Harmony Proposes Sunsetting Layer 1 and Migrating ONE Token to Ethereum
Harmony announced Sunday a plan to retire its seven-year-old layer-1 blockchain and move the ONE token to Ethereum, with validators able to begin shutting down nodes from Sept. 10. The network will snapshot ONE at its final block and redirect future emissions toward an AI video business, while existing smart contracts and liquidity pools will not migrate.
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The Shutdown Plan
Harmony proposed discontinuing its layer-1 chain and migrating the ONE token to Ethereum mainnet. Validators are permitted to begin shutting down nodes starting Sept. 10, marking the formal end of the seven-year-old network. At the time of the chain's final block, Harmony will snapshot the ONE token distribution to establish the initial allocation on Ethereum.
What Will Not Transfer
Harmony explicitly warned users that existing smart contracts, dApps, and liquidity pools will not migrate to Ethereum as part of the transition. The project urged users to exit these protocols before Sept. 10 to avoid being stranded on a defunct chain. This means DeFi positions, staking contracts, and other on-chain activity built on Harmony will cease to function once the network goes offline.
The AI Video Pivot
Future ONE token emissions will be redirected toward an AI video business, representing a material shift in the project's focus away from infrastructure toward content technology. The specific mechanics of how emissions will be distributed or how the AI video venture will be structured were not detailed in the initial announcement.
Why It Matters
For Traders
ONE holders need to migrate tokens to Ethereum before Sept. 10 or risk holding an asset on a defunct chain; any open positions in Harmony dApps become worthless on that date.
For Investors
The wind-down signals structural failure of Harmony's layer-1 strategy and represents a total loss for those bullish on the network's long-term viability as infrastructure.
For Builders
Developers building on Harmony must migrate or sunset their applications immediately; the chain's closing removes a deployment surface for new projects effective Sept. 10.
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