Harmony has released two proposals to fully shut down its mainnet launched in 2019, migrate its native token ONE to Ethereum, and shift its development focus to the AI video secondary creation economy, citing significant threats from national-level attackers and AI agents.

Validators can stop running nodes starting from 7 AM Pacific Time on September 10, 2026. The team plans to compensate for the difference in rewards from the shutdown until the final block, establishing a one-time compensation pool of $1.372 million, which will be distributed over four quarters to validators and their delegators who timely shut down nodes, sign agreements, retain staking, and continue to serve as governors of the new project.

The migration will take a snapshot of user wallets, staking delegations, validator rewards, smart contracts, and ONE in centralized exchanges at the last block of the network. New tokens will be airdropped to the same Ethereum addresses, and holders do not need to claim them; delegated stakes and unclaimed rewards will enter the respective governors' treasury. Multi-signature wallets, liquidity pools, and on-chain applications cannot be migrated, and the team requests users to exit all smart contracts by September 10, planning to publicly disclose token contracts, snapshot calculations, and airdrop scripts for auditing.

The total supply of ONE and the rate of issuance will remain unchanged, with future new issuance intended for AI video projects, and arrangements will be made to gather feedback from governors. The new business will open prompts and materials for creators and fans for secondary creation, which will then be expanded into more stories by AI agents.

The team is recruiting operators responsible for video generation, media distribution, and content review; the first year's hardware costs will be subsidized to drive generation demand. Operators must stake tokens to qualify, earn rewards based on the online duration of generation services, and bear the remaining costs themselves, while the platform tracks and incentivizes contributions from original, secondary creation, and promotion.

Mechanically, the seller is the L1 team unable to continue bearing the costs of mainnet security and nodes, while the buyer is the Ethereum settlement layer and operators willing to stake for GPU subsidies. The event is driven by both security pressure and narrative shift: on-chain liquidity must withdraw from contracts and pools before the shutdown, and tokens will migrate from independent L1 accounting to ETH contracts; beneficiaries are validators who timely sign contracts and convert their stakes into new governance seats, while those under pressure are holdings locked in multi-signatures, LPs, and applications that cannot be mapped.

Public information has not provided the final shutdown block height, the split ratio of compensation between validators and delegators, nor quantified the subsidy amount for AI video in the first year.

Source: Public Information