Harmony One Invites Curve and Aave to Join its Blockchain
Five months after opening the door to SushiSwap, Harmony One is inviting more major DeFi apps to hop on its blockchain. Harmony One, one of a handful of platforms that uses sharded proof-of-stake for consensus, wants Curve Finance, the automated market maker, and Aave, the lending platform, to join the party. It’s offering $2M in …
By: Owen FernauByte
Five months after opening the door to SushiSwap, Harmony One is inviting more major DeFi apps to hop on its blockchain.
Harmony One, one of a handful of platforms that uses sharded proof-of-stake for consensus, wants Curve Finance, the automated market maker, and Aave, the lending platform, to join the party. It’s offering $2M in its ONE tokens to each app as an incentive to make the move.
Sharded proof-of-stake means a project uses many blockchains in parallel in order to scale. The Layer 1 Polkadot uses a version of the consensus mechanism and Ethereum plans to add sharding in 2022.
In typical crypto fashion, the public proposals materialized on Curve and Aave’s governance forums. Li Jiang, the COO at Harmony, authored both posts — Curve’s on Aug. 15, and Aave’s on July 29, inviting blue chip DeFi protocols into its ecosystem. Harmony reported having 135K active wallets.
Harmony has connected to the Ethereum blockchain and the Binance Smart Chain. This means Curve, which specializes in homogeneous asset swaps like ETH and Synthetix’s sETH, is using Harmony to “support swapping of assets from multiple chains,” according to Jiang’s proposal.
Harmony is EVM compatible, meaning it follows the same logic as Ethereum when processing transactions. This means Curve and Aave’s smart contracts should be easy to port to Harmony, though the launch may not be a one-off event. “Curve will need to maintain an additional deployment on Harmony,” Jiang wrote in the proposal.
The Aave proposal was flooded with short comments like “Harmony and Aave working together would be revolutionary,” from new users of the forum.
Jiang addressed the issue of “brigading,” a term for when users join together to comment on a specific goal. The Harmony COO said that the comments came from real individuals who had picked up the proposal, and not a bunch of accounts created by one person.
The comments in the Curve proposal were similar — only one user had created an account before Jiang made the proposal. Still that one user who had used Curve’s forums before the proposal was something of a DeFi heavyweight.
“If Curve deploys a 3Pool to Harmony, maybe they could consider 1 of the tokens being FRAX,” wrote Sam Kazemian, the founder of algorithmic stablecoin protocol Frax Finance and the FRAX stablecoin.
Harmony’s hackathon kicked off on Aug. 15 and will go through Sep. 30, with $1M worth of prizes and seed money for people building apps “bridging TradFi to DeFi,”according to the website.