The Harmony network has proposed a transition from its independent layer-1 blockchain to the Ethereum ecosystem. The plan involves taking a final network snapshot, issuing ONE tokens as ERC-20 assets on Ethereum, and migrating existing exchange listings. This initiative follows a recent security exploit that resulted in the unauthorized minting of nearly 4 billion ONE tokens.
Under the proposal, all wallet balances, staking delegations, and smart contract states will be recorded at the final block. While user balances will be airdropped to Ethereum addresses, the team noted that liquidity pools, multisig safes, and certain onchain applications cannot be migrated. Users are advised to exit these smart contracts before September 10.
Validators are being offered roles as governors or participants in a new AI-video project. A compensation pool of $1.372 million has been allocated for validators who shut down their nodes on time and maintain their stakes. The proposal is currently non-binding, and the team has not yet confirmed a specific date for the final block production.
The decision to sunset the network comes after an exploit in August led to plans for a blockchain rollback. Investigators identified that approximately 26% of the token supply was forged, prompting the team to discard over 109 000 transactions. The project is now shifting its focus from network repairs to a full migration to Ethereum.