Harmony has floated a proposal to sunset its layer-1 blockchain and migrate the ONE token to the Ethereum ecosystem. The move comes just weeks after a major exploit and heated debates around deleting 109,000 transactions.

What Harmony Is Proposing

In a public proposal, the team is talking about fully shutting down the Harmony L1 chain and moving the native ONE token over to Ethereum. Basically, this means dropping support for their standalone layer-1 and focusing entirely on the token’s future within the ETH network.

The Backstory: Exploit and 109,000 Transactions

A few weeks back, Harmony suffered an exploit. In response, the team announced plans to wipe 109,000 transactions—sparking a ton of controversy in the community. Now, Harmony is taking things a step further with the idea of migrating ONE to Ethereum.

What This Means for the Ecosystem

If the proposal goes through, the ONE token will no longer live on Harmony’s L1 chain and will instead be part of Ethereum’s infrastructure. That means assets would move over and the Ethereum ecosystem would become the new home for ONE holders. What happens next depends on how and when the migration process actually rolls out.