- Harmony is migrating its ONE token to Ethereum as it sunsets its L1 network and moves toward the AI video economy.
Seven years after launch, Harmony (ONE) plans to sunset its Layer-1 (L1) network to pave the way for its migration into the Ethereum (ETH) chain. A proposal is underway, which, if successful, would support the transition.
Harmony’s ONE Token Migrating to Ethereum
On Sunday, Harmony urged validators to cease their operations on the network starting on September 10, 2026, at 7:00 AM Pacific Time. It promised to compensate them for the difference in emission rewards between each node’s last block and the network’s final block.
Harmony recommended that validators maintain their community and delegated tokens, and invited them to become governors in the new initiative. It offers a one-time compensation program worth $1.372 million, paid in four quarterly installments, to those who will sunset their nodes on time, sign an agreement, keep their stake, and serve as governors in the migrated network.
The team behind Harmony also advised users to exit all their smart contracts before the deadline. It explained that the migration will not include multisig safes, liquidity pools, and onchain apps.
Meanwhile, the protocol will snapshot all tokens held in user wallets, staking delegations, validator rewards, smart contracts, or centralized exchanges at the final block. The snapshot will determine the new ONE tokens to be airdropped to the same wallet addresses on Ethereum.
Harmony requires no action or claim on the part of users during the process. Everything will be automatic on their side.
For transparency and public audit, Harmony will publish the ERC-20 token contract, the governor vault contract, snapshot calculation, and the airdrop scripts. ONE’s token supply and emission rate will carry over to its new layer on Ethereum.
Reason Behind the Decision
Harmony explained that overwhelming threats posed by state actors and artificial intelligence (AI) agents led to its decision to sunset its L1 chain. It notably follows the major exploit it experienced in August, leading to the unauthorized minting of approximately 3 trillion to 4 trillion ONE tokens across six transactions.
However, the aforementioned incident was not the first time that Harmony got hit by hackers. In 2022, it was subject to a cross-chain bridge exploit costing roughly $100 million in Ethereum and stablecoin assets. Law enforcement authorities traced the attack to infamous North Korean state-sponsored hacking outfits, the Lazarus Group and APT 38.
Furthermore, Harmony revealed that it’s transitioning toward a remix economy for AI videos. It expects to generate up to “tens of millions of dollars from a million users” in advertising revenue from the new venture, in addition to fees it will collect from user-prompted AI content or assets shared across the network for remixing.
