Harmony proposes shutting down its blockchain to migrate ONE tokens to Ethereum

Developers at Harmony have proposed taking the final snapshot of its blockchain network seven years after launch. This action would record all ONE balances for migration to ERC-20 tokens on Ethereum. The proposal includes offering validators three specific choices: stop running nodes, serve as governors in governance, or participate in a new AI-video initiative. Harmony officials stated the project will redirect emissions into this artificial intelligence business model. They cited security challenges caused by state actors and autonomous agents as key reasons for shutdown. The company described the plan as non-binding and did not specify a final block timestamp. However, Harmony urged users to exit smart contracts by September 10. Multisig safes, liquidity pools, and onchain applications remain excluded from migration under this proposal. Under current governance rules, elected validators can create proposals while unelected validators may vote. Passing requires 51% stake participation and 66.7% support after a seven-day introduction and fourteen-day vote period. Validators could begin dismantling infrastructure on September 10.