What is Harmony? Overview of the development of the Harmony ecosystem

• Overview of Harmony
• What is Harmony?
• Harmony project development history
• Harmony's Technology
• Features of Harmony
• Projects in the Harmony ecosystem
• Decentralized exchanges
• Lending array project
• Projects in Yield leverage
• Projects in the NFT & Game segment
• Projects in the Launchpad array
• Other pieces
• Key requirements for Layer 1 growth on the chain
• Harmony's developer team and investors
• Overview of ONE
• What is ONE?
• ONE coin details
• Initial ONE Supply Distribution
• Where can ONE buy and sell?
• Evaluate the Harmony ecosystem and should invest in ONE coin?
• summary

Overview of Harmony

What is Harmony?

Harmony is an open-source blockchain that helps developers build decentralized financial applications. Harmony uses the State Sharding model to split the chain into multiple shards that process transactions and store data in parallel, making transactions faster. This model is also used by many other blockchains such as ETH 2.0 and NEAR Protocol. 

Compared to the Ethereum blockchain, DApps built on Harmony have a transaction completion time of about 2 seconds and a 1000 times lower fee. In addition, Harmony wishes to create a "For One and For All" blockchain with scalability, security, and information, data and transaction processing speed thousands of times faster than current blockchains. 

In addition, Harmony provides a bridge service that helps transfer assets across the chain (Cross-chain) with Ethereum, BNB Chain and other blockchains. 

It is noteworthy that Harmony provides the world with a scalable and secure blockchain system to support the development of the decentralized economy.

In addition, applications that were previously not feasible on blockchain, including Visa payment systems and IoT transactions, can now be integrated and developed based on blockchain technology. 

With what Harmony has been developing, it can be seen that the project tries to expand trust to billions of users and create a comprehensive fair economy.

Harmony project development history

Some important milestones of the Harmony project:

• 2018: Stephen Tse founded Harmony with the goal of providing an open source decentralized blockchain platform for DeFi users globally.
• June 2019: Mainnet Phase 1 (Mainnet Launch). The Harmony development team launched the first mainnet version of the protocol with a pre-registered list of validators belonging to the Harmony Foundation.
• August 2019: Mainnet Phase 2 (Open Node Operations). The project expands the number of validators from 600 to 1,000. Harmony also expanded the number of open nodes not owned by the Harmony Foundation from 151 to 320. 
• August 2019: Pangea Testnet. Launch of the Pangea network, which is Harmony's pilot network with 2,500 subscribers running nodes. 56% of the participants in this phase were first-time node miners. Phase 1 starts from August 2019 to the final phase (phase 3) ends on May 8, 2020
• January 2020: BEP2 to Native Token Swap. Harmony begins the migration from Ethereum and BNB Chain to its own network. Users will have to swap their ERC-20 or BEP-2 standard ONE tokens for Harmony’s HRC-20 standard tokens if they want to participate in staking and other activities on the network. 
• May 2020: Open Staking Launch. Harmony launches Open Staking program staking rewards to all participants.

Harmony's Technology

Consensus mechanism : Harmony improves from the PBFT (Practical Byzantine Fault Tolerance) consensus mechanism to create a new mechanism that can scale throughput, reduce transaction processing time, connect to DApps one at a time. effectively. With this mechanism, developers will collect multiple signatures to complete the transaction validation process more concisely.

Sharding : This technology brings blockchain scalability. Building on this technology, Harmony also solves the dilemma of decentralization and security. 

Features of Harmony

Some salient features of Harmony include:

Firstly, Sharding brings scalability to blockchains without compromising security and decentralization.

Secondly, thanks to its technologies, Harmony has the ability to process transactions quickly, the transaction validation process is shortened, helping users save more time.

Third, Harmony uses EPoS (Effective Proof-of-Stake) algorithm to reduce centralization and distribute rewards to thousands of Validators more fairly.

Finally, Harmony provides a bridge service that helps cross-chain assets with Ethereum, Binance and other blockchains that set the platform apart from today's popular Layer 1s.

Projects in the Harmony ecosystem

Decentralized exchanges

SushiSwap : This decentralized exchange is extended to Harmony. Up to now, the total amount of TVL is at 91 million USD.

Curve Finance : This is a decentralized exchange designed specifically for Stablecoins with TVL reaching more than 16.3 million USD at the moment. Harmony is one of 7 chains that Curve Finance chooses to develop.

ViperSwap : A DEX fork from Uniswap V2, the total amount of TVL currently nearly touches US$40 million. The difference is that this exchange has improved in Farming, Staking both project tokens and LP tokens.

DeFi Kingdoms : An NFT project but with a DEX product, has a TVL of more than $280 million and is at the top of Harmony's ecosystem TVL chart. Currently, the project has launched familiar features of a DEX including Swap, Liquidity, Farming, Staking. 

There are also some other DEXs such as Fuzz Finance, JellySwap, SonicSwap, LootSwap… but those DEX floors are not outstanding and impressive.

Lending array project

Tranquil Finance is the first Money Market protocol on Harmony. Tranquil Finance allows users to lend and borrow assets with very fast transactions and low costs. Currently the project is supporting 5 assets including ONE, ETH, WBTC, USDC, USDT. Tranquil Finance has been on the mainnet since early November and is implementing Liquidity Mining.

Projects in Yield leverage

FarmersOnly : A Yield Farming application on Harmony that allows users to access and provide liquidity on multiple DEXs in just one project interface.

Beefy Finance : Similar to FarmersOnly, but this project supports multi-chain (Multi-chain) with TVL at 3 million USD up to now.

BabyJewel: This project combines with DeFi Kingdoms, allowing investors to receive the DeFi Kingdoms JEWEL token when holding the BabyJewel project token.

Projects in the NFT & Game segment

DeFi Kingdoms : As mentioned, the project is not only a DEX but also develops more Gaming products. Currently the game has been released, but is still in the process of completion and development.

Da Vinci Gallery : This is an NFT Marketplace on the Harmony ecosystem with a total value of NFT sold of more than $900,000, more than 75,000 minted NFT products and nearly 8,000 people participating in transactions on this NFT Marketplace.

In addition, some other projects on NFT and Harmony games are Kuro Shiba, Harmony Whales, CryptoPig NFT, Harmoonies, Dingos, QuizDrop...

Projects in the Launchpad array

Harmony currently has only one active Launchpad, Artemis Protocol. The project is a multi-product DeFi protocol built to incubate and launch projects on Harmony. 

Other pieces

OneDAO Finance : This is a decentralized reserve currency protocol and fork from Olympus DAO on Harmony.

Bridge native Harmony – Ethereum : This is the official Harmony bridge used to circulate money between Ethereum and Harmony.

Anyswap, Synapse Protocol : Bridges that allow money flow from Harmony to other chains such as BNB Chain, Terra, Polygon , Ethereum...

Chainlink, Band Protocol : These are two Oracle projects operating on the Harmony ecosystem, providing information and data for the operation of DApps in this ecosystem.

Key requirements for Layer 1 growth on the chain

In order for a Layer 1 project to grow sustainably, there are a number of requirements as follows:

Funding : Layer 1 platforms like BNB Chain and Solana are both backed by the two largest centralized exchanges in the cryptocurrency market.

Easier Developers Join the Ecosystem : Avalanche, BNB Chain, Polygon, and Arbitrum are now compatible with the EVM virtual machine system, allowing developers who are already familiar with Ethereum to easily program on it. these blockchains. At the same time, it also brings a familiar user experience. 

Incentives : At both the base layer and the protocol layer there are incentives for both developers and users. This will help platforms get more attention. 

Fully developed ecosystem : The current popular blockchains BSC, Polygon, and Solana all have a full ecosystem of DeFi and Metaverse projects. 

In general, Harmony has converged all 3 factors including:

• The blockchain platform is compatible with the EVM virtual machine. 
• The project also has a program to promote the development of the ecosystem. 
• Harmony's ecosystem has revealed quite a lot of important pieces in DeFi.

Harmony's development team, partners and investors

Harmony's development team 

Nick White : He is currently the Co-Founder of Harmony and COO of Celestia. Prior to that, Nick White was also a Senior AI Specialist at Zeroth.ai and graduated from Stanford University.

Sahil Dewan : You are the CPO and Co-Founder of Harmony. Before founding the Harmony protocol, Sahi Dewan worked at an investment fund called DFJ Dragon Fund and was the Founder of FuturEd - a company specializing in solutions to connect businesses and students.

Rongjian Lan : Currently he is a Co-Founder and is taking the position of CTO of Harmony. Previously, Rongjian Lan worked at Google as a Software Engineer.

Stephen Tse : You are also a Co-Founder and hold the role of CEO at Harmony. Before founding Harmony, Stephen Tse also created many projects, one of which is Voice AI - a sales assistant using AI technology. He was also a Senior Engineer at Google.

Investor of the Harmony project

Harmony has raised US$18 million after 3 rounds of funding, with the participation of more than 10 well-known investors in the crypto market such as: Digital Asset Capital Management, Hashkey, Consensus Capital Holdings, BCA Fund, UniValues Associates, Lemniscap, AU21 Capital, SNZ, Blockchain Assets, CoinFund, Binance Labs…

Partner of the Harmony project

Harmony is currently a partner of many large investment funds and blockchain projects such as Animoca Brands, Quidd, Terra, Chainlink, Lympo, Matic, Binance Labs...

Overview of ONE

What is ONE?

ONE is the native token of Harmony, it is used to pay transaction fees and participate in protocol activities. As follows:

• ONE is used for staking and becomes a Validator to earn a block reward or a percentage of transaction fees when a transaction occurs on Harmony.
• Investors can use ONE to pay for transaction fees, gas fees, and storage fees.
• Those who own ONE can participate in governance, vote and contribute ideas to help the project develop.

ONE coin details

• Ticker: ONE
• Blockchain Network: BNB Chain, then swap to Harmony
• Standard: BEP-20
• Contract: 0x03fF0f…f47938
• Token type: Utility, Governance
• Total Supply: 13,160,000,000 ONE
• Circulating Supply: 11,460,000,000 ONE

Initial ONE Supply Distribution

• Seed Sale: 22.4%
• Launchpad: 12.5%
• Team: 16.9%
• Protocol Development: 26.4%
• Ecosystem Development: 21.8%

The total supply of ONE coin is distributed from January 2020 to January 2026, specifically according to the schedule as shown below.

Where can ONE buy and sell?

Investors can buy ONE tokens at exchanges such as Binance, KuCoin, Huobi Global ...

Evaluate the Harmony ecosystem and should invest in ONE coin?

Harmony's infrastructure is complete and applications on EVM chains can be deployed on this platform easily. Since then, the project has opened up the opportunity for a series of developers to unleash the creation of many useful projects and DApps to solve some of the outstanding problems in DeFi today.

The basic pieces of Harmony such as Bridge, DEX, Lending ... have been completed and can serve the needs of investors well. In addition, Harmony also has programs to promote the development of its ecosystem such as a development project support package worth more than 300 million USD. 

Currently, the source of Yield Farm on this ecosystem is also temporarily exhausted and the Lending segment has not yet developed as well as the relatively low APR interest rate, so it is not enough to attract new cash flows.

Perhaps the next step of this ecosystem is to stimulate the source of Yield Farm to continue to attract cash flow as well as have new products to stimulate the Lending segment of the Harmony ecosystem to grow. From there, the project can push the project TVL to increase over time.

According to CoinMarketCap, ONE is one of the fastest growing cryptocurrencies in terms of value with a return of 3,872% since listing as of March 2022. At press time ( March 10), ONE is trading at $0.13 with a market cap of $1.5 billion. This number is still quite modest compared to other emerging blockchain platforms such as Solana, Terra, Fantom, Near Protocol… In the future, if the project continues to develop on the schedule that they have set out, Harmony and ONE will be complete. can be compared with other projects to become the most popular platform.

However, whether to invest in ONE or not is entirely up to the investor's decision. You should learn, evaluate and calculate the level of risk you are willing to accept for good capital management before deciding to invest in any project.

summary

Above is all information of Harmony, ONE coin and a brief overview of the Harmony ecosystem. This is one of the best performing projects among smart contract platforms, with a growth of about 4,285% compared to 2020. Despite being highly regarded and having a complete Layer 1 platform, the system Its ecology is still in the process of development. Recently, Harmony announced an ecosystem development stimulus package of US$300 million to support developers building on Harmony's platform.

• Avalanche announces a new $290 million ecosystem development program
• Sushi cooperates and puts products on Harmony