Harmony has proposed winding down its layer-1 blockchain and migrating its native ONE token to Ethereum, according to Cointelegraph. The proposal comes weeks after an exploit prompted plans to discard 109,000 transactions on the network. The material does not provide a timeline for the proposed shutdown, explain how the migration would be carried out, or state whether the plan has been approved. The development places ONE and Ethereum at the center of Harmony’s proposed transition, as the project considers moving away from its own layer-1 infrastructure. Market participants are assessing the proposal alongside the unresolved effects of the exploit and the planned treatment of affected transactions. Further details on implementation and governance decisions were not provided in the source material.
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Cointelegraph
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