Ethereum-compatible layer-1 network Harmony proposed sunsetting its blockchain and migrating its native ONE token to Ethereum, seven years after launching its mainnet.Â
On Sunday, Harmony proposed taking a final network snapshot, issuing ERC-20 ONE tokens on Ethereum and migrating exchange listings. Validators would be offered options to stop their nodes, continue as governors, or join its new AI-video initiative.Â
Harmony described the proposal as non-binding and did not specify when the final block would be produced or whether the shutdown would be submitted to the network’s validator-led governance process.Â
Under Harmony’s published governance rules, elected validators can create proposals, while unelected validators may vote, with voting power based on total stake. Passage requires 51% of total stake weight to participate and 66.7% support after a seven-day introduction and 14-day vote.
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