Harmony Proposes Mainnet Shutdown and Pivot to Ethereum

Harmony intends to execute this transition by taking a snapshot of all ONE balances at the final block, recreating them on Ethereum to avoid manual user claims. While standard wallet holdings will transition automatically, the migration does not extend to smart contracts. Consequently, the team has urged users to withdraw assets from liquidity pools, lending markets, and decentralized applications before September 10, as these protocol states will not be mirrored on the new network.

To manage the decommissioning, Harmony has set aside $1.372 million to compensate validators and delegators over four quarters, provided they maintain node operations until the shutdown. This proposal follows a turbulent history for the project, most notably an August exploit that saw the unauthorized generation of over 3 trillion ONE tokens due to a cross-shard verification flaw. Although the team previously considered a blockchain rollback to mitigate that damage, the recurring security vulnerabilities have now prompted a total exit from the original mainnet. The transition remains nonbinding, and the team has yet to confirm the specific governance process required to authorize the move.