Harmony proposed shutting down its layer-1 blockchain and migrating its native ONE token to Ethereum, seven years after launching its mainnet. This decision comes less than four weeks after an exploit allowed an attacker to mint nearly 4 billion unauthorized ONE tokens, equivalent to approximately 26% of the total supply. The blockchain had planned to revert to an August 11 checkpoint, erasing over 109,000 transactions. The plan includes a final snapshot followed by an airdrop of ERC-20 tokens on Ethereum, with a 1.372 million dollar pool set aside to compensate validators. Users must exit all smart contracts before September 10, as multisig safes, liquidity pools and onchain applications cannot be migrated.
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