Cryptocurrency4h ago
Harmony proposes shutting down layer 1, migrating ONE to Ethereum
AI EXECUTIVE SUMMARY
Harmony announced it will shut down its layer‑1 blockchain and move its native token ONE to the Ethereum network. The decision follows a recent exploit that caused the loss of 109,000 transactions, prompting the company to consider discarding them. The move aims to improve security and leverage Ethereum’s infrastructure.
WHY IT MATTERS
The shift to Ethereum reflects Harmony’s response to a significant security breach and its effort to safeguard users’ assets by adopting a more established blockchain platform.
Harmony proposed sunsetting its layer-1 blockchain and migrating ONE to Ethereum, weeks after an exploit led to plans to discard 109,000 transactions.
This story was originally reported by Cointelegraph. As an automated real-time news aggregator, NewsToolBar provides multi-perspective indexing and AI summarization while directing full readership directly to primary publisher sources.
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