The two famous protocols, Harmony (One) and SushiSwap (Ethereum Defi dApp) have recently announced to extend their partnership. These platforms are planning together to soon launch a whole batch of new products, hackathons, rewards, liquidity mining incentives, and more for its holders.
Platform Brimming With Sushi DeFi Products
It’s been two years since Harmony released mainnet. Today, this platform possesses over 100,000 accounts, more than $50 million TVL across 5 leading DESx, and $20 million worth of organic ETH-ONE TVL (total value locked) on its bridge. In order to keep up with the mission and its aim, Harmony has extended its partnership with Sushi thus capitalizing on its success. It has great plans of launching a full range of Sushi DeFi products for the users in the ecosystem.
Apart from the launch of all these products, both Sushi and Harmony are willing to work together to deploy Sushi’s Kashi dApp on the Harmony platform. It is also going to support Sushi’s $2 million mining campaign along with a $100,000 Sushi-specific hackathon and a $2 million Kashi dApp incentive campaign. This will help the ecosystem to expand further.
The founder of Harmony, Stephen Tse, stated earlier in this regard that “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 and we are excited to work with Sushi on this journey.”
Partnership Unfolds $4 Million Worth Of Rewards And Incentives
Almost about 50 dApps are currently using Harmony’s proof of stake and sharding protocols. This is so that they can deliver a full range of DeFi products to their users. Harmony is backed by several professional validators such as Stake.fish, Blockdaemon, and Figment Networks. On the flip side of the coin, Sushi is one of the fastest-growing and community-driven DeFi platforms. It is offering a great suite of products including its Kashi lending and leverage, xSushi talking, Onsen program, multichain AMM, and BentoBox dApps.
Since the partnership is extended, Sushi will now utilize Harmony’s ecosystem to deploy its BentoBox and Kashi dApps. Both the platforms are working hard to promote dApp. They will be launching a $2 million reward program. In that, $1 million will be for ONE and the other $1 million will be for 1SUSHI tokens.
They have a stable mission of building and deploying a scalable cross-chain finance stack. Additionally, they will also be launching a $2 million liquidity mining incentive, a great initiative. This campaign is most likely to run for almost a year. Here they are going to distribute $1 million in ONE and $1 million in 1SUSHI equally among the users quarterly.
Sushi’s co-developer, ‘0xMaki’ explained previously that “We are excited to work with Harmony to expand Sushi as the leading DeFi ecosystem in a multi-chain future.” He also said, “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.”
At the same time, Harmony is going to sponsor $10 million for the next Web2 to Web3 hackathon. Through this, they will celebrate their reach to a significant milestone of 10 million users. Harmony is also a co-sponsor for the $100,000 Sushi hackathon.