Harmony Moves to Close Its Layer‑1 and Shift ONE Toward Ethereum

TL;DR

• Harmony proposed shutting down its layer-1 blockchain and migrating the ONE token to Ethereum as an ERC-20, seven years after its mainnet launch.
• An exploit in August allowed the minting of nearly 4 billion unauthorized ONE tokens, equivalent to 26% of the supply, which accelerated the decision.
• Validators will receive a $1.37 million fund as compensation if they stop their nodes before September 10 and take on governance roles.

Harmony, the Ethereum-compatible layer-1 network, proposed the permanent shutdown of its blockchain and the migration of its native token ONE to Ethereum under the ERC-20 standard, seven years after the launch of its mainnet in 2019.

The proposal, published in non-binding terms, does not specify the exact date of the final block nor confirm whether the process will be submitted to the network’s governance mechanism, which requires the participation of 51% of the total staked weight and the support of 66.7% of votes following a seven-day introduction period and a fourteen-day voting period.

… Continue reading the full article at the original source below.