Ethereum holds around $2,490 within a tight consolidation band following a 70% rebound from earlier-year lows. Harmony, a sharded Layer-1 blockchain that launched mainnet in 2019, announced it is sunsetting its network and migrating its native ONE token to Ethereum via airdrop, citing threats from state actors and AI agents. Validators must cease node operations by September 10, with a $1.37 million compensation pool; the conversion will be 1:1 with no action required from holders. This move fits a broader trend of Layer-1 chains consolidating into Ethereum as a settlement layer rather than competing with it. A breakdown below $2,554 could trigger a slide toward $2,161, representing a potential 40% decline according to some analysts.
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