Harmony Is Shutting Down. ONE Holders Get Ethereum Tokens Automatically
Harmony will shut down the blockchain it launched in 2019 and migrate its native token, Harmony (ONE), to Ethereum (ETH) as a brand new ERC-20 asset.
The group cited threats from state actors and synthetic intelligence (AI) brokers. Validators can start switching off their nodes on Thursday.
Harmony Follows BounceBit Out of the Layer 1 Business
The sundown caps a punishing stretch for the community. In August, an exploit minted roughly 4 billion ONE, about 26% of the full provide, and sent the token to a record low of $0.0005735.
Harmony answered with a rollback. The chain was a goal lengthy earlier than that. A 2022 breach of its Horizon Bridge drained near $99.6 million.
Meanwhile, the retreat follows a sample. BounceBit also retired its Layer 1 in August after an attacker moved 286.5 million BB, reissuing the token on BNB Chain.
The sundown discover didn’t title the 2 occasions, although.
“The threats posed by state actors and AI brokers are too nice. Since our mainnet launch in 2019, our group has been resilient by way of assaults and adjustments—however it’s time to totally sundown the Harmony community,” the group said.
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What Happens to ONE Holders
Holders don’t want to assert something. Harmony will snapshot balances on the closing block, then airdrop new tokens to the same addresses on Ethereum.
Multisig safes, liquidity swimming pools, and onchain purposes can’t journey with them. Harmony urged customers to exit each sensible contract earlier than September 10.
Validators might energy down from 7 a.m. Pacific on September 10. A pool price $1.372 million pays those that signal an settlement and keep on as governors.
Total provide and the emission price keep unchanged. Future emissions will as a substitute fund an AI video enterprise Harmony calls The Remix Economy.
Harmony describes an open library of prompts and belongings that followers fork and AI brokers increase into dozens of tales per department. It tasks thousands and thousands of remixes per day and can subsidize operators’ {hardware} for a yr whereas requiring operators to stake tokens.
Meanwhile, the community’s native token has but to see the advantages of this pivot. It has dropped over 2% previously day.
ONE traded close to $0.00074 on Monday, roughly 29% above the document low it set on August 12. Its market worth is close to $11 million, inserting it exterior the highest 1,000 tokens by market cap.
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