Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
ONE Harmony proposes to end blockchain operations and migrate native ONE tokens to the Ethereum ecosystem
Harmony, the Ethereum-compatible Layer-1 blockchain network, has announced a proposal to stop its blockchain services and migrate its native token ONE to the Ethereum ecosystem. The move comes seven years after Harmony's main online line and comes after recent challenges that have affected network integrity.
Migration Plan Details
The proposal outlines taking a final network snapshot and issuing ERC-20 standard ONE tokens on Ethereum to effectively migrate users 'token balances. Harmony intends to coordinate with exchanges to list new tokens and ensure a smooth transition for existing holders.
Under the proposal, Validators responsible for maintaining Harmony's network operations and security will have multiple options: shut down nodes, move to governance roles, or participate in AI video initiatives proposed by the network.
Harmony stated that holders do not need to make any claims. Based on the final block snapshot of the network, all ONE balances, pledge rewards, verifier gains and assets held on centralized exchanges will be included in the airdrop of Ethereum.
However, the network issued a warning that multisignature wallets (multisig safes), liquidity pools and on-chain applications cannot be automatically migrated. Harmony advises users to exit all smart contracts by September 10 to avoid asset losses.
In addition, a compensation fund of $1.372 million has been allocated to reward validators who close nodes on time, retain pledged shares, and assume governance roles during the transition period.
Governance Mechanism and Timetable
Harmony described the proposal as a non-binding proposal. No specific date has been provided for generating the final block or initiating the shutdown procedure. Whether to advance decision-making depends on the network's governance process, which requires a participation rate of 51% of the total pledge weight and a support rate of 66.7% from stakeholders during the formal voting process.
According to Harmony's governance model, only elected validators can create proposals, but all validators, regardless of status, are eligible to vote, and their influence is determined by the amount of pledge they hold. After a seven-day introduction period and a fourteen-day voting window, the proposal can be passed if it meets the conditions.
Recent security incidents
The proposal came after a security breach that occurred less than a month ago. At the time, counterfeit ONE tokens were created, forcing Harmony to consider major recovery measures. The team revealed that a single exploit resulted in the unauthorized minting of nearly 4 billion ONE tokens, accounting for approximately 26% of the total supply of the token.
External parties allege that approximately 2.8 billion counterfeit tokens may have been sent to exchanges, although Harmony has not publicly confirmed this number.
In response to the incident, Harmony announced plans to roll back the blockchain to the August 11 checkpoint. This rollback will erase more than 109,000 standard transactions and 315 pledge transactions processed after the vulnerability occurred, shifting the focus of the network from technical repairs to formal shutdown.
The team confirmed that investigators had targeted almost all unauthorized traces of tokens to specific wallets or service endpoints. Harmony said it is working with exchanges, cross-chain bridges and law enforcement to resolve follow-up issues.
Explanation of Key Terms
ERC-20 Tokens: This is a widely used token standard on the Ethereum blockchain that allows interoperable digital assets and is compatible with a variety of decentralized applications and exchanges.
