Harmony proposes shutting down layer 1, migrating ONE to Ethereum
Covered by 2 sources · 2 articles
Harmony has proposed discontinuing operations of its layer-1 blockchain and relocating all ONE tokens to Ethereum as ERC-20 assets. The plan involves taking a final balance snapshot to facilitate the token migration process. Validators operating the network would receive compensation packages as an incentive to shut down their infrastructure.
The proposal follows a recent security incident that prompted the team to abandon approximately 109,000 transactions. The shift represents a significant strategic pivot for the blockchain, which would cease independent operation in favor of becoming a token on Ethereum's network.
- Harmony intends to sunset its standalone layer-1 and migrate ONE holdings to Ethereum as ERC-20 tokens using a final balance snapshot.
- Validators are being offered compensation to discontinue their operations and support the shutdown.
- The move comes weeks after an exploit forced the team to discard a substantial volume of transactions.
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Harmony proposes shutting down blockchain, plans ONE token migration to Ethereum
🛑 Harmony unveils plan to shut down its blockchain and migrate all $ONE tokens to Ethereum. 🚨 A final snapshot will record user balances before issuing new ERC-20 tokens on Ethereum. ⚡ Validators are offered compensation if they shut down…
Harmony proposes shutting down layer 1, migrating ONE to Ethereum
Harmony proposed sunsetting its layer-1 blockchain and migrating ONE to Ethereum, weeks after an exploit led to plans to discard 109,000 transactions.