Harmony proposes shutting down its mainnet

Harmony proposed shutting down its layer-one network on Sunday and migrating ONE to an ERC-20 token on Ethereum. The proposal was non-binding, with no final shutdown block or completed migration announced.

The suggested transition would use a final balance snapshot to recognise token holders at the same addresses on Ethereum. Validators could stop operating from September 10 under the proposed timetable, with a transition pool intended to support the process.

Moving balances is only part of retiring a chain. Existing smart-contract positions cannot simply follow a token snapshot, leaving applications and their users with separate decisions about unwinding or rebuilding their activity.

The proposal puts a neglected part of blockchain infrastructure in focus: a network needs a credible exit process as much as it needs a launch plan.