Harmony proposes shutting down layer 1, migrating ONE to Ethereum
Harmony, an Ethereum-compatible layer-1 blockchain, has proposed shutting down its own network and migrating its native ONE token to Ethereum as an ERC-20 token. The plan involves taking a final network snapshot to record all ONE balances, including those in wallets, staking, and exchanges, followed by an airdrop of the new ERC-20 tokens to the corresponding Ethereum addresses. The proposal is non-binding, and key details like the final block date and whether it will go through the network's formal governance process—which requires validator voting—remain unspecified. The migration would not support multisig wallets, liquidity pools, or on-chain applications, prompting users to exit smart contracts by September 10. Validators are offered options to shut down, become governors, or join a new AI-video initiative, with a compensation pool for those complying. This proposal follows a recent exploit where an attacker minted billions of unauthorized ONE tokens, leading Harmony to previously consider a network rollback. The shift now suggests a potential move from repairing the blockchain to ending it entirely.
cointelegraph10 saat önce