- Synapse to deploy on Harmony in the coming days.
- The collaboration will provide a seamless ramp for asset deployment and swaps, yield earnings, and more.
- Users to receive gas tokens to use for initial liquidity incentives upon deployment.
Harmony is a blockchain platform built to enable users to create and use decentralized applications (DApps). The network intends to reinvent the way decentralized apps function by concentrating on random state sharding, which enables the creation of blocks in seconds.
Harmony is anticipated to enable cross-shard contracts and a cross-chain infrastructure by the end of 2021, according to the project’s website.
The Harmony mainnet focuses on increasing processing speed and improving node validation. By implementing the sharding process, the company made nodes validate blocks much faster.
Harmony uses a Verifiable Random Function (VRF) based on unbiased and unpredictable selection criteria for shard membership to ensure nodes and secure the validation process. This implies that nodes and validators are assigned and reassigned in a randomized way throughout the network.
Harmony’s founder and CEO, Stephen Tse, holds a Ph.D. in cryptographic protocols and type theory from the University of Pennsylvania. The Harmony Grants program is part of the project’s effort to foster innovation on the Harmony mainnet and attract developers.
Synapse deployment on Harmony
Harmony has taken to Twitter to announce its latest integration with Synapse. The update will provide users with a seamless on-ramp to onboard assets from currently supported chains onto the Harmony system and back. It will also future-proof interoperability with other chains that Synapse may deploy in the future.
— Harmony 💙 (@harmonyprotocol) November 3, 2021
In addition, Synapse plans to airdrop $250,000 in ONE to users who bridge to Harmony upon deployment to have enough tokens to use for gas. The transition from other chains to Harmony is made possible by setting up a deep liquidity pool with a Synapse-wrapped stablecoin, nUSD (backed by ETH stablecoins), paired with 1DAI 1USDT, and 1USDC.
Synapse has experienced ~$2 billion in bridging traffic over the past 60 days since launching. Each new chain they deploy on immediately sees a $50m – $150m TVL spike, combined with new user inflows across the bridge. A rapid $30-40m in TVL liquidity is expected soon after implementation, and they’ll monitor Harmony chain expansion via Defillama 17 + bridge traffic to see how liquidity and usage look.
Harmony’s price and current circulation
At the time of writing, the live Harmony price is $0.285715, and its 24-hour trading volume is $159,281,349.
A total of 22.4% of the available supply of ONE tokens went to the initial seed sale. Another 12.5% were reserved for a subsequent Launchpad sale. Thus, 16.9% of Harmony’s total supply went to the founders and developers. The majority of ONE token was allocated to protocol development, while another 21.8% went to ecosystem development.