Harmony has proposed shutting down the Layer-1 mainnet it launched in 2019 and migrating ONE to Ethereum as an ERC-20 via a final-block snapshot and airdrop.
The proposal is non-binding. Plans are subject to change.
What migrates — and what does not
Wallet balances, staking delegations, validator rewards, and exchange holdings would be captured automatically at the final block, with no claim required. New ONE would be airdropped to the same addresses on Ethereum. Total supply and the emission rate would remain unchanged.
Multisig safes, liquidity pools, and on-chain applications will not migrate. Harmony has urged users to exit those positions before 10 September 2026. The announcement does not describe a remedy for assets left in those contracts after the cutoff.
Validator timeline and payout pool
Any validator may cease operating from Thursday, 10 September 2026 at 7 a.m. Pacific Time. Harmony says it will compensate validators for the difference in emission rewards between each node’s last block and the network’s final block.
Validators who sunset on time, sign an agreement, keep stakes, and serve as governors would be paid in four quarterly instalments from a $1.372 million pool — equal to network-wide rewards issued in the one-year period before the 11 August incident.
Aug 11 exploit backdrop
The proposal follows an 11 August cross-shard exploit. An attacker abused receipt verification to mint ONE without a matching debit. On-chain analyst Juiceberg stamped roughly 4 billion ONE forged — about 26% of circulating supply — with about 2.8 billion moved to centralized exchanges. SlowMist logged realized extraction at approximately $3.2 million. Harmony rolled the chain back to 23:25:37 UTC on 11 August, erasing 109,126 regular transactions and 315 staking transactions.
Pivot to AI video “remix economy”
Tokens issued through emissions would be reallocated to an initiative Harmony calls The Remix Economy for AI Video, subject to governor feedback. The proposal invites validators to join as AI video operators or affiliates, with first-year GPU subsidies and affiliate commission terms.
This is a separate URL from Liquid bridge peg-out.
Philippines BSP’s 12-month OPS freeze / VASP rails draft is a separate payment-rail regulation tape — distinct from this US crypto / L1 / bridge note.
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Written and fact-checked with AI assistance, reviewed by a human editor before publication.
