Harmony proposes shutting down layer 1 and migrating ONE to Ethereum

Harmony has proposed ending its layer1 blockchain and moving its ONE token to Ethereum, following recent security problems on the network. The proposal comes seven years after Harmony launched its mainnet. Under the plan, Harmony would take a final snapshot of the network, issue ERC20 ONE tokens on Ethereum, and migrate exchange listings. The snapshot would include wallet balances, staking positions, validator rewards, smart contracts, and centralized exchange holdings. The company said the proposal is nonbinding and did not give a date for the final block or say whether the plan will go through its validator governance process. Harmony also said some parts of the network, including multisig safes, liquidity pools, and onchain applications, cannot be moved and users should exit smart contracts before Sept. 10.