Harmony To Shut Down Layer 1 And Move ONE To Ethereum Harmony (@harmonyprotocol) has announced plans to fully sunset its Layer 1 blockchain, citing growing security threats. The project is proposing to migrate its native ONE token to Ethereum. Harmony said state actors and AI

What happened

Harmony announced plans to fully shut down its Layer 1 blockchain, citing growing security threats. The project is proposing to migrate its native ONE token to Ethereum. This means the current network will be retired and ONE will move to a different blockchain.

Confirmed

Global impact / market context

If Harmony shuts down its Layer 1, users and investors holding ONE may need to move their tokens to Ethereum to keep using them. This could affect the token's value and the project's future, as security concerns drive a major network change.

Analyst inference

This move reflects a trend where smaller blockchains, which are networks that record transactions, may consolidate onto larger ones like Ethereum due to security and resource challenges. Investors might see this as a sign of increased risk for similar projects facing security threats.

Analyst inference

What to watch

1. Watch for official confirmation from Harmony about the exact timeline for shutting down the Layer 1 blockchain and the proposed migration of ONE tokens to Ethereum. Confirmed
2. Watch for details on how the migration will work, including any deadlines or steps ONE holders must take to move their tokens, as the project has proposed this plan. Proposed
3. Watch for reactions from ONE holders and the broader crypto market, as security concerns and network changes could influence investor confidence and the token's price. Analyst inference

Affected assets

• ETH — Ethereum
• ONE — ONEchain

Evidence

• x.com