Harmony Protocol to Launch Trustless Bi-Directional Bitcoin Network to Harmony Bridge, Allowing Bitcoin Holders to Participate in $1 Billion DeFi Ecosystem

We’re excited to announce the guarded soft launch of the non-custodial, fully trustless Harmony BTC Bridge.

👉 https://btc.harmony.one/

Staying true to our vision of high interoperability with other ecosystems, we created the Harmony BTC Bridge so holders of Bitcoin will be able to bridge their BTC to Harmony and participate in high yielding DeFi products, putting their BTC to productive use.

TLDR;

• Harmony-BTC Bridge is live on Harmony Mainnet
• It is fully permissionless and decentralized
• We’re calling this a guarded soft launch, which means we’re watching it and being extra careful
• We’re partnering with Tranquil.Finance so users can bridge their Bitcoin and get 1BTC and use the Tranquil lending platform to earn incentives in ONE and TRANQ

What is it?

Based on the Interlay architecture, the Harmony BTC Bridge enables a 1:1 Bitcoin-backed asset, fully overcollateralized, interoperable, and censorship-resistant.

At the heart of the Interlay architecture is the Lock-Mint-BTC DeFi-Redeem lifecycle.

• Lock: Lock your ONE in a vault so that BTC can be bridged and minted at a 150% overcollaterization ratio.
• Mint: Get BTC at a 1:1 ratio
• BTC DeFi: Use 1BTC in DeFi protocols on Harmony
• Redeem: Redeem 1BTC for BTC by crossing the bridge back to the Bitcoin Network.

How is it Decentralized?

Unlike other wrapped BTC options, the Harmony BTC Bridge is trustless and fully decentralized.

• Secured by Insurance: Vaults lock collateral in ONE at a 150% collateralization ratio. This means you can have confidence that BTC will always be backed and will always be able to redeem your 1BTC for BTC.
• Open and Permissionless: Becoming a vault operator is open to anybody.

How to use it?

Bridging your BTC to Harmony can be done in a few simple steps.

Step 1: Connect Your Wallet

To begin, visit btc.harmony.one and connect your Metamask wallet. This wallet will receive your minted 1BTC, so make sure the Harmony network has been added. Click here for instructions on adding Harmony to Metamask.

Step 2: Specify the Amount You Wish to Bridge

With your wallet connected, and on the Issue screen, enter the amount of BTC you wish to bridge to Harmony. The bridge will automatically assign your transaction to a vault at random, but you may select one if you desire. Click the Continue button and sign the transaction to initiate the bridge — the fee is minimal on Harmony so expect to pay fractions of a penny.

Step 3: Send Your BTC to the Bridge

Next, the bridge will provide you with a BTC address and the amount of BTC for you to transfer. This step will take your BTC and place them in a vault so that 1BTC can be minted. Simply transfer your BTC to the address specified, in the amount specified, and wait for confirmation it was received.

Note that BTC confirmations can take upwards of 1-hour to complete.

Step 4: Receive Your 1BTC

Finally, with your BTC in an external vault, click the Execute Issue button and sign the transaction to receive your 1BTC. The 1BTC will be stored in the wallet used to connect to btc.harmony.one.

Please note that you may need to import the 1BTC token into your Metamask. To do this in Metamask, click on Assets while on the Harmony network, then click Import Token and enter the following contract address:

Contract Address: 0xdc54046c0451f9269FEe1840aeC808D36015697d

This should automatically populate the token symbol (1BTC) and token decimal (8).

$1 Million Incentive Campaign

In partnership with Tranquil.Finance, we will be providing a total of $1 million dollars as part of an incentive campaign, 50% in ONE, 50% in TRANQ, for users that utilize the Tranquil borrowing and lending platform with 1BTC.

Visit: https://www.tranquil.finance/ to get started.

About Tranquil Finance

Tranquil Finance is an algorithmic money market and liquid staking protocol on the Harmony ONE blockchain.

The money market allows users to supply and borrow assets, while receiving or paying interest in a completely permissionless and decentralized way. Borrowing and lending interest is set based on market demand, and loans are over-collateralized to ensure solvency.

This model was pioneered by the Compound protocol on Ethereum, but high gas fees have made the protocol untenable for most users. Building on Harmony ONE gives the Tranquil protocol fast and cheap transactions, democratizing access to everyone.

Another feature in Tranquil Finance is our liquid staking token, stONE, which allows the user to stake ONE for rewards while also being able to use it in Harmony’s DeFi ecosystem, such as using it as collateral on Tranquil Lending. We envision stONE becoming the currency of choice in Harmony, as ONE naturally loses value due to inflation if it is not staked.

Tranquil Finance’s core Comptroller and market contracts have been audited by CertiK.

Tranquil Finance

About Harmony

Build on Harmony, Bridge to All Chains.

Harmony is an open and fast blockchain. Our mainnet runs Ethereum applications with 2-second transaction finality and 100 times lower fees.

Harmony is your open platform for assets, collectibles, identity, governance. Our secure bridges offer cross-chain asset transfers with Ethereum, Binance and 3 other chains.

We ❤️ Developers.

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Harmony Protocol to Launch Trustless Bi-Directional Bitcoin Network to Harmony Bridge was originally published in Harmony on Medium, where people are continuing the conversation by highlighting and responding to this story.

Following last week’s announcement of the Hummingbot Foundation, we’re excited to announce that the Hummingbot Foundation plans to collaborate with Harmony to launch ONE Liquidity DAO (“Liquidity DAO”), an open, independent collective that will promote liquidity on the Harmony blockchain and for its tokens, primarily by building open source Hummingbot infrastructure. Harmony commits $2 million to fund Liquidity DAO over the next 4 years.

“Liquidity is a critical factor in the development of an organic DeFi ecosystem, and a DAO that promotes liquidity in an open, transparent manner is highly aligned with our vision to decentralize the Harmony network and launch 100 independent, self-governed DAOs,” said Stephen Tse, Harmony Founder & CEO.

Liquidity DAO is a decentralized autonomous organization that will be independent of both Harmony and the Hummingbot Foundation, and we hope that it serves as the model for other long-term partnerships that the Hummingbot Foundation hopes to establish with top blockchain protocols.

The Hummingbot Foundation’s mission is to support as many exchanges, protocols, and trading techniques as possible across the DeFi ecosystem. It’s an ambitious goal that will only work with a decentralized approach, in which partnerships like Liquidity DAO give true ownership to the individuals who are driving it. In the long term, the Hummingbot Foundation will likely turn into a collection of DAOs that collaborate around a shared open source codebase.

Below, we explain how Liquidity DAO works and why we decided to work with Harmony as our initial partner for this experimental model in self-governance.

How Liquidity DAO works

This official proposal outlines Liquidity DAO’s principal mandates, metrics, activities, and budget.

As an independent organization, Liquidity DAO’s first action will be an open election of 9 governors to lead the DAO and allocate its funding towards various initiatives. Similar to other Harmony DAOs, the governors will have complete independence once the DAO is funded, while

governor oversight is provided via transparent compensation, objective deliverables, and frequent elections. From Harmony’s DAO Guidelines:

Governors of each DAO have delegated autonomy over its assets and initiatives. Harmony helps define 3 broad mandates, recruit 9 governors, define the deliverables and metrics for the first 3 months, and fund at maximum $1M. We recommend $75 to $350 per hour as the self-assessed salary, 3-month election terms, retroactive peer bonus and performance feedback, 80% passing votes, and openly tracking timesheets and deliverables for each member.

While applications are open to everyone, Hummingbot and Harmony expect that the elected governors will be existing members of our respective communities. Since governorships are part-time, compensated roles with frequent re-election cycles, a number of strong, experienced candidates have already expressed interest. After the election, Harmony will fund a multi-sig wallet containing the initial budget and hand over control to the governors.

Liquidity DAO will have independent authority to decide what work to perform and what initiatives to fund. Given the DAO’s mandates, we expect that a majority of the work will be Hummingbot connectors and trading strategies that result in pull requests to the Hummingbot codebase. In order to be merged and included in an official release, these pull requests need to pass through Hummingbot Foundation governance. This bifurcation enables both organizations to collaborate while retaining independence of decision making.

Why Harmony?

Hummingbot and Harmony have a long history of collaboration. We both started as part of an informal ex-Google founder community, and Harmony was our first partner for an experiment in decentralized market making that gave us the conviction to build the Hummingbot Miner platform.

In addition to those partnerships, along with many informal gatherings over basketball and beers, we chose to work with Harmony as the first partner for creating Liquidity DAO for these reasons:

DAO culture and infrastructure

Earlier this year, Harmony announced plans to kickstart 100 DAOs in order to drive decentralized governance over the Harmony network. Since then, multiple Harmony-related DAOs have self-organized, held elections, and commenced operations, including Developer DAO, Incubator DAO, and Research DAO.

Leveraging Harmony’s DAO setup and governance processes for Liquidity DAO ensures that we’re building on top of battle-tested infrastructure. More importantly, both Hummingbot and Harmony share a community-led, builder-first ethos that is critical to a successful first DAO.

Research focus

As exemplified by Research DAO, the Harmony community has a strong focus on cutting edge research, which will be important in accomplishing one of the key DAO goals: defining and measuring the utility of liquidity to Harmony.

While liquidity is one of the core metrics used by users, traders, and other market participants to assess a token’s utility, it’s unclear how to precisely measure liquidity and the utility that it provides. Meanwhile, fragmentation of liquidity continues to grow due to a growing number of markets on every protocol, along with more silo-ed centralized exchanges due to regulatory barriers. Liquidity DAO plans to take an open, transparent approach to defining, measuring and facilitating liquidity for Harmony tokens.

Growing DeFi ecosystem

Finally, there exists a burgeoning DeFi ecosystem on Harmony, with over $300 million in Total Value Locked (TVL) on Harmony apps including SushiSwap, DeFi Kingdoms, and ViperSwap. Liquidity DAO plans to promote liquidity and adoption for these apps by funding Hummingbot exchange connectors and organizing hackathons for bot trading strategies.

Timeline

Today: Elections announced

• Today, this post will be published on the Hummingbot/Harmony blogs, as well as on the Harmony governance forum.
• Governor candidates have 3 weeks to submit applications to introduce themselves and present their qualifications
• Since a diverse mix of governors with expertise in trading, engineering, community and project management is ideal, candidates may want to highlight in their applications:
• Experience as web3 developers (e.g., LinkedIn, Github)
• Experience as traders and liquidity providers
• Familiarity with Harmony and its development ecosystem
• Familiarity using or developing on Hummingbot
• Links to their open-source contributions or other past work (links, demos, videos)
• Experience writing technical documentation
• Experience managing projects and organizing events

November 29: Community AMA on Reddit

On November 24, we will host an AMA on the Harmony subreddit during which both the Harmony and Hummingbot communities will have a chance to ask questions about Liquidity DAO and speak to governor candidates

December 1: Voting begins

• On December 1, a proposal on Harmony’s Snapshot will be created and announced across all channels
• Elections will be held for a period of 1 week
• Candidates are encouraged to promote themselves and share their Forum post across different channels

December 9: DAO commencement

• On December 9, voting ends and 9 governors will be elected for a 3-month term
• Multisig wallet creation and funding

About Harmony

Build on Harmony, run on all chains.

Harmony is your open platform for assets, collectibles, identity, governance. Be the ONE to bridge to all blockchains.

Harmony is an open and fast blockchain. Our mainnet runs Ethereum applications with 2-second transaction finality and 100 times lower fees. Harmony’s secure bridges offer cross-chain asset transfers with Ethereum, Binance and other chains. https://www.harmony.one/

We ❤️ Developers.

Got an idea? Build it on Harmony and Apply for a Grant.

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Harmony and Hummingbot launch Liquidity DAO was originally published in Harmony on Medium, where people are continuing the conversation by highlighting and responding to this story.

Yield Guild YGG/ETH pair is now live on Sushi on Harmony. In this blog post, we’ll explain the incentive and show you how to get involved.

TLDR

Don’t need to read the blog post? Then skip to the instructions:

📌 HOW TO FARM YGG/ETH ON SUSHI ON HARMONY 📌

Otherwise, continue reading below.

Why Farm?

A few reasons:

1. Put your YGG tokens to work today: Yield Guild Games (YGG) recently launched the YGG token to manage and coordinate activities of the DAO and its SubDAOs. Ahead of YGG launching its vaults or other staking opportunities, what better time to put your YGG to work on Sushi on Harmony to earn a yield!
2. While you wait, earn $ONE and $SUSHI. Current APR is 203%: that’s it.

How To Get Involved

We created specific instruction on:

1. How to bridge your YGG and ETH to the Harmony Network
2. How to add YGG/ETH liquidity to Sushi on Harmony
3. How to Stake your YGG/ETH share in the YGG/ETH farm on Harmony

Read the detailed instructions here:

📌 HOW TO FARM YGG/ETH ON SUSHI ON HARMONY 📌

Here is important information about this pool:

When you use the Harmony Horizon Bridge to bridge ERC20 token from Ethereum to Harmony, we append a “1” to the token name. So,

• YGG becomes 1YGG
• ETH becomes 1ETH (or WETH on Harmony)
• Go here to see the Sushi information page on the YGG/ETH pool.

Below are the contract addresses for YGG/ETH on Harmony:

• 1YGG/1ETH Address: 0x40112850efd90e9e17b56de35d86bdff9f4d07fd
• 1YGG Address:
  0x63cf309500d8be0b9fdb8f1fb66c821236c0438c
• 1ETH Address:
  0x6983d1e6def3690c4d616b13597a09e6193ea013
• Sushi YGG/ETH Liquidity Provider Token

We’re excited to be partnering with the Yield Guild team to give this opportunity to the Yield Guild and Harmony community to earn yield on their assets, introduce the Yield Guild community to the Harmony community, and show our support for the massively emerging play-to-earn category that Harmony is excited to support.

About Yield Guild

Yield Guild Games is a decentralized gaming guild that pools investor funds to purchase yield-generating NFTs, and leverages players’ time and effort to optimise its community-owned assets for maximum utility and return. By merging NFTs and decentralized finance (DeFi), YGG’s mission is to create value for its members by developing the content and economy of virtual worlds and blockchain-based games.

A short documentary released in May 2021, Play-to-Earn: NFT Gaming in the Philippines, reveals the story of a rural community that earned an income through play-to-earn gaming amid the COVID-19 pandemic. The documentary, which was produced as a collaboration between Yield Guild Games, Delphi Digital and Emfarsis Consulting, demonstrates how NFTs and cryptocurrencies are providing transformative economic opportunities for people young and old in developing nations where jobs are lacking and crisis relief has been limited.

About Harmony

Build on Harmony, run on all chains.

Harmony is your open platform for assets, collectibles, identity, governance. Be the ONE to bridge to all blockchains.

Harmony is an open and fast blockchain. Our mainnet runs Ethereum applications with 2-second transaction finality and 100 times lower fees. Harmony’s secure bridges offer cross-chain asset transfers with Ethereum, Binance and other chains. https://www.harmony.one/

We ❤️ Developers.

Got an idea? Build it on Harmony and Apply for a Grant.

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Yield Guild Incentive Campaign is Live on Harmony and Sushi was originally published in Harmony on Medium, where people are continuing the conversation by highlighting and responding to this story.

We are excited to announce that Chainlink Price Feeds are live and natively integrated on the Harmony testnet, giving developers native access to the DeFi industry’s leading decentralized price oracle solution. Harmony developers can now begin building and testing a variety of data-driven DeFi applications by referencing Chainlink oracles for high-quality, low latency, tamper-proof price feeds.

The initial integration includes the following Chainlink Price Feeds:

ONE/USD
WBTC/USD
ETH/USD
USDC/USD
USDT/USD
BUSD/USD
SUSHI/USD
DAI/USD
DSLA/USD
LINK/USD
IRMAA Medicare Calculator

These price oracles can help power DeFi applications like algorithmic stablecoins, lending/borrowing markets, future and options contracts, remittance solutions, automated trading strategies, and much more.

Chainlink Price Feeds are secured by decentralized oracle networks made up of numerous Sybil-resistant node operators that source prices from high-quality data aggregators to establish wide market coverage. We recommend that any developer building on Harmony and needing financial market information to utilize Chainlink oracles, as they offer time-tested infrastructure that’s proven to secure tens of billions in value across DeFi during extreme market volatility, flash crashes, centralized infrastructure downtime, and flash loan attacks.

Harmony developers can start testing Chainlink today using the following developer documentation: Harmony-Chainlink Documentation. Developers are encouraged to use Chainlink in the Harmony Hackathon, which offers 1M total in prizes distributed to top submissions, including prizes sponsored by Chainlink.

Harmony is a decentralized, high-throughput blockchain for storing assets, collectibles, and identity, as well as building smart contract applications and DAOs. The Harmony mainnet supports 4 shards of 1000 nodes, producing blocks with 2-second transaction finality and low fees. This enables the development of highly scalable applications across numerous industry verticals.

As Harmony begins rapid development of its DeFi ecosystem, it is key to provide developers with the most mature and in-demand infrastructure for building applications, most notably price oracles. The obvious place to start is the most widely adopted solution, Chainlink.

Chainlink Price Feeds are an optimal choice for developers because they source data from numerous premium data aggregators, resulting in price feeds that reflect a volume-weighted average across all exchanges (DEXs and CEXs), with outliers and suspicious volumes removed. Additionally, each Chainlink Price Feed is secured by a decentralized network of independent, security-reviewed node operators run by professional DevOps. The result is Chainlink Price Feeds having accurate global market prices while providing high availability and tamper-resistance.

By combining Harmony and Chainlink, developers can build highly scalable, low-cost DeFi applications with strong security and reliability guarantees on the data inputs used in their execution.

“Integrating the accurate, flash-loan resistant data of Chainlink is a significant catalyst for unlocking a new wave of DeFi development in the Harmony ecosystem. Knowing that their oracle mechanism is secured, application developers can focus on building their core product and providing their users a superior experience.”

— Stephen Tse, Co-Founder, Harmony

About Chainlink

Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.

Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.

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About Harmony

Build on Harmony, Bridge to All Chains

Harmony is an open and fast blockchain. Our mainnet runs Ethereum applications with 2-second transaction finality and 100 times lower fees.

Harmony is your open platform for assets, collectibles, identity, governance. Our secure bridges offer cross-chain asset transfers with Ethereum, Binance and 3 other chains.

We ❤️ Developers.

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Chainlink Price Feeds Are Now Live on Harmony Testnet, Opening Up Scalable DeFi Development was originally published in Harmony on Medium, where people are continuing the conversation by highlighting and responding to this story.

Terra Integrates Harmony on Shuttle Bridge, Deploys ONEAnchor Savings Product on Harmony and Collaborates on Hackathon Fintech Track

True to our cross-chain and interoperability vision, today we’re announcing a deep integration and partnership with Terra, a large and growing ecosystem focused on programmable money and other financial primitives.

We are excited to work with Terra to continue our journey of building in a multi-chain future. Terra and Harmony are bridging to build a vibrant cross-chain finance ecosystem with UST stablecoin, ONEAnchor fixed rate lending, and our upcoming $1M Hackathon. We look forward to the promising potentials of this partnership.

- Stephen Tse, Founder of Harmony

Terra is excited to expand our growing portfolio of DeFi products to multiple chains and working with Harmony to bring UST and Anchor to another growing ecosystem. We look forward to seeing new developer innovations for multi-chain DeFi.

- Do Kwon, Co-founder and CEO of Terra

The Partnership Details

1. Wrapped UST on Harmony (1UST) by integrating Harmony on the Terra Shuttle Bridge
2. ONEAnchor, savings account (i.e., fixed yield) product available on Harmony, benefiting the Harmony community
3. Terraform Labs will support vetted projects building UST on Harmony in security audits and grants through Terraform Capital (possibly matched by Harmony)
4. Terra and Harmony collaborate on the Harmony “Bridging Wall Street to Web3” Hackathon

UST Stablecoin on Harmony

Harmony will be integrated to the Terra Shuttle Bridge. This paves the way for UST to migrate to Harmony and to be used on applications in the Harmony Ecosystem. As a stablecoin with wide adoption (currently #5 by market cap), the opportunities for use are limitless and the benefit to the Harmony community can’t be underestimated. One use of a stablecoin is that it opens up opportunities for safer yield, which brings us to ONEAnchor. Many Harmony applications such as davinci.gallery (NFT marketplace), Harmony Crypto Punks, and other dApps will add support for payments using UST.

Another feature is that the Shuttle bridge will unlock cross-chain liquidity for Harmony users via UST. Using Terra Bridge, Harmony users can seamlessly port UST between Harmony, Terra, Ethereum, Binance Smart Chain, and the Cosmos ecosystem of application-specific blockchains, introducing them to a thriving inter-chain DeFi environment.

ONEAnchor, Stable Yield Product on Harmony

Anchor is a savings product that aims to have broad appeal outside the world of crypto natives. ONEAnchor is aligned to Harmony’s vision of bringing millions of people to decentralized finance and we are very excited to be collaborating on this innovative Defi product.

Terra believes that the path to mass adoption of Defi is the savings account and gives 3 major reasons. In their words:

The first reason is the sheer size of the market. In the US alone, savings accounts hold roughly 13 trillion USD (we use the difference between the USD’s M2 and M1 as a proxy). A 0.1% market share of the US savings market alone dwarfs the combined market value of all stablecoins. Second, we believe that there is no more reliable way to pave the way for retail investors than with a product they are already familiar with and protects their principal. Third, we believe that adoption of other investment products is most straightforward as an extension of the savings account.

More details will be provided on when ONEAnchor will be available for users, interest rates, and a clear tutorial for how Harmony community members can take advantage of this revolutionary product on Harmony.

Terraform Labs Support

For developers building applications on Harmony that utilize UST, Terraform Labs will provide support via security audits and grants. More details will follow and a process for developers who wish to take advantage of this benefit.

Bridging Wall Street to Web3 Hackathon

Harmony will soon be announcing a hackathon with up to $1M in prizes and seed funding, focused on web2 developers in the financial services industry. In partnership with Terra, we will be specifying a series of challenges for developers to build applications utilizing UST on Harmony.

Summary

The Harmony Defi Ecosystem continues to grow. Partnering with the innovative team at Terra and growing our ecosystem through this collaboration will benefit the Harmony community immensely. This partnership will also introduce the Terra community to Harmony, further growing our community via cross-pollination of communities.

The specifics of this partnership include:

1. UST on Harmony and Integrating Harmony on the Terra Shuttle Bridge
2. ONEAnchor, savings account (i.e., fixed yield) product available on Harmony, benefiting the Harmony community
3. Terraform Labs will support vetted projects building UST on Harmony in security audits and grants through Terraform Capital (possibly matched by Harmony)
4. Terra and Harmony collaborate on the Harmony “Bridging Wall Street to Web3” Hackathon

About Terra

Terra is an application-specific blockchain built on the Cosmos SDK and Tendermint consensus. The Terra protocol deploys a suite of algorithmic, fiat-pegged stablecoins underpinning a thriving DeFi ecosystem like Anchor and Mirror Protocol. LUNA, the native staking and governance asset of Terra, absorbs the short-term volatility of Terra’s stablecoins, with Terra’s stablecoin (e.g., UST) demand a function of demand for Terra’s DeFi ecosystem.

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About Harmony

Build on Harmony, run on all chains.

Harmony is your open platform for assets, collectibles, identity, governance. Be the ONE to bridge to all blockchains.

Harmony is an open and fast blockchain. Our mainnet runs Ethereum applications with 2-second transaction finality and 100 times lower fees. Harmony’s secure bridges offer cross-chain asset transfers with Ethereum, Binance and other chains. https://www.harmony.one/

We ❤️ Developers.

Got an idea? Build it on Harmony and Apply for a Grant.

Telegram | Twitter | Discord | Youtube | Medium | Facebook | LinkedIn | Reddit | Instagram

Terra and Harmony Announce Tight Full-Stack Partnership Focused on Users, Developers, and Mass… was originally published in Harmony on Medium, where people are continuing the conversation by highlighting and responding to this story.

In April we announced our initial partnership with Sushi with Sushi Swap deploying natively on Harmony, enabling swapping and providing liquidity with 2-second speed and less than $0.001 fees.

Today we’re excited to announce that Sushi and Harmony are coming together to deepen our partnership and launch a full suite of Sushi products on Harmony. This is timely with Harmony celebrating its 2 year mainnet anniversary on June 28th, with 59+ million blocks, 24+ million transactions, 128,000+ accounts, 50+ apps (as of date of writing).

“We believe this partnership with Sushi is just the beginning of bringing millions of people into decentralized finance. As our mainnet matures, we are onboarding more key DeFi primitives that will enable access to many new communities. We are excited to work with Sushi on this journey.”

— Stephen Tse, founder of Harmony

“We are delighted to work with Harmony to expand Sushi as the leading DeFi ecosystem in a multi-chain world that Harmony is bridging. We can’t wait to see how new developers and users engage with the Sushi ecosystem on Harmony as we continue to grow Sushi for everyone.”

— 0xMaki, Sushi Chef

In this post we’ll explain each of the products and the incentive campaign for each. Specifically:

1. $2 million in liquidity mining rewards for Sushi on Harmony
2. $2 million in rewards for Kashi borrowing/lending on Harmony
3. Onsen ONE<>ETH Yield Farming Pair
4. Sushi-specific hackathon challenges with $100,000 in prizes as part of our $1M hackathon

Intro to Sushi

Sushi first started out as just a decentralized exchange, but has quickly become a DeFi juggernaut in its own right: fully decentralized, community-led and managed, innovative, comprehensive, and providing more and more services through a suite of products.

As of this writing, there are over $3 billion in total value locked, and over $86 billion in transactions. Sushi is responsible for 15% of all DEX volume across all DEX’s on all chains and continues to steadily grow in volume and influence.

As their suite of products grows to serve the broader needs of the DeFi community, we’re fortunate to enter even more deeply into this partnership and see the full suite of Sushi products extend into the Harmony ecosystem.

Growth of DeFi on Harmony

Over the past few months, we’ve seen an explosion of DeFi on Harmony. New users who are typically priced out on Ethereum DeFi are finding an opportunity to participate in DeFi protocols on faster, cheaper and decentralized blockchains like Harmony that is also fully Ethereum compatible.

Harmony Ecosystem

• Users: 128,000+ accounts (wallets)
• Bridges: $20M organic TVL on ETH-Harmony, ETH-BSC bridges
• AMMs: $50M TVL across 5 community DEX’s (Viper, Mochi, Openswap, Lootswap, Lockswap, Sushi)
• Tools: Graph indexer, Etherscan-like explorer, Gnosis multisig

Sushi and Harmony are coming together to build a strong cross-chain finance stack. Our goal is to bring thousands of new developers (web2+web3) to build on Harmony, and more specifically utilize and build on top of Sushi’s growing product suite.

$2M Sushi Liquidity Mining Campaign on Harmony

Harmony and Sushi will be incentivizing a liquidity mining campaign with $1 million in ONE and $1 million in 1SUSHI rewards over 12 months.

The number of ONE tokens will be calculated on June 30th when the incentives starts and have the following distribution schedule:

• Months 1–3: 50%
• Months 4–6: 25%
• Months 7–9: 15%
• Months 10–12: 10%

Detailed information about the pools will be shared before launch.

Harmony WONE on Onsen Pools

We have seen a very healthy growth of wrapped ONE (ERC20) on Ethereum with pools on both Sushiswap and Uniswap. In order to invite a wider participation and access to ONE on Ethereum we are excited to launch an Onsen campaign with Sushi.

Onsen is the menu of yield farming pairs. The Liquidity providers of the ONE/ETH pool on Sushi will be eligible for SUSHI rewards in accordance with the Onsen campaigns launched by Sushi.

This will make it easier to have efficient and liquid markets of ONE token on Ethereum. Users can always use the Harmony<>Ethereum Horizon bridge to convert the wrapped ONE (ERC20) into native ONE.

Bento Box and Kashi Lending on Harmony

Before we explain Kashi, let us first explain Bento Box.

Sushi has a vault where depositors can deposit assets and the platform makes them accessible to be utilized by any Dapp built on top of it. For end users, having a vault provides capital efficiency, lower gas fees, and more efficient token transfers, and fewer approval steps.

Bento Box is natively on Sushi and will not be moving to Harmony. But, any Dapp built on Bento Box can utilize all the assets in Bento Box.

Kashi is the first Dapp built on top of Bento Box and Kashi will be deploying natively on Harmony.

This means that Kashi on Harmony will be able to utilize all the assets in the Bento Box Vault.

Kashi Lending is a lending and margin trading platform. Unlike Aave, Compound, or CREAM where borrowers may deposit collateral and use it to borrow any available asset on the platform, exposing users to risk equivalent to the platform’s most risky asset, Kashi isolates borrowing and risk to lending individual pairs.

By having specific lending pairs where the collateral can only be used to borrow one specific asset, users are exposed to less risk. For example, suppose there was a ONE<>1SUSHI pair, deposited ONE tokens act as the collateral for 1SUSHI and only 1SUSHI. This is very different than Aave, Compound, or CREAM and less risky for the user.

Kashi $2 Million Rewards

We will be incentivizing users with $1 million in ONE tokens, and $1 million in 1SUSHI rewards over 12 months. We will announce more details about the Kashi launch and incentives in July.

Bridging Web2 to Web3 Hackathon

Our original vision is for Harmony to empower 10 billion people. But the only way to do that is if we expand beyond the native crypto communities and applications. To that end, Harmony will be sponsoring a $1,000,000 hackathon that we’ll share more about in July. But for now, we’ll share the specific aspects of the Hackathon that pertain to Sushi.

Harmony is co-sponsors four challenges with Sushi, each with a maximum prize of $25,000 for a total of $100,000.

We will share more details about the hackathon in July.

Summary

Harmony and Sushi are entering into a deeper partnership, extending their suite of Defi products throughout the Harmony Ecosystem. To mark this occasion, Harmony and Sushi will be offering the following campaigns and incentives:

1. $2 million in liquidity mining rewards for Sushi on Harmony
2. $2 million in rewards for Kashi borrowing/lending on Harmony
3. Onsen ONE<>ETH Yield Farming Pair
4. Sushi-specific hackathon challenges with $100,000 in prizes as part of our $1M hackathon

We! Are! Family! Use Sushi on Harmony🎶: A Harmony Bridge Tutorial

Jack Chan on Twitter: "🍣 TVL $86M+ @SushiSwap for Harmony $ONE's #DeFi ecosystem, growing healthily! https://t.co/LmAzM61DQY💻 @harmonyprotocol hosting a 6-week $1M hackathon in 5 days ⏱️ https://t.co/qUu9oNO0Xc🌉 Cross-chain bridges to $ETH $LUNA $LINK #BSC and more!Fireworks!🎇 pic.twitter.com/wox65AkEYd / Twitter"

🍣 TVL $86M+ @SushiSwap for Harmony $ONE's #DeFi ecosystem, growing healthily! https://t.co/LmAzM61DQY💻 @harmonyprotocol hosting a 6-week $1M hackathon in 5 days ⏱️ https://t.co/qUu9oNO0Xc🌉 Cross-chain bridges to $ETH $LUNA $LINK #BSC and more!Fireworks!🎇 pic.twitter.com/wox65AkEYd

About Harmony

Build on ONE, run on all chains.

Harmony is your open platform for assets, collectibles, identity, governance. Be the ONE to bridge to all blockchains.

Harmony is an open and fast blockchain. Our mainnet runs Ethereum applications with 2-second transaction finality and 100 times lower fees. Harmony’s secure bridges offer cross-chain asset transfers with Ethereum, Binance and other chains. https://www.harmony.one/

About Sushi

Be a DeFi Chef with Sushi. Swap, earn, stack yields, lend, borrow, leverage all on one decentralized, community driven platform. Welcome home to DeFi. https://sushi.com/

Sushi and Harmony Announce Full Stack Partnership with $4M in Incentives was originally published in Harmony on Medium, where people are continuing the conversation by highlighting and responding to this story.

There’s even more that we haven’t announced yet 🚀.

Developers — come build on us. You’ll be in good company. And let us know how we can help — join our discord, we have devs waiting and ready to help.

Harmony Protocol Defi Ecosystem was originally published in Harmony on Medium, where people are continuing the conversation by highlighting and responding to this story.

Interoperable Synthetics for the Harmony Defi Ecosystem

Harmony is delighted to announce its partnership with Knit Finance, a Defi platform focused on cross-chain and multi-chain synthetic assets, making synthetics from multiple chains available for borrowing, lending, margin, and other financial use-cases.

This collaboration will enable the Harmony ONE token as well as all the assets on the Harmony chain to be used in other chains via Knit Finance as synthetic assets, increasing the breadth of utility for all Harmony assets and growing its Defi ecosystem.

AMA with Knit Finance

Be on the lookout for dates and times for an AMA we will be having with the Knit Finance team.

The Defi Ecosystem

I’m working on a higher-level document to explain the Harmony Defi strategy, our current Defi ecosystem, and why we’re doing what we’re doing. Be on the lookout for that.

About Harmony

Harmony is a sharding protocol with a trustless Ethereum bridge. Harmony developers can use Ethereum tooling such as Solidity and Ether.js. Users can also seamlessly swap Harmony and Ethereum assets. Harmony is able to achieve 2-second finality for fast transactions and is able to support 1000 delegating stakers for secure shards. Similar to layer 2 protocols, Harmony is now fully interoperable with the Ethereum ecosystem.

Telegram | Twitter | Discord | Youtube | Medium | Facebook | LinkedIn | Reddit | Instagram

About Knit Finance

Knit Finance is a unique decentralized protocol that integrates its wrapped protocol across multiple chains, bridges, and real-world markets with yield, lend, trade, and margin services through smart contracts. KnitFinance bridges multiple non-Ethereum chains with wrapped tokens. Any asset can be leveraged within Ethereum DeFi and implemented into liquid lending and trading.

Harmony Partners with Knit Finance to Enable Synthetic Cross-chain Defi was originally published in Harmony on Medium, where people are continuing the conversation by highlighting and responding to this story.

Wow, April went by fast and when you ship and deliver like Harmony does, it goes by really, really fast.

Our critical milestones this month includes:

• 🍣 Sushiswap launched on Harmony, demonstrating our full Ethereum compatibility for deploying apps and for users accessing via Metamask.
• 🐍 Mochiswap has fully implemented Gnosis multi-sig and Viper DeFi week launched yield farming pairs for top DeFi tokens on Harmony.
• 📈 We also partnered with Injective Protocol for derivatives, OIN for ONE-backed stablecoin, and Raze Network for privacy payments.
• 🌉 Harmony’s bridge has surpassed $15 million bridged with over 2,800 transactions through organic growth, signaling the future of cross-chain finance is already here.

🚀 Ecosystem Product Launches

🧑‍🚀 Our Harmonaut ONE family is now 315,000 strong, growing 75% overall to 137K+ on Twitter, 17K+ on Telegram, 17K+ on Reddit, email subscribers, website visitors, and many more on our other social channels — our influence and reach continues to expand month over month.

The community continues to launch:

MochiSwap: has implemented Gnosis multi-sig and reached $14 million total value locked. Their community has also launched ONEmoon for community driven and deflationary rewards.

ViperSwap: launched many of the major DeFi assets pairs with ONE/1WBTC, VIPER/1SNX/11INCH/1YFI/1UNI/1SUSHI/1AAVE/1LINK/1CAKE. It is also now the very first HRC-20 token to utilize governance.harmony.one for on-chain governance and has $22 million total value locked.

daVinci: daVinci NFT has launched Gallery, showcasing the leading animator of Rick and Morty, and eco-friendly NFT artists Joanie Lemercier. daVinci allows artists to mint/create NFTs incredibly low fees and 2 seconds finality. Thus far, over 750 artists have minted 6,500 NFTs.

🤝 Partnerships Announcements

We partnered with Benchmark Protocol to give developers and applications an option of using an algorithmic rebase currency in its applications. Benchmark Protocol is a project that aims to mitigate liquidation and hedge risk with the MARK token, a supply elastic stablecoin alternative.

SushiSwap is one of the top decentralized exchanges (DEX), on Harmony, offering Harmony users with yet another trading option in its growing suite of DeFi applications. Sushi’s numbers are very impressive. It has $4.55 Billion in liquidity over 921 trading pairs and its daily volume is $237 million.

Another new partner is Injective Protocol, an innovative Layer-2 decentralized exchange, offering a wide array of financial derivatives. What does this mean for Harmony users? They can now find new channels for native Harmony assets, such as the ONE token with hedging features or trading across other layer-1 protocols.

We recently partnered with SWFT Blockchain. SWFT’s DeFi Swap platform now supports swap ONE with 300+ cryptocurrencies. In addition, you can also use the platform to use ONE swaps, red packets, and payments.

Raze Network integrated with Harmony to provide cross-chain payment privacy for the entire DeFi stack of the Polkadot ecosystem. This will allow the Harmony community to set up a Private Account, and take advantage of the Private Payment Channel.

Lastly, OIN Finance will be deploying on Harmony, to create a ONE-backed or ONE-denominated stablecoin. This helps us grow our Defi ecosystem and helps us establish an important Defi primitive that can be used in all other Defi protocols.

📺 In the Media

Earlier in the month, CryptosRUs interviewed Stephen Tse. Stephen talked about Harmony’s upcoming plans with Defi and NFT, his thoughts on why Harmony stands out, and how Harmony’s blockchain is unique from all others.

We continue to host our our weekly leadership and partner AMAs on Reddit. We will continue these AMAs with our leadership on the Harmony Telegram channel during the month of May.

Become ONE with Harmony

Developers can build on Harmony today, a fast and open blockchain for decentralized applications. Harmony Mainnet supports state sharding with instant finality. Our staking mechanism reduces centralization while supporting delegation and slashing.

Got an idea? Build it on Harmony and apply for a grant.

We ❤️ Developers.

Telegram | Twitter | Discord | Youtube | Medium | Facebook | LinkedIn | Reddit | Instagram

Sushiswap, Viper DeFi Week, daVinci NFT, April Update was originally published in Harmony on Medium, where people are continuing the conversation by highlighting and responding to this story.

A Stablecoin Collateralized by the Harmony ONE Token

We’re delighted to announce that OIN Finance will be deploying on Harmony, to create a ONE-backed or ONE-denominated stablecoin.

A ONE-backed stablecoin is an important achievement for Harmony, as this helps us grow our Defi ecosystem and helps us establish an important Defi primitive that can be used in all other Defi protocols. Let me explain.

The Harmony Defi Lego Stack

One aim of Decentralized Finance, or Defi, is to mimic to some degree the centralized finance world. In that world, the span of financial services include:

• Borrowing/Lending (fixed APR, variable interest APR)
• Savings accounts with APR
• Insurance
• Derivative markets
• Synthetic assets
• Exchanges

These are just some of the financial services that one can expect from any financial system. Additionally, it can get much more sophisticated and complicated.

The basics of any Defi system are typically called “Defi Primitives” — these are kind of like the base layer of a lego set, upon which you can build the structure.

A key Defi primitive is the stablecoin. And now Harmony will have one collateralized or “backed by” the ONE token.

Stablecoins that many have heard of is USDT, USDC, Dai and others. Harmony is actively working with established stablecoin issuers to natively support Harmony.

A key Defi primitive is the stablecoin. And now Harmony will have a Stablecoin collateralized or “backed by” the ONE token.

A ONE-backed stablecoin is unique because unlike other stablecoins which are backed by the VIX (Benchmark Protocol $MARK), cost of unit of production for PoW miners (Meter $MTR), and others.

With OIN Finance, the stablecoin on Harmony will be collateralized by $ONE.

What’s OINDAO?

The product to be built on Harmony is OINDAO, which is a decentralized stablecoin issuance platform that was previously launched on Ethereum. While MakerDao allows only mainstream assets to be used as collateral to issue DAI, OINDAO allows projects to issue brand labeled stablecoins that are collateralized by their own tokens. With planned off-ramps and use cases such as swapping for other mainstream stablecoins, adding leverage, hedging, lending, and a plethora of ecosystem-specific utilities, the possibilities are endless with OINDAO.

MakerDAO, and other DeFi platforms like Compound, also act as gatekeepers in electing which projects are selected to become part of their pools, thereby establishing a large barrier of entry for the majority of projects. OIN is able to solve this problem and build a greater DeFi ecosystem, centered upon inclusion and permissionless engagement.

OIN’s vision is to provide DeFi functionalities to all crypto projects, large and small. Users will be able to unlock liquidity of their favorite assets while HODLing them. They will also be able to utilize the stablecoins for ecosystem-specific utilities, as leverage to buy more tokens, or even to swap for other stablecoins such as USDC and DAI.

How Can OIN Benefit the Harmony ecosystem? What Does this Mean for the Harmony Community?

Hedge against volatility

A volatile medium of exchange can compromise users’ purchasing power. A stablecoin provides an excellent method to park money during trading, or to use as a base currency. A ONE-backed stablecoin acts as the base currency in the ONE ecosystem, helping the ONE community to hedge against volatility.

Encourage the mainstream adoption

A ONE-backed stablecoin will encourage the mainstream adoption of ONE ecosystem projects. Most blockchain projects have the vision to change something in the real world. ONE-backed stablecoins create an additional abstraction layer for mainstream users, who will be able to interact with ONE-backed stablecoins in a similar manner to fiat — without having to worry about the underlying volatility of the crypto asset.

Driving $ONE Scarcity

With more ecosystem-specific utilities behind a ONE-backed stablecoin, more ONE-backed stablecoins can be minted. The increasing amount of locked liquidity reduces the circulating supply of ONE, creating a closed value loop for ONE’s token economy.

Unlocking and Streamlining Value on ONE Protocol

OINDAO’s smart contract supports multi-coin farming functionality for up to 20 different tokens. This support will create synergy between tokens on or bridged to ONE protocol, providing a linkage between projects in the ONE ecosystem. This means users who stake ONE will have the opportunity to farm 20 different projects’ tokens in the ONE ecosystem.

Aligned on Cross-chain

OINDAO and Harmony are aligned on another important point: our vision of the future is a world of many thriving communities. In that world, each chain will have its own ecosystem and strengths and weaknesses. Harmony wants to be a meaningful actor and add value to users across all chains. But the way to get there is to a chain that excels in interoperability.

Starting with Ethereum, and gradually expanding to other popular ecosystems, OIN is on track to build a greater DeFi ecosystem and become a one-stop shop for cross-chain stablecoin issuance, trading, and implementation.

AMA with the OIN Finance Team

Be sure to follow us on Telegram, Twitter, Reddit for upcoming dates for an AMA with the OIN Finance team building on Harmony.

About Harmony

Harmony is a sharding protocol with a trustless Ethereum bridge. Harmony developers can use Ethereum tooling such as Solidity and Ethers.js. Users can also seamlessly swap Harmony and Ethereum assets. Harmony is able to achieve 2-second finality for fast transactions and is able to support 1000 delegating stakers for secure shards. Similar to layer 2 protocols, Harmony is now fully interoperable with the Ethereum ecosystem.

Telegram | Twitter | Discord | Youtube | Medium | Facebook | LinkedIn | Reddit | Instagram

About OIN

OIN is a decentralized stablecoin issuance and trading platform. While MakerDao allows only mainstream assets to be used as collateral to issue DAI, OIN DAO allows projects, large or small, to issue their own brand labeled synthetic assets that are collateralized by their own coins; in essence, any projects can mint their own stablecoins to participate in the greater DeFi ecosystem. Starting with Ethereum, and gradually expanding to other popular ecosystems such as Polkadot, Avalanche, and ONE, OIN is on track to become a one-stop shop for cross-chain stablecoin issuance, trading, and implementation.

With planned off-ramps and use cases such as swapping for other mainstream stablecoins, adding leverage, hedging, lending, and a plethora of ecosystem-specific utility, OIN is expanding DeFi to cover all of the crypto space.

For all the recent updates and progress, connect with OIN Finance and become a part of our community at:

Homepage | Medium | Twitter | Telegram | GitHub | E-mail

Harmony Partners with OIN Finance to Create a ONE-backed Stablecoin was originally published in Harmony on Medium, where people are continuing the conversation by highlighting and responding to this story.