12 hours ago · 2 min read
Harmony (ONE) to host even more Sushi DeFi products, incentives, and rewards
The two protocols are extending their partnership to bring a host of new product launches, benefits, and hackathons to users.
Harmony has extended its partnership with Ethereum DeFi dApp SushiSwap, as per a release shared today with CryptoSlate. Both platforms will soon introduce new product launches, liquidity mining incentives, rewards, and hackathons in the coming months.
Full Suite Of Sushi DeFi Products
As Harmony reaches the second year anniversary of its mainnet release, the platform now boasts over 100,000 accounts, $20 million worth of organic ETH-ONE total valued locked (TVL) on its Bridge, and more than $50 million TVL across five prominent DEXs.
As it seeks to capitalize on its success, Harmony has extended its initial partnership with Sushi in keeping with its mission, with plans to launch Sushi’s full range of DeFi products on its ecosystem.
In addition to the products, both platforms will work together to deploy Sushi’s Kashi dApp on Harmony. The platform will also collaborate with Sushi to support a $2 million liquidity mining campaign, a $2 million Kashi dApp incentive campaign, and a $100,000 Sushi-specific hackathon to expand the ecosystem even further.
Stephen Tse, the Founder of Harmony, commented in this regard, “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.”
Collaboration Unveils $4 Million Worth Of Incentives & Rewards
With over 50 dApps utilizing Harmony’s sharding and proof-of-stake protocols to deliver a range of DeFi products, the platform is backed by professional validators, including Figment Networks, Blockdaemon, and Stake.fish.
On the other hand, Sushi is one of the fastest-growing community-driven DeFi platforms, offering a suite of products, such as its multichain AMM, Kashi Lending & Leverage, BentoBox dApps, xSUSHI staking, and the Onsen Program.
Following the extended partnership, Sushi will deploy its Kashi dApp and BentoBox on the Harmony ecosystem. To promote the dApp, both platforms will launch a $2 million reward program consisting of $1 million in ONE and $1 million in 1SUSHI tokens.
To further their mission of building a scalable cross-chain finance stack, Harmony and Sushi will also launch a $2 million liquidity mining incentive. The campaign will run for a year with $1 million in ONE and $1 million in 1SUSHI distributed among users quarterly.
“We are excited to work with Harmony to expand Sushi as the leading DeFi ecosystem in a multi-chain future. 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,” explained Sushi core developer ‘0xMaki’ in a statement.
Meanwhile, Harmony will sponsor $10 million in the upcoming Web2 to Web3 hackathon to celebrate reaching a significant milestone of 10 million users. The protocol is also a co-sponsor for the upcoming $100,000 Sushi Hackathon.