Harmony Proposes L1 Shutdown and ONE Migration to Ethereum
Harmony plans to end independent L1 operations and shift ONE to an ERC-20 token on Ethereum after an August exploit, with a hard September 10, 2026 deadline for contract exits.
Harmony has proposed shutting down its independent layer-1 blockchain and migrating the ONE token to Ethereum as an ERC-20 asset through a final network snapshot and automatic airdrop to matching wallet addresses.
The migration would cover wallets, staking delegations, validator rewards, and exchange balances. Multisig safes, liquidity pools, and on-chain applications cannot migrate, leaving those positions exposed.
Users must exit all smart contracts before the September 10, 2026 deadline or lose access to their assets. The proposal follows an August 12 exploit that minted nearly 4 billion unauthorized ONE tokens.
Unresolved elements
Exact snapshot block details, airdrop mechanics, and validator transition plans remain unspecified. No confirmation exists yet on exchange support timelines or the outcome of any final governance vote.