Harmony Proposes Shutting Down Layer-1, Migrating ONE to Ethereum ERC-20

Harmony proposed shutting down its seven-year layer-1 blockchain and migrating ONE into an ERC-20 token on Ethereum, a move it described as non-binding and without a set date for the network’s last block.

“Harmony proposed shutting down its seven-year layer-1 blockchain and migrating ONE into an ERC-20 token on Ethereum”

CryptoRank

CryptoRank said the plan would end Harmony’s independent operation, while also noting that it included no date and no details on validator voting, leaving uncertainty for token holders and validators.C

BigGo Finance

Harmony’s proposal, as described by CryptoTicker, set a timeline in which final blocks were to be processed on September 9, 2026, with validators potentially shutting down their nodes afterwards.C

CryptoTicker also said reports diverged on the cut-off, with The Block naming September 10, 2026 as the day validators were allowed to cease operations, and ETHNews describing September 9 as the day of the final blocks.C

The KuCoin report said Harmony’s plan called for a final blockchain snapshot and an ERC-20 ONE issuance on Ethereum, with balances recorded at the network’s final block and replacement tokens airdropped to the same addresses.

Harmony’s shutdown proposal followed an exploit described by CryptoTicker as a cross-shard verification failure on August 12, 2026 that allowed valid receipts to be redeemed more than once, creating new ONE with no offsetting entry.C

CryptoTicker said the first confirmed wave covered around 4 billion ONE and that a security firm Verichains arrived at roughly 3.01 trillion forged ONE, while Harmony then opted for a rollback to a state before the attack.C

Coinpedia

In that rollback, CryptoTicker reported that Shard 0 was reset to block 92,730,034 and shard 1 to block 94,978,278, both carrying the same timestamp, 23:25:37 UTC on August 11, 2026.C

CryptoTicker quoted the project’s reasoning as: “The threats posed by state actors and AI agents are too great.”C

Crypto News said Harmony urged users to exit smart contracts before Sept. 10, while multisig safes, liquidity pools and on-chain applications cannot be migrated through the proposed process.

Harmony’s plan left key execution details unclear, with CryptoRank saying it was non-binding and had not set a date for the network’s last block or said whether validators would vote through governance.C

“A proposal requires 51% of total stake weight to participate and then 66.7% support”

KuCoin

KuCoin described Harmony’s governance framework as requiring 51% of total stake weight to participate and 66.7% support after a seven-day introduction and a 14-day voting period, while also saying the proposal did not specify whether it would follow that full procedure before execution.

For validators, Crypto News said Harmony allocated a $1.372 million compensation pool for those who shut down nodes on time, retain their stakes, and serve as governors, and it said validators could begin shutting down nodes from Sept. 10.

KuCoin added that validators would have options to shut down nodes, remain involved as governors, or move into Harmony’s newly described AI-video initiative, with the proposal also stating that multisig safes, liquidity pools and on-chain applications cannot be migrated.

On token mechanics, CryptoTicker said the migration would use a snapshot at the chain’s final block and then distribute new ONE as an ERC-20 token on Ethereum to the same addresses, with no claim process required for eligible holders. C