Harmony to Shut Down Blockchain After 7 Years, Move ONE Token to Ethereum

Harmony is preparing to end its seven-year journey as a Layer 1 blockchain. As part of this move, the project has announced its plans to migrate the ONE token to Ethereum. At the same time, the existing Harmony network will go offline gradually.

As noted by the network, the move is driven by security concerns. The team claims that the network is facing severe threats that are increasingly becoming challenging to address. This is further explained by the network’s recent tough situations, including a major exploit.

Harmony is ending its layer 1 network

On September 6, 2026, Harmony Network announced plans to shut down its mainnet. Citing security concerns, the platform has decided to end its blockchain operations after seven years. Its native token, ONE, will also be moved to Ethereum as a new ERC-20 token. 

“Harmony proposes to migrate its native token to Ethereum. The threats posed by state actors and AI agents are too great. Since our mainnet launch in 2019, our community has been resilient through attacks and changes—but it is time to fully sunset the Harmony network. What a journey the past seven years have been. The team and community are grateful to all of you who have been with us along the way.”

Notably, the move comes in response to the recent security issues that the platform has faced. One of the incidents happened in August, when a suspected exploit led to the unauthorized creation of 4 billion ONE tokens. This represented about 26% of the ONE token’s total supply.

Previously, in 2022, Harmony’s Horizon Bridge was targeted in an attack that drained about $99.6 million in crypto. With the latest incident, the network has become concerned about the growing risks, making it difficult to keep the blockchain secure.  

How will the ONE token migration work?

Significantly, Harmony intends to take a snapshot of users’ ONE holdings at the final block of the network. Afterwards, the same number of tokens will be issued as an ERC-20 token on the Ethereum blockchain. If users are holding ONE in regular wallets, they can find their tokens at the same address, which means that they don’t need to manually claim them.

At the same time, it should also be noted that not all ONE tokens will be moved automatically. Users who have put their holdings into liquidity pools, multisig wallets, or other smart contracts will need to withdraw them before the shutdown. These positions will not be included in the migrations in the same way as regular wallet balances.

ONE token slips after Harmony’s shutdown announcement

In response to the shutdown announcement, the Harmony token has seen a notable downturn, declining by nearly 5% in a day. Currently trading at $0.0007129, the ONE token has dropped by 6% over the past week and 43% over the past month.

This indicates that investors are reacting cautiously to the sudden development within the Harmony ecosystem. Although the move to Ethereum could give ONE a new start, Harmony’s shutdown is creating fresh uncertainty.