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40CRYPTO

Harmony blockchain proposes shutting down its layer-1 and migrating token to Ethereum

⚡ Markets: Represents a significant failure for a once-prominent layer-1 project, reflecting the intense competition and challenges in the blockchain space. Negative for the ONE token and potentially for sentiment around alternative L1s.ONEETH

The team behind the Harmony (ONE) blockchain has proposed sunsetting its layer-1 network. The plan includes migrating the native ONE token to the Ethereum network to support a new AI video initiative, following a major exploit on its bridge weeks prior.

West MSM: noneFinancial press 21 country
2 sources across the spectrum
Financial pressCointelegraph — Harmony proposes shutting down layer 1, migrating ONE to Ethereum
Financial pressThe Block — Harmony to fully sunset Layer 1, proposes token migration to Ethereum for AI video initiative
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