Harmony Is Shutting Down. ONE Holders Get Ethereum Tokens Automatically
Harmony will shut down the blockchain it launched in 2019 and migrate its native token, Harmony (ONE), to Ethereum (ETH) as a new ERC-20 asset.
The team cited threats from state actors and artificial intelligence (AI) agents. Validators can begin switching off their nodes on Thursday.
Harmony Follows BounceBit Out of the Layer 1 Business
The sunset caps a punishing stretch for the network. In August, an exploit minted roughly 4 billion ONE, about 26% of the total supply, and sent the token to a record low of $0.0005735.
Harmony answered with a rollback. The chain was a target long before that. A 2022 breach of its Horizon Bridge drained close to $99.6 million.
Meanwhile, the retreat follows a pattern. BounceBit also retired its Layer 1 in August after an attacker moved 286.5 million BB, reissuing the token on BNB Chain.
The sunset notice did not name the two events, though.
"The threats posed by state actors and AI agents are too great. Since our mainnet launch in 2019, our community has been resilient through attacks and changes-but it is time to fully sunset the Harmony network," the team said.
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