Harmony has proposed fully sunsetting its Layer 1 and moving ONE to Ethereum. The plan calls for a snapshot at the network's final block, followed by replacement tokens distributed to the same wallet addresses on Ethereum. The stated snapshot would cover wallet balances, staked ONE, validator rewards and exchange holdings.
Assets inside smart contracts create a separate migration problem. Harmony warned that multisig safes, liquidity pools and onchain applications cannot be migrated automatically, and urged users to exit those contracts before September 10, 2026. Delegated stakes and unclaimed rewards would move into individual governor vaults under the proposal.
The team framed the decision around increasing threats from state actors and AI-assisted attacks. The immediate security context includes an August exploit in which an attacker created roughly four billion unauthorized ONE tokens; Harmony patched the issue and discussed recovery options. A full shutdown would go far beyond a local fix and change the project's infrastructure model.
The proposal also redirects future ONE emissions toward a new AI-video initiative and includes a separate compensation pool for eligible validators and delegators. It remains a proposal, so the announced migration plan should be distinguished from an already completed chain shutdown.