Harmony proposes L1 shutdown, ONE token to Ethereum

Harmony, the Ethereum-compatible Layer 1 blockchain, has proposed shutting down its network and migrating its native ONE token to Ethereum, citing escalating security threats. The announcement, made on Sunday, September 6, 2026, marks a significant shift for the project, which launched its mainnet in 2019. Under the proposal, the ONE token will be issued as an ERC20 asset on Ethereum. Harmony plans to take a final snapshot of the network at its last block, after which new ONE tokens will be airdropped to the same wallet addresses on Ethereum. This process will cover balances held in wallets, staking delegations, validator rewards, smart contracts, and centralized exchange accounts. Holders will not need to take any action to receive the new tokens. However, multisig safes, liquidity pools, and onchain applications cannot be migrated, and users have been urged to exit all smart contracts before September 10, 2026. Validators have been offered several options for transitioning. They can begin shutting down their nodes starting September 10, 2026. A compensation pool of $1.