Harmony Proposes Layer 1 Sunset and ONE Migration

Harmony plans to sunset its Layer 1 network and has proposed migrating its ONE token to Ethereum as the project pivots toward an AI-video initiative.

Under the proposal, Harmony would snapshot wallet balances, staking delegations, validator rewards, smart contracts and centralized-exchange holdings at the final block. New ONE tokens would then be airdropped to corresponding Ethereum addresses, with the existing total supply and emission rate preserved.

The migration is not comprehensive. Harmony said multisig safes, liquidity pools and onchain applications cannot be migrated. Users were urged to exit smart contracts before September 10, while validators can begin ceasing node operations from that date.

The distinction between token continuity and application continuity is central. An airdrop may preserve a recorded token balance, but it cannot automatically carry contract state, liquidity positions, permissions or application dependencies onto a different chain.

Harmony cited continuing security threats after a series of incidents, including an August exploit involving unauthorized ONE issuance and the 2022 Horizon bridge theft. The project also proposed a $1.37 million pool for eligible validators transitioning to roles in the new initiative.

The plan remains a proposal and operational details may change. Holders should rely on authenticated project communications and avoid unsolicited migration links. The next evidence is a final snapshot specification, audited token contract, exchange treatment and a verified shutdown sequence.

Sources and disclosures

Source: Harmony statements as reported by The Block on September 6, 2026. The article distinguishes the announced plan from a completed migration and does not endorse third-party migration instructions.

Update note

Draft observed September 8, 2026 BRT. High-volatility operational item: refresh official Harmony channels immediately before any publication because the September 10 deadline is near.