Harmony to Retire Layer-1 Blockchain and Migrate ONE Token to Ethereum

The transition marks an end to Harmony’s independent mainnet, which launched in 2019. Under the proposal, the team will record a final network snapshot to distribute replacement tokens directly to user wallets, staking delegations, and exchange accounts. While the project has not set a date for the final block, it has instructed users to exit smart contracts before September 10, warning that liquidity pools and multisig safes cannot be transferred.

Validators are being offered a transition path rather than a total exit. Operators who shut down nodes on schedule and sign a new agreement will be eligible for a share of a $1.372 million compensation pool. Those who stay on will be encouraged to pivot toward Harmony’s forthcoming AI video “remix economy,” where they would serve as governors or operators. This new venture aims to utilize AI agents to generate and moderate video content, with the project planning to subsidize GPU hardware to drive initial adoption.

The shift comes after a turbulent period defined by recurring security threats. In August, Harmony discovered a flaw in its cross-shard receipt verification that allowed for the creation of trillions of forged ONE tokens, leading the team to roll back over 109,000 transactions. This incident mirrored earlier failures, including a 2023 staking logic error and the 2022 Horizon bridge hack that resulted in a $100 million loss. By migrating to Ethereum, Harmony aims to move away from the infrastructure vulnerabilities that have plagued its proprietary network.