Harmony announced plans to permanently close its Layer-1 blockchain network, with validators instructed to shut down nodes starting September 10. The decision followed major security incidents, including a $100 million Horizon bridge hack in 2022 and an August exploit that resulted in billions of ONE tokens being minted.
Under the migration plan, Harmony will take a snapshot of ONE token balances and airdrop matching ERC-20 tokens on Ethereum. Major exchanges and wallets are expected to support the transition. The project plans to redirect future ONE token emissions toward a new venture focused on AI infrastructure called The Remix Economy.
Harmony was originally designed to offer fast, scalable transactions with low fees using random state sharding technology. However, the network faced declining developer activity and entered a prolonged rebuilding phase. The native token ONE has declined approximately 89% from its all-time high.
Following the shutdown announcement, ONE token surged nearly 90% to around $0.001277, with trading volume increasing more than 1,800%. The price movement reflected trader activity around the planned token migration.
Before the shutdown announcement, Harmony released a Mainnet v2026.1.0 upgrade aimed at improving network security and validator performance, along with Ethereum Virtual Machine (EVM) upgrades designed to simplify development for Ethereum builders. The project also expanded into AI-powered DeFi with tools including Autoswap v2 for automated hedging.
Harmony operates a token burn mechanism where ONE tokens used for gas fees and smart contract execution are permanently destroyed, reducing supply over time.
Technical analysis shows ONE currently trades in a range of $0.0008 to $0.0013 after losing the $0.0088 support level in late 2025. Key resistance levels include $0.0088, which marked the previous breakdown point.
