Harmony Proposes Network Shutdown, Plans to Move ONE Token to Ethereum

Harmony, a Layer 1 blockchain project, said escalating threats from AI agents and state-backed actors have reached a point where it can no longer reasonably maintain network operations, prompting the team to propose shutting down the Harmony network, according to Odaily Planet Daily. The proposal is nonbinding at this stage. Users are required to exit Harmony smart contracts by Sept. 10, 2026. As part of the plan, Harmony would migrate the ONE token to Ethereum. Replacement-token allocations would be calculated using balances captured in the final Harmony block, covering wallet holdings, staked tokens, validator rewards, smart contract balances, and centralized exchange holdings. The replacement tokens would be airdropped to the same wallet addresses on Ethereum. Harmony noted that multisignature vaults, liquidity pools, and on-chain applications cannot be migrated. Harmony also plans to distribute funds from a $1.372 million pool over four quarters to eligible validators and delegators who keep their stake, sign the agreement, and take part in governance. Harmony said ONE's total supply and emission schedule would remain unchanged, with newly released tokens directed to its "The Remix Economy for AI Video" initiative. (Decrypt)