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ETH 
ONE Harmony announced plans to shut down the Layer 1 blockchain and migrate ONE tokens to Ethereum
On September 6, Harmony announced plans to shut down its Layer 1 blockchain and migrate ONE tokens to the Ethereum network. Officials pointed out that the move is aimed at responding to security threats from state actors and artificial intelligence agents.
Under the proposal, existing balances will be replaced with equivalent ERC-20 ONE tokens on the Ethereum network. At the same time, users need to withdraw from specific on-chain contracts before the September 10 deadline. Currently, no final shutdown date has been set for the network, and the proposal is not binding.
ONE holders will receive the corresponding Ethereum token
According to The Block, under the framework of the proposal, Harmony will conduct a final snapshot of the network and airdrop equivalent ERC-20 ONE tokens to the corresponding Ethereum wallet address. The move will cover wallet balances, pledged accounts, verifier rewards, smart contracts and exchange assets. Through this structure, ONE's balance will be migrated from the soon-to-be shut down Layer 1 network to Ethereum rather than remaining in the original network. Harmony explained the shutdown of Layer 1 in a post posted on its official X (formerly Twitter) account on September 6.
Multi-signatures, liquidity pools and applications face September 10 exit deadline
Not all assets or positions can be migrated through the snapshot and airdrop process described above. Harmony said that multisignature safes, liquidity pools and on-chain applications cannot be migrated directly and urged users to withdraw from these contracts by September 10.
This deadline raises the most pressing operational issue in the proposal: For users with funds or positions within affected contracts, funds must be withdrawn or otherwise exited before the deadline. However, the report did not clarify the specific migration path of these contracts themselves.
Harmony does not set a final block date or governance process
Cointelegraph reported that Harmony's plan is non-binding and does not specify a final block height, nor does it confirm whether the proposed shutdown will go through a validator led governance process.
Until implementation details and approval procedures are determined, the shutdown of Layer 1 remains only at the proposal stage, rather than a confirmed network shutdown.
Disclaimer : This article is for reference only and does not constitute legal, tax, investment, financial or any other form of advice.
