year. Operators must stake tokens. ONE has fallen over 2% in the past day. ONE traded near $0.00074 on Monday. That price was roughly 29% above the record low set on August 12. ONE's market value was near $11 million. The token was outside the top 1,000 tokens by market capitalization.
Harmony Shuts Down Blockchain, Migrates ONE to Ethereum as ERC-20 Token
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Summary
Harmony is shutting down its blockchain and migrating ONE to Ethereum as a new ERC-20 token, per NS3. The move follows a major exploit in August that minted 4 billion ONE, or 26% of the total supply. Validators can begin shutting down nodes from September 10. Harmony will snapshot balances and airdrop new tokens to Ethereum addresses. Users must exit smart contracts before the deadline. Future emissions will fund an AI video project called The Remix Economy. The migration aligns with recent Ethereum news and upcoming new token listings.
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