Since deploying natively on Harmony’s blockchain in May, Sushi has been deepening its collaboration with Harmony after announcing plans to bring its full decentralized financial product stack (Defi) to the blockchain, with accompanying incentives designed to encourage greater participation. Meanwhile, the competition for decentralized exchanges (Dex) continues to increase.
Expansion of the partnership accompanies incentive campaigns amounting to 4 million US dollars
On Thursday, Harmony, a proof-of-stake (PoS) blockchain network focused on cross-chain transaction capability, announced a decision to expand its partnership agreement with Sushi, a community-run defi platform that provides a full stack of decentralized financial services offers.
After the sushi swap was made available on Harmony in May, the newly strengthened collaboration paves the way for Sushi to make the rest of its product suite available on the effective Proof-of-Stake (EPoS) blockchain.
Sushiswap is the second runner-up in this area with an 11% share of Dex trading volume, according to today’s 7-day statistics from Dune Analytics. The leading index is Uniswap with 61% of the seven-day volume. Based on the latest data, Sushiswap’s seven-day volume is $ 2,079,972,559, while Uniswap is way ahead at $ 10,793,064,634.
Additionally, aspiring players like Curve and 0x Native are trying to fill the void, with Curve showing up at seven-day trading volume of $ 1,427,401,281 and Ox showing up at $ 1,091,283,123 for seven-day trading volume.
To coincide with the second anniversary of Harmony’s mainnet launch, the expanded partnership aims to strengthen the protocol’s cross-chain defi capabilities while leveraging Harmony’s 2-second transaction speeds and low transaction costs.
The use of full sushi stacks is accompanied by two incentive campaigns. This includes a $ 2 million liquidity mining campaign promoting yield farming with $ 1 million of ONE and $ 1 million of 1Sushi token rewards.
Kashi, a decentralized lending app (dapp) built on Sushi’s Bento Box, is also natively provided on Harmony. The credit and margin trading platform will be the target for another $ 2 million incentive program that will include $ 1 million One and $ 1 million 1Sushi tokens. Bento Box, an asset safe, is not provided on Harmony. However, the saved assets are accessible to Dapps based on them.
Fix the deficiencies of Defi
As Defi-Protocols try to avoid the high costs and low throughput associated with Ethereum, the race for deployment in competing networks and solutions is on.
Operating in a sea of Defi solutions, Sushi is by no means the only platform taking a step towards new horizons, which is reflected in the introduction of Polygon by Aave and Curve. Sushiswap is also on Polygon, which underscores the platform’s rapid adoption.
Polkadot is also attracting defi’s attention as an alternative to Ethereum’s scalability and cost restrictions. Acala, which aims to be the Ethereum-compatible Defi hub on Polkadot, has won the first Parachain auction on Kusama, Polkadot’s Canarian network, with its own Karura platform, which the extremely competitive Defi landscape may be in steers another direction.
As the costs and difficulties of switching between blockchain networks continue to decrease, it remains to be seen whether the upcoming move from Ethereum to Proof-of-Stake can prevent the migration of platforms looking for better conditions elsewhere.
What do you think of the collaboration between Sushi and Harmony? Let us know in the comment section below.
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