Harmony Proposes Sunsetting Network and Moving ONE to Ethereum for AI Video Pivot

Harmony has asked holders of its ONE token to prepare for a planned shutdown of the project’s blockchain and a token migration to Ethereum. Under the proposal, the network would take a snapshot at the final Harmony block and distribute new ERC-20 ONE to the same wallet addresses on Ethereum, while redirecting ongoing token emissions to a new venture the team calls the “Remix Economy for AI Video.” Harmony described the notice as non-binding and said details could change following community feedback. The snapshot would include balances across wallets, staking delegations, validator rewards, smart contracts and centralized exchanges. Harmony said the airdrop would not require a separate claim process; delegated stakes and any unclaimed rewards would be moved into individual governor vaults. The team also pledged to publish the ERC-20 contract, governor-vault contract, snapshot calculations and airdrop scripts for public review. Because smart contracts, multisig safes, liquidity pools and apps cannot be migrated to Ethereum, Harmony set a hard operational deadline: users must withdraw assets from onchain contracts before Sept. 10 (Thursday). The project warned validators that they may begin shutting down nodes on Sept. 10. To ease the transition for infrastructure operators, Harmony established a $1.372 million transition pool—equal to the network-wide rewards issued in the year before the Aug. 11 incident—and outlined compensation for validators that shut down on time and sign agreements to act as governors in the new initiative, paid in four quarterly installments. The migration proposal comes amid an ongoing reconciliation related to an August security incident. Harmony said the exchange-linked ONE gap tied to the Aug. 11 event had been revised to 6.581 billion ONE from about 10.234 billion after matching 295 cross-exchange transfers totaling roughly 3.493 billion ONE; the team cautioned that the reduction does not mean additional funds were recovered. Harmony reported that exchanges had frozen balances tied to the attacker and that it had patched two verification paths, asked exchanges to block four wallets, paused its bridge and evaluated rollback options. The team did not confirm a claim from onchain account Juiceberg alleging four billion unauthorized ONE had been created. Onchain activity and market metrics highlight the network’s reduced footprint: Harmony’s staking dashboard showed about 3.04 billion ONE staked with a median effective stake of 6.83 million ONE; DefiLlama listed $146,337 in decentralized finance total value locked and $4,611 in 24-hour DEX volume, and reported chain fees of $2.35 over the same period. ONE traded near $0.00071, down modestly in recent periods, giving it a market capitalization of about $10.6 million; the token’s all-time high was $0.379 in October 2021. Harmony described the planned AI-video platform as one where creators publish open prompts and assets that others can fork, with AI agents generating derivative clips; the team said emissions would bootstrap creators and operators and suggested advertising could generate significant revenue, though it provided no user metrics or launch schedule. The proposal said total ONE supply and emission rates would remain unchanged after the migration.