A seven-year public chain—proposal to shut it down.

On Sunday, Harmony released a non-binding proposal: take a final snapshot, migrate $ONE to an ERC-20 on Ethereum, and have exchanges migrate listings accordingly. Airdrop everything—wallets, staking, validator rewards, contract balances, and CEX holdings—to the same addresses, with no need for manual claim.

But there are hard flaws: multi-sig treasury, LPs, and on-chain applications can’t be migrated. The official team urged users to exit their smart contracts before September 10; validators can also stop nodes from that day onward, shut everything down on schedule, and leave behind a compensation pool of about $1.372 million for the governor.

The background isn’t spotless: less than four weeks ago someone forged and minted nearly 4 billion $ONE (about 26% of supply). The project briefly considered rolling back to erase 100,000+ transactions. Sliding from “fix the chain” to “no longer fix it, migrate to $ETH”—that’s the real pain point.

The final block time hasn’t been provided yet, and it’s also unclear whether the plan will follow validator governance (per the rules: 51% stake participation + 66.7% approval).

What’s worth keeping an eye on is: L1’s moat—whether it’s driven by narrative or by security and liquidity. Once the security narrative breaks, no matter how high the migration cost is, it will still be put on the table.

#Harmony #以太坊 #ONE #加密市场 #Web3

(The above is compiled based on publicly available reports and does not constitute investment advice.)