Harmony Proposes Mainnet Shutdown with Full ONE Token Migration to Ethereum

In a significant strategic shift, the Layer 1 blockchain Harmony has put forward a proposal to permanently sunset its mainnet. The development team cited a fundamentally altered threat landscape, with risks from sophisticated AI agents and state-level actors reaching unacceptable levels for continued independent operation.

Mechanics of the Proposed Migration

The cornerstone of the plan is a complete token migration to the Ethereum ecosystem. Distribution of replacement tokens will be determined by a snapshot of all ONE balances at the final block height of the Harmony mainnet.

  • Scope: The snapshot will encompass holdings in personal wallets, staked tokens, unclaimed validator rewards, smart contracts, and centralized exchanges.
  • Distribution Method: New tokens will be airdropped to corresponding user addresses on Ethereum. Exchanges will handle migrations for user balances on their platforms.
  • Exceptions: Assets in multi-signature vaults, liquidity pools, and certain on-chain applications require manual user intervention and will not be migrated automatically.

Required User Actions

While most token holders won't need to submit claims, the proposal sets a critical deadline. All assets within smart contracts must be withdrawn or transferred by September 10, 2026. The team warns that funds remaining in contracts past this date may become inaccessible.

A separate compensation program targets network validators and their delegators. A pool of approximately $1.37 million will be distributed in four phases, contingent on validators maintaining their stake, signing relevant agreements, and fulfilling governance roles in the transition.

Security Incidents as a Catalyst

This drastic proposal follows persistent security challenges. In August, Harmony confirmed a major exploit where an attacker minted roughly 4 billion unauthorized ONE tokens. Although patches were deployed and chain rollbacks were considered, the incident highlighted systemic vulnerabilities that ultimately led to the current strategic reevaluation.

Industry analysts view Harmony's move as part of a broader tension between security, decentralization, and sustainability in the public blockchain space. When the cost of maintaining network integrity outweighs its utility, projects face difficult choices. The migration to Ethereum represents both an asset preservation measure for its community and the conclusion of its standalone chain experiment.