Harmony Proposes ONE Token Migration to Ethereum
Ethereum (ETH)
Editor:
Eugene Serbin
Coinlive.me reports that Harmony is considering a permanent shutdown of its network and a migration of its ONE token to Ethereum. This non-binding proposal, dated September 6, 2026, outlines a wind-down of the Harmony network itself rather than the end of the organization or the ONE token. The plan involves a final-block snapshot followed by the distribution of new ONE tokens to the same wallet addresses on the Ethereum chain.
As of the reporting, no final block or airdrop date has been disclosed, and the proposal remains unapproved and unexecuted. A community discussion on the Harmony forum shows contributors disagreeing over the move. The proposal includes a $1.37 million compensation pool for governors and delegators, paid over four quarters subject to conditions.
Smart contracts, liquidity pools, and multisig safes would not migrate automatically. Users were urged to exit smart contracts before September 10, with a migration FAQ citing a snapshot cutoff of 7 a.m. Pacific on that date. The precise technical scope of the shutdown remains unverified. ONE traded at $0.00072639 at the time of the snapshot, with a market capitalization near $10.8 million.
How the market reacted
Whalio's own Binance spot order flow for ETH, measured when this story was written up on 8 September 2026. Not the outlet's figures.
ETH is trading at $2,490.16 with a 1-hour buy ratio of 46.5% and a 4-hour buy ratio of 48.3%. These short-term figures are slightly below the 24-hour buy ratio of 47.4%, indicating that buying pressure is fading over the immediate term. The volume delta shows net selling, with -$1,898,275 in the last hour and -$2,598,451 over four hours. This negative volume delta means that sell volume has exceeded buy volume during these periods. Over the full 24 hours, the cumulative volume delta is -$32,989,726, confirming a sustained trend of net outflows from spot buyers.
The latest daily buy ratio of 46.8% sits at the 16th percentile of the last 322 days, against a median of 49.5% - weaker buying than most days.
Was that an ordinary day?
The same Binance spot measurements for ETH, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 50.7%, making the current 24-hour ratio of 47.4% a drop of 3.3 points below the weekly norm. Spot volume for the day was $639,764,288, which is 0.94 times the weekly average, indicating slightly lower than usual activity. While the 24-hour flow is negative, the 8-day volume delta shows a net positive of $54,002,268. This suggests that despite today's selling pressure, the broader weekly trend has been one of net buying. Only 3 of the last 7 days saw net buying, highlighting a shift in momentum from the previous week's average of 7 hours of net buying.