Harmony has proposed to permanently shut down its layer 1 and migrate the ONE token to Ethereum to focus on an AI-generated video platform called « Remix Economy ». Users have until September 10 to withdraw their funds from smart contracts before validators begin decommissioning their nodes. The blockchain project has been marked by two major incidents: a 100 million dollar hack on its Horizon bridge in 2022 and the fraudulent creation of over 3,000 billion ONE tokens last month through a cross-shard verification flaw. Harmony plans to distribute 1.372 million dollars to validators across four quarterly payments to ease the transition, though the new business model remains unclear.
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