Harmony is proposing to bringing Abracadabra Money’s Magic Internet Money (MIM) to deploy MIM stablecoin on the Harmony blockchain, opening a path to DeFi 2.0 for the ONE token. This will expand stablecoin swap capabilities to Harmony’s community of users and provide incentives to bootstrap the launch of Abracadabra’s MIM.
A governance vote on Abracadabra will be required. If the governance vote is in favor of moving forward, the team will then work integrating the ability to launch the MIM token on Harmony, and supporting the bridge built by AnySwap. This will open up the channel to bring in liquidity from all Abracadabra’s supported EVM-compatible chains, which currently has a combined liquidity of $4B+, into Harmony.
When launched, ONE token holders can have another opportunity to borrow against their ONE tokens in return for a highly tradeable MIM stablecoin, while earning leveraged yields and holding on to their ONE tokens. Another opportunity is that Harmony DEX’es can have the exposure to the MIM token and create token pairs such as JEWEL-MIM, VIPER-MIM, ONE-MIM, etc. as additional yield opportunities. This further strengthens the Harmony ecosystem by inherently making the ONE token a more important cross-chain component in DeFi.
This proposal is to add Abracadabra Lending Markets and $MIM on the Harmony Blockchain!
Harmony will provide incentives in ONE tokens to bootstrap initial usage of Abracadabra on Harmony. In addition to token incentives, Harmony will be investing heavily in co-marketing and educating users through tutorials, videos, and community-led support.
These Incentives will be discussed in details in a follow-up proposal!
Harmony is an open and fast blockchain. Our mainnet runs Ethereum applications with 2-second transaction finality and 100 times lower fees. Our secure bridges offer cross-chain transfers with Ethereum, Binance and 3 other chains. Build on Harmony, bridge to all chains. We are an open platform for your assets, collectibles, identity and governance. Come build with us — harmony.one/apply!
Since going live on Mainnet, the chain has not stopped nor was there any hard fork event. The ONE token has reached a market cap of $3.5B, joining the Top 50 in CoinMarketCap in Oct 2021. HRC-20 tokens launched on Harmony now boasts a DeFi ecosystem with total TVL of over $750M, including stakes, according to DefiLlama, with the largest being DeFiKingdoms — a Top 3 GameFi by trading volume, standing toe-to-toe with Axie Infinity, according to DappRadar. Messari published a full analysis of Harmony in Oct 2021. Coin Bureau refreshed their reviews recently.
The Harmony Foundation recently announced one of the largest Ecosystem Grant Fund worth $300M (see Defiant and CoinDesk) to help attract industry leading projects such as Abracadabra Money into the Harmony ecosystem. Other industry leaders like Sushi and Curve have launched into Harmony in Q2 and Q3 2021 respectively, while Aave governance voted to approve launching on Harmony, currently targeted to roll out at the end of Q4 2021.
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$100M TVL within 6 months
The next Step are to create a snapshot vote, stay tuned on twitter!
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