Harmony Proposes Mainnet Shutdown, ONE Token Migration to Ethereum, and Pivot to AI Video "Mashup Economy"

Harmony has floated two governance proposals that would wind down its mainnet, operating since 2019, migrate the ONE token to Ethereum, and reposition the project around an AI-powered video "mashup economy," according to Huoshan Finance. The team said the shutdown plan is driven by rising security risks, citing threats from nation-state actors and autonomous AI agents. Under the migration proposal, Harmony would take a snapshot at the final user-facing block covering wallet balances, staking delegations, validator rewards, smart contracts, and ONE held on centralized exchanges. Equivalent new ONE tokens would be airdropped on Ethereum to the same wallet addresses, with no action required from holders. Staked delegations and unclaimed rewards would be airdropped to their respective governance treasuries. Harmony said ONE's total supply and inflation rate would remain unchanged. Newly issued tokens would be directed to funding the new business while the team gathers feedback from governance participants. The proposal notes that multisig wallets, liquidity pools, and on-chain applications cannot be migrated. Users are urged to exit all smart contracts by September 10, 2026. Harmony also plans to publish the token contract, snapshot calculations, and airdrop scripts for public audit. Validators could begin shutting down nodes at 22:00 Beijing time on September 10. To address the inflation reward gap between node shutdown and the final block, the team plans a one-time compensation pool of $1.372 million, paid out over four quarters. Eligibility would require shutting down on time, signing agreements, maintaining stakes, and serving as governors in the new project, with distributions to validators and their delegators. For the AI video initiative, Harmony plans to open prompts and source materials for user-led remixing, with AI agents expanding video storylines. The project would recruit operators responsible for video generation, distribution, and content moderation. In the first year, Harmony intends to subsidize GPU hardware and stimulate demand for video generation. Operators would be required to stake tokens and would earn rewards based on uptime. The team said it aims to help operators generate up to $1 million in total revenue in the first year, contingent on meeting staking and uptime requirements. Early promoters would receive a 30% ongoing commission from the monthly $10 subscriptions of referred users. Both proposals are nonbinding and may be revised.