Daily Briefings, Exclusive Interviews, and Weekly Recaps.

Delivered straight to your inbox.

Investors to Reap $2M in Rewards as Curve Launches on Harmony Blockchain

unknown 5

Curve, the decentralized exchange known for specializing in tokens that should have roughly the same price, has launched on the sharding blockchain Harmony. There are rewards available for those who help it find a footing.

Harmony is a chain that touts itself as a fast alternative to other blockchains. It was founded by Stephen Tse, a Google alum who also previously sold a startup to Apple.

“A unique feature of Harmony is our bridges to Ethereum and Binance Smart Chain which are bringing in stablecoins and pegged assets from both ecosystems, i.e. ethBUSD-bscBUSD.=,” said the proposal from Harmony to the Curve DAO. “This creates a unique opportunity for Curve to support stablecoin swapping of assets from multiple chains.” 

Staking Rewards

Harmony has long been compliant with the Ethereum Virtual Machine, which would make porting over the Curve smart contracts, which currently exist on Ethereum, relatively straightforward.

In early September, Harmony announced a $300M fund to encourage developers to build on the platform.

Harmony’s native token ONE will be provided as a reward to liquidity providers on Curve’s Harmony deployment. According to the vote in the Curve DAO, Harmony has agreed to provide $2M worth of its ONE token to Curve for staking rewards.

As usual, the strongest benefits accrue to those who participate early. Rewards will diminish every three months, with 40% of the rewards distributed in the first three months and only 10% in the last three months. 

Separate Vote

While the Snapshot proposal urges the Curve community to also support Harmony with CRV rewards, there is no word yet on those rewards. It will require a separate vote to enable such rewards and then, if successful, it will take at least two weeks from the beginning of the vote for rewards to begin.

The deployment on Harmony isn’t particularly surprising as Curve is on a multi-chain spree. 

The DEXrecently deployed on Fantom and its community responded extremely strongly when the Fantom team announced liquidity mining rewards for projects with exceptionally large liquidity. 

“We’re deploying on pretty much all chains gradually and which one will take how much market — the time will show,” Curve founder Michael Egorov told The Defiant via email, “We just try to make all chains prospering and will see what happens.”

✊ Head to THEDEFIANT.IO for more DeFi news 📰