A seven-year-old blockchain is permanently abandoning its own network to seek refuge on Ethereum

According to reporting by CryptoSlate, the seven-year-old Harmony blockchain is proposing to shut down its independent network and migrate the ONE token to Ethereum. The plan follows an August 11 exploit that resulted in roughly 3.01 trillion unauthorized ONE tokens created across six forged transactions. Harmony subsequently completed a chain rollback on August 21, discarding over 109,000 regular transactions and 315 staking transactions.

Reporting by CryptoSlate notes that the network previously suffered a major attack in June 2022 when its Horizon bridge was drained of nearly $100 million. Under the new, non-binding proposal, Harmony would take a snapshot at the chain's final block and airdrop new ONE tokens to corresponding wallet addresses on Ethereum. Smart contracts, liquidity pools, and multisig safes will not migrate, and users have been urged to exit contracts before September 10. Validators may also begin shutting down on that day, while a proposed $1.37 million compensation pool would pay governors and delegators over four quarters. Harmony has not yet disclosed a final block or airdrop date.