Harmony Proposes Layer 1 Shutdown and Migration to Ethereum Following Exploit

Key Facts

1Harmony proposed sunsetting its layer-1 blockchain and migrating the ONE token to the Ethereum network.

2The proposal follows an exploit weeks ago that led to plans to discard 109,000 transactions.

In a move highlighting the severe security challenges facing independent blockchain networks, Harmony has proposed sunsetting its Layer 1 blockchain. According to reports, the proposal suggests migrating the native ONE token to the Ethereum network as an ERC-20 token. This radical shift follows a significant security exploit weeks ago that forced the project to consider discarding approximately 109,000 transactions due to technical compromises.

The decision represents a major pivot driven by operational pressures and a loss of confidence in the network's independent infrastructure. Per analyst assessment, abandoning a native Layer 1 due to security failures strikes a blow to the project's long-term viability. While specific price data for ONE was unavailable at the time of reporting on September 7, 2026, the migration toward Ethereum is viewed as a strategic attempt to leverage a more secure ecosystem following recent exploits.

Moving forward, the market is watching for the final approval and execution details of the migration plan. As of the close on September 7, 2026, no authoritative price levels were recorded, and the upcoming economic calendar shows no major sector-specific catalysts. Consequently, internal project governance and the technical transition to Ethereum remain the primary factors for investors to monitor.