Harmony Proposes Shutting Down Network: September 10 is a Critical Date for ONE Migration

Following security issues, Harmony has proposed shutting down its main blockchain network (Layer 1) and migrating the ONE token to Ethereum, while calling on users to take action before September 10, 2026, for smart contracts not included in the migration.

According to a statement reported by The Block, Harmony is proposing to completely shut down its mainnet and create new tokens on Ethereum for its native token, ONE. The plan has not yet been finalized. However, if implemented, a comprehensive migration process will begin for users, validators, and on-chain applications.

The project cited ongoing security threats as the reason for the decision. It was stated that in the latest exploit, attackers minted more than 3 trillion unauthorized ONE tokens in six transactions. This development has once again brought the security vulnerabilities in the network’s token minting mechanism to the forefront.

Ethereum Migration Proposed for ONE Tokens

According to the proposal, balances in user wallets, staking operations, validator rewards, and centralized exchanges will be recorded at the final block. Subsequently, new ONE tokens will be sent via airdrop to the same wallet addresses on Ethereum. Exchange listings are also planned to be adapted to this migration.

However, multisig vaults, liquidity pools, and on-chain applications will not be migrated to the new network. Harmony requested that users holding assets in these structures complete the necessary transactions before September 10, 2026. From this date onwards, validators will be able to shut down their nodes.

A $1.37 million pool has been set aside to support validators leaving the network. It is planned that validators who meet the requirements will transition to an “administrator” role in Harmony’s new venture. The project is also considering launching a new venture based on AI-powered video generation instead of the Layer 1 network.