Harmony Proposes Shutting Down Layer 1, Migrating ONE to Ethereum

Harmony, a blockchain platform known for its layer-1 network, has proposed a significant shift in its strategy. The team plans to sunset its layer-1 blockchain and migrate its native token, ONE, to Ethereum. This move comes weeks after a major exploit led to plans to discard 109,000 transactions. The proposal also includes a deadline for users to exit smart contracts by September 10.

## Why AI Threats Are Driving the Shutdown Harmony cites increasing threats from AI-driven attacks as a primary reason for the shutdown, according to Decrypt. The recent exploit, which resulted in the loss of 109,000 transactions, has likely accelerated the decision to move to a more secure and established platform like Ethereum. This shift is part of a broader trend in the blockchain industry, where smaller networks are seeking to leverage the security and scalability of larger platforms.

## What It Means for ONE Holders For holders of the ONE token, this migration means a significant change in how they interact with the token. Moving to Ethereum could provide better security and interoperability, but it also means adapting to a new ecosystem. Users are urged to exit smart contracts before September 10 to ensure a smooth transition. This deadline is critical, as it marks the point at which Harmony will begin the process of shutting down its layer-1 network.

## What's Next for Harmony Harmony's team is not only focusing on the migration but also exploring new ventures. According to Decrypt, the team is entering the AI-video business, indicating a strategic pivot beyond traditional blockchain services. This move could attract new users and investors, but it also comes with risks. The success of this transition will depend on how well Harmony can manage the migration and adapt to its new focus areas.

For those interested in similar transitions, the Starknet Rolls Out ZK Privacy Layer for ERC20 Balances and Transfers article provides insights into how other platforms are enhancing their security and privacy features. Additionally, the AscendEX Crypto Exchange Shuts Down, No Assurance on User Payouts article highlights the challenges faced by other platforms in the crypto space.

As the crypto landscape continues to evolve, Harmony's decision to migrate to Ethereum and explore new business areas could set a precedent for other smaller blockchain networks. It will be interesting to see how this transition unfolds and what impact it has on the broader crypto community.