Harmony Sets Sept. 10 Deadline for ONE Holders to Exit DeFi Apps

Key Facts

1Harmony has instructed ONE holders to withdraw assets from smart contracts and DeFi applications by Sept. 10.

2The move is necessary because liquidity pools and multisig vaults cannot migrate to Ethereum under the proposed network closure.

In a move reflecting the operational challenges facing crypto projects following security breaches, Harmony has announced a definitive timeline for winding down its operations. The network has instructed ONE holders to withdraw their assets from smart contracts and DeFi applications no later than Sept. 10. This forced exit is part of the project's preparations to shut down its Layer 1 operations and migrate to an Ethereum-based model.

The primary reason for this mandate is the inability of liquidity pools and multisig vaults to migrate to the Ethereum network under the proposed shutdown plan. According to reports, existing DeFi smart contracts are incompatible with the planned migration to ERC-20 assets. This radical shift follows a series of technical and security issues that have impacted user confidence in the sustainability of the independent network.

Based on available data, updated prices for the ONE token are currently unavailable in the database, requiring traders to monitor exchange platforms directly ahead of the Sept. 10, 2026, deadline. Regarding the economic calendar, there are no upcoming events directly linked to DeFi protocols in the next few days, but investors should remain cautious of the risk of losing access to assets held in smart contracts once the deadline expires.