A seven-year-old blockchain is permanently abandoning its own network to seek refuge on Ethereum
Harmony is proposing to shut down the blockchain it controversially restored through a rollback less than three weeks ago.
The Sept. 6 plan would finish Harmony’s impartial network, transfer ONE to Ethereum, and protect the token by a snapshot and airdrop, reversing the venture’s place from Aug. 17, when it rejected migration as too disruptive.
Instead, Harmony chose to roll again the chain after an Aug. 11 exploit that allowed attackers to reuse cross-shard receipts and mint tokens with out corresponding debits elsewhere.
The venture initially reported 4 billion ONE created within the assault. Its broader reconstruction later put unauthorized issuance at roughly 3.01 trillion ONE throughout six solid transactions.
Harmony accomplished the rollback on Aug. 21, discarding greater than 109,000 common transactions and 315 staking transactions from the affected shard-0 archive, and stated the network was working usually.
This represents the second main assault the blockchain network has suffered in recent times.
In June 2022, Harmony’s Horizon bridge was drained of nearly $100 million in an assault the FBI later attributed to North Korea’s Lazarus Group.
The exploit marked a significant setback for the network and was adopted by a chronic decline in ONE, which finally traded about 99% beneath its peak. Data from CryptoSlate confirmed ONE buying and selling at $0.0007122 as of press time, with a market worth close to $10.75 million.
As a results of these assaults, the network now needs to retire its providers altogether.
“The threats posed by state actors and AI brokers are too nice,” Harmony stated within the new proposal.
The migration Harmony rejected is again on the desk
Under the brand new proposal, Harmony would take a snapshot on the chain’s ultimate block and distribute new ONE tokens to the identical wallet addresses on Ethereum.
Delegated stakes and unclaimed rewards would transfer into particular person governor vaults, whereas token provide and emissions would stay unchanged.
However, the blockchain itself can not transfer.
Smart contracts, liquidity swimming pools, and multisig safes won’t migrate mechanically, prompting Harmony to urge customers to exit sensible contracts earlier than Sept. 10. Validators may start shutting down from 7 a.m. Pacific Time that day.
A proposed $1.37 million compensation pool would pay governors and delegators over 4 quarters, topic to shutdown and repair circumstances.
The plan would additionally repurpose future ONE emissions towards Harmony’s AI-video initiative, additional separating the token’s future from the chain it was initially designed to safe.
That leaves the rollback trying much less like a everlasting restoration and extra like a brief bridge to shutdown.
Harmony spent August rejecting migration, rewriting chain historical past and restoring operations to protect the network. By September, it was proposing the migration it had put aside and making ready to abandon the infrastructure anyway.
The proposal stays non-binding, and Harmony has not but disclosed the ultimate block or airdrop date.
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