Harmony has got a lot more going on than you probably realize. Check out our list of three top Harmony DeFi Projects.  Covered: Harmony DeFi Projects DeFi Kingdoms Euphoria Artemis Protocol  Harmony DeFi 2021 for Harmony has been a year of exploding popularity. With 2-second finality, near 0 transaction fees, EVM compatibility, and bridges, Harmony […] The post Three Top DeFi Projects On Harmony You Need To Check Out appeared first on CryptosRus.

Three Top DeFi Projects On Harmony You Need To Check Out

Harmony has got a lot more going on than you probably realize. Check out our list of three top Harmony DeFi Projects. 

Covered:

  • Harmony DeFi Projects
  • DeFi Kingdoms
  • Euphoria
  • Artemis Protocol 

Harmony DeFi

2021 for Harmony has been a year of exploding popularity. With 2-second finality, near 0 transaction fees, EVM compatibility, and bridges, Harmony (ONE) is setting itself up for an even more explosive future. However, 2022 will have big shoes to fill, as the token has exploded over 4,000% year-to-date.

Their innovative sharding techniques increase scalability by orders of magnitude. This technology allows blocks to be created in seconds and validated remarkably quicker. The randomness of selecting nodes and validators for the shards, done through VRF’s, makes Harmony one of the most unique, innovative, and securely interoperable chains in the space.

This is probably why native dApps, and not just bridged dApps like Sushiswap and Curv, have exploded on Harmony One in 2021. There is nearly $700 million in total value locked on Harmony, a stunning 1000x increase since March. Meaning, Harmony was locking in TVL at a clip of around 10,000% per month on average.

Here we will give you our curated list of three 3 top Harmony DeFi projects you don’t want to sleep on.

Recommended: Here Are The Details On The Upcoming Harmony Ethereum Bridge

DeFi Kingdoms

DeFi Kingdoms (JEWEL) is a massive project for Harmony, making up for over 53% of the TVL on the chain. It is a game first and foremost, and we have noted often here at CRU that ‘Game-Fi’ is one of the most durably valuable trends in all of crypto because of the virality and daily retention of users that games often secure.

DeFi Kingdoms is also a DEX, a liquidity pool opportunity, and a in-game “utility-driven NFT’s” market. The game is based on “nostalgic, fantasy pixel art.” That is to say, kind of like Zelda. In fact, the game setting and art are very, very much like Zelda. Their native JEWEL token is needed to unlock certain aspects and utility in the game.

The game has exploded in popularity since its launch in September and the team is further developing; land, buildings, and equipment are all elements coming soon. The JEWEL token will be the main token of value in the game, and you use it to purchase the most useful items and NFT’s.

JEWEL can also be used for liquidity mining and staking. Lastly, it is a governance token, which is another cool concept because users of games usually have very strong opinions about the direction of game development. The idea of creating a fully-fledged DeFi ecosystem cloaked in a play-to-earn game is a concept I expect to see a lot more of. I wouldn’t be surprised if this game goes viral.

Euphoria

Euphoria (WAGMI) is an algorithmic reserve currency running on Harmony. It seeks to hold its value regardless of market volatility. Since their launch this November, they have locked in over 100 million in total value. Euphoria aims to introduce an innovative “protocol owned liquidity” model, which seeks to improve the liquidity mining model we are all used to on Uniswap, Aave, or Yearn.

The traditional liquidity mining model has been arguably unsustainable despite its ability to bootstrap a project. Why? Because as the rewards are continuously released, a massive selling pressure exists and makes the model unsustainable. Below is a simple depiction of the concept Euphoria is trying to implement, known as protocol-owned liquidity.

The idea is that liquidity is issued as bonds, owned by the protocol. In the case of Euphoria, each WAGMI “is backed by a basket of assets (e.g. DAI, UST, WAGMI-DAI LP Tokens, WAGMI-UST LP Tokens, etc) in the Euphoria Treasury, giving it an intrinsic value that it cannot fall below.” 

Staking is the primary way to accrue value on Euphoria. Staking the WAGMI token earns rewards that come from the proceeds of their bond sales. Bonding is the secondary way to accrue value on Euphoria. ‘Bonds both incentivize and lock liquidity by offering an attractive risk/reward profile.”

Users can mint WAGMi tokens, but they are selling their assets to buy a bond from Euphoria when doing so. the bond becomes redeemable as it vests in a certain amount of time. “Allowing users to purchase bonds by minting WAGMI allows Euphoria to accumulate its liquidity.” With 100 million already locked in less than a month after launch, Euphoria is one to keep an eye on. 

Recommended: What is Harmony?

Artemis Protocol 

Artemis Protocol (MIS) is one of the lesser-known projects on Harmony. Launched in October, Artemis only has a TVL of 5.7 million but presents an interesting use case for the Harmony ecosystem. Artemis is a DeFi suite for project incubation and bootstrapping of Harmony “ideas and projects.”

They have a bridge from both Terra and Horizen. Artemis allows projects to join the incubator and distribute their token “while building liquidity for it.” Applications go through governance and are “reviewed by a third party,” meaning permissionless listings are not available. This process helps prevent token dumps by private and seed investors, a valuable model in and of itself.

Artemis allows you to stake your MIS tokens and earn the tokens of the incubating project. It is a way to bootstrap liquidity and serves as a hub for Harmony projects. Their launchpad also serves as a way to provide on-chain liquidity for Harmony. It allows a user to access token sales by putting up a certain amount of MIS for collateral.

They also offer Artemis Earn, which allows you to stake the MIS token, a governance token. They also offer liquidity pools will very high APY’s. In short, the concept of being the “DeFi hub” for Harmony, and being a vector for new projects to onboard users, may give the MIS token intrinsic value as their TVL rises.

These projects just launched within the last couple of months, so they are still early, yet the TVL is exploding, which shows the demand for the Harmony (ONE) token.

Recommended: Harmony ONE Token Breaks Through Resistance; New All-Time High Incoming!

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