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.
Harmony, an Ethereum-compatible layer-1 network, has proposed shutting down its blockchain and migrating its native ONE token to Ethereum. This move comes in the wake of a recent exploit that led Harmony to consider a rollback, discarding over 109,000 transactions. Under the proposal, validators would have the option to stop their nodes, continue as governors, or join Harmony's new AI-video initiative.
The migration would be non-binding and would require 51% of total stake weight and 66.7% support from validators. If approved, all ONE balances would be recorded at the network's final block, and new ERC-20 tokens would be airdropped to the same addresses on Ethereum. However, multisig safes, liquidity pools, and onchain applications cannot be migrated, and users are urged to exit all smart contracts before September 10.
This proposal marks a potential shift from repairing the network to ending it as an independent blockchain.
Brief written by urgent.news from Cointelegraph's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
