ONE Token to Migrate to Ethereum as Harmony Plans Layer-1 Shutdown

5 min readPublished 7 Sep 2026Updated 9 Sep 2026, 06:15 UTC

The project has outlined a plan to sunset its network and move ONE token holders onto Ethereum-based tokens.

Harmony, a layer-1 blockchain network that once positioned itself as a low-cost alternative to Ethereum, has proposed shutting down its own chain. The plan calls for migrating its native ONE token onto Ethereum, according to multiple reports published on September 7.

Under the proposal, ONE token holders would receive Ethereum-based tokens as part of the transition. Some reporting indicates this process would happen automatically, without requiring manual claims from holders. The exact mechanics of the swap, including timing and any conversion ratio, have not been detailed in available reporting.

Harmony launched its layer-1 network several years ago, promoting fast transaction speeds and low fees as its core selling points. The chain built a sharded architecture designed to scale throughput beyond what earlier blockchains could handle. Despite that technical positioning, Harmony struggled to maintain the developer activity and liquidity levels seen on larger networks like Ethereum and its layer-2 ecosystem.

The proposal to sunset the network fits a broader pattern across the industry. Several mid-sized layer-1 projects have faced declining usage as capital and developers concentrate around Ethereum, its rollups, and a small group of alternative chains such as Solana. Rather than continue operating infrastructure with thinning activity, some teams have opted to consolidate their communities onto more actively used networks.

Migrating to Ethereum specifically signals confidence in that network’s liquidity, tooling, and security guarantees. Ethereum hosts the largest base of decentralized finance protocols, exchanges, and wallet infrastructure in the industry. Moving ONE onto Ethereum would give token holders access to that broader ecosystem, potentially easing custody, trading, and integration with existing decentralized applications.

Harmony’s proposal has not been described in available reporting as finalized. Governance proposals of this nature typically require community or validator input before implementation begins. The project has not, according to current reports, published a specific shutdown date for the existing layer-1 chain or a firm timeline for when migrated tokens would become tradable on Ethereum.

The move also raises questions about the fate of Harmony’s existing validator set, its cross-chain bridge infrastructure, and applications built directly on its network. Projects that previously relied on Harmony’s chain would need to determine how, or whether, to port their operations to Ethereum or another platform. Details on support for those builders have not been specified in reporting so far.

Sources disagree on this story

This article was published before the reports below were compared. The reporting above stands; what follows is where the published accounts do not agree.

Reports on Harmony’s proposed shutdown agree on most details but diverge sharply on how many unauthorized ONE tokens were minted in the August exploit.

What all sources agree on

Harmony proposed sunsetting its layer-1 blockchain and migrating the ONE token to Ethereum as an ERC-20 asset.
Validators can begin shutting down nodes starting Sept. 10, and users were told to exit smart contracts before that date.
Harmony set aside a $1.372 million fund for validators who shut down on time, retain their stakes, and serve as governors.
The proposal is non-binding, with no date given for the final block.
Governance requires 51% of total stake weight participation and 66.7% support, following a seven-day introduction period and a 14-day voting period.
Multisig safes, liquidity pools, and onchain applications cannot be migrated automatically.
Harmony planned/executed a rollback to an Aug. 11 checkpoint, removing 109,126 regular transactions and 315 staking transactions.
The exploit was described as representing approximately 26% of the total ONE supply.

Where the reports disagree

1Number of unauthorized ONE tokens minted in the August exploit

An exploit allowed the unauthorized minting of nearly 4 billion ONE tokens, representing approximately 26% of the coin’s total supply.

CoinTurk News EN 2026-09-07 05:38

Harmony said on Aug. 12 that it was considering reversing the chain after reports that an attacker had created nearly 4 billion unauthorized ONE, representing about 26% of the supply.

The Crypto Basic 2026-09-07 11:04

The attacker minted more than three trillion unauthorized ONE tokens across six transactions, equivalent to approximately 26% of the total supply.

Crypto Economy 2026-09-07 14:49

What would settle it: Harmony’s own on-chain forensic report or a published third-party audit (e.g. Verichains) of the exploit transactions.

What to make of it

Treat the shutdown proposal, migration mechanics, Sept. 10 validator window, and $1.372 million fund as established across all outlets. The exact scale of the exploit — nearly 4 billion versus over three trillion unauthorized tokens — is unresolved and should not be cited as a settled figure until Harmony or an independent auditor publishes a reconciled transaction count.

Market Impact

A shutdown and migration of this scale could affect ONE token liquidity in the near term, as holders and exchanges adjust to a new token standard on Ethereum. Trading pairs, wallet support, and exchange listings tied to the original Harmony chain would need updating to reflect the migrated asset.

More broadly, the move underscores continued consolidation pressure facing smaller layer-1 blockchains. As liquidity and developer attention concentrate on Ethereum and a handful of competing networks, other lower-activity chains may face similar decisions about whether to keep operating independent infrastructure or migrate their communities elsewhere.

Harmony’s proposal marks a notable retreat for a project that once aimed to compete directly with Ethereum on speed and cost. Its outcome will depend on governance approval and the practical details of executing the migration.

Frequently Asked Questions

What is Harmony proposing?

Harmony has proposed shutting down its own layer-1 blockchain and migrating its native ONE token to the Ethereum network.

Will ONE token holders need to take action to migrate?

According to available reporting, the migration to Ethereum-based tokens would happen automatically for existing ONE holders, though full mechanics have not been detailed.

Why would Harmony move to Ethereum instead of continuing its own chain?

Reports have not specified an official reason, but the move aligns with a broader trend of smaller layer-1 networks consolidating onto Ethereum’s larger liquidity and developer base.