Harmony Kicks Off Migration From Ethereum and Binance Chains to Its Own

Holders of the ONE token from the team at Harmony should make plans to swap their ERC-20 or BEP-2 tokens for the coin on Harmony's blockchain if they want to be able to participate in staking and other network activities.

According to a blog post shared Thursday, Harmon's token swap is ready to commence, allowing current holders to switch to the company's native asset.

"The ONE token swap is the first of many steps we will take in 2020 towards a fully fledged Harmony platform. Mainnet ONE holders will soon be able to stake their coins to earn rewards and gain access to our secure, fast and low-cost blockchain," Nick White, a Harmony co-founder, told CoinDesk via email.

Harmony is a proof-of-stake blockchain that uses sharding with the aim of reaching extremely fast, large-scale settlement for millions of users.

It raised $18 million in a token sale to strategic investors last year, followed by an initial exchange offering on the Binance Launchpad in May, selling an additional $5 million worth of tokens.

Unlike some prior token swaps, such as EOS, there's not a way for users to manually conduct the swap.

Holders of either of the tokens will need to load them onto an exchange participating in a bridge with Harmony.

According to a Harmony spokesperson, only Bitmax currently has the swap live as of this writing.

Binance should be operating the swap as of Feb. 3.The announcement also indicates other partners will enable the swap soon, including HonestMining, and exchanges including Huobi, Gate.io and Kucoin.

Harmony had a pre-mine of 12.6 billion ONE tokens issued on the ethereum and binance chains, 36.9 percent of which was sold in the seed and launchpad sale.