Harmony, an Ethereum-compatible layer-1 about seven years after mainnet, proposed sunsetting its chain and migrating native ONE to Ethereum as an ERC-20. Coverage on Sep 7, 2026 (proposal dated Sunday) describes a final network snapshot, issuance of ERC-20 ONE on Ethereum, and migration of exchange listings. Balances in wallets, staking delegations, validator rewards, smart contracts, and centralized-exchange accounts recorded at the final block would map to the new tokens with no claims process. Multisig safes, liquidity pools, and onchain applications cannot be migrated. The proposal sets a Sep 10 deadline for exiting those smart contracts; validators may begin shutting down that day. A $1.372 million pool is set aside to compensate validators that stop on time, retain stakes, and agree to serve as governors. Options also include joining a new AI-video / remix-economy initiative. Harmony described the proposal as non-binding and did not set a final-block date or confirm submission to validator governance. Under published rules, passage needs 51% stake participation and 66.7% support after a 7-day introduction and 14-day vote. Context: after an August 2026 exploit that reportedly minted nearly 4 billion unauthorized ONE (about 26% of supply per Aug 12 reports; an outside account claimed roughly 2.8 billion reached exchanges, then unconfirmed by Harmony), the project on Aug 17 planned a rollback to an Aug 11 checkpoint that would discard 109,126 regular transactions and 315 staking transactions. The Block separately reported a full L1 sunset with token migration tied to the AI-video plan and help for validators to transition.
Cointelegraph (Ezra Reguerra, Sep 7, 2026); The Block