Harmony plans to fully sunset its Layer 1 blockchain and move its native ONE token to Ethereum as part of a proposed shift into an AI video business. The proposals mark a major change for the network, which launched its mainnet in 2019.
Harmony cited growing security risks from state-backed attackers and AI agents. The decision follows an August exploit that allowed attackers to mint more than 3 trillion unauthorized ONE tokens. The network later rolled back to a block before the exploit.
Ethereum Token Migration
Harmony has proposed creating new ONE tokens on Ethereum and airdropping them to matching wallet addresses after a final network snapshot. Holders, delegators and validators would not need to actively claim the new tokens.
The plan also covers centralized exchange balances, staking delegations and validator rewards. However, Harmony said multisignature wallets, liquidity pools and on-chain applications cannot migrate.
Users have been urged to exit affected smart contracts before September 10, when validators can begin shutting down their nodes.
The proposal would keep ONE’s total supply and issuance rate unchanged. Future token issuance would instead support Harmony’s proposed new business.
AI Video Pivot
Harmony wants to build an AI video “remix economy” centered on creators, users and AI agents. Creators would publish prompts and source assets, while users could remix those materials into derivative videos.
The project also plans to recruit operators for video generation, distribution and content review. Harmony has proposed a $1.37 million compensation pool for eligible validators that shut down their nodes, retain their stakes and transition into governance roles.
The AI initiative aims to build a new revenue model around video creation and advertising. Harmony has suggested that advertising could generate tens of millions of dollars if the platform reaches one million users.
The proposals remain non-binding, leaving the final shutdown, token migration and business structure subject to further governance decisions.
