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Harmony has proposed shutting down its layer-1 blockchain and converting its ONE token to an ERC-20 asset on Ethereum, seven years after launching its mainnet. The plan involves taking a final network snapshot, airdropping equivalent ONE tokens to Ethereum users, and offering validators compensation to cease operations. The proposal arrives weeks after a security exploit resulted in the unauthorized minting of billions of tokens and plans to reverse over 109,000 transactions.
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