In April we announced our initial partnership with Sushi with Sushi Swap deploying natively on Harmony, enabling swapping and providing liquidity with 2-second speed and less than $0.001 fees.

Today we’re excited to announce that Sushi and Harmony are coming together to deepen our partnership and launch a full suite of Sushi products on Harmony. This is timely with Harmony celebrating its 2 year mainnet anniversary on June 28th, with 59+ million blocks, 24+ million transactions, 128,000+ accounts, 50+ apps (as of date of writing).

“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.”
— Stephen Tse, founder of Harmony
“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.”
— 0xMaki, Sushi Chef

In this post we’ll explain each of the products and the incentive campaign for each. Specifically:

  1. $2 million in liquidity mining rewards for Sushi on Harmony
  2. $2 million in rewards for Kashi borrowing/lending on Harmony
  3. Onsen ONE<>ETH Yield Farming Pair
  4. Sushi-specific hackathon challenges with $100,000 in prizes as part of our $1M hackathon

Intro to Sushi

Sushi first started out as just a decentralized exchange, but has quickly become a Defi juggernaut in its own right, fully decentralized, community-led and managed, innovative, comprehensive, and providing more and more services through a suite of products.

As of this writing, there are over $3 billion in total value locked, and over $86 billion in transactions. Sushi is responsible for 15% of all DEX volume across all DEX’s on all chains and continues to steadily grow in volume and influence.

As their suite of products grows to serve the broader needs of the Defi community, we’re fortunate to enter even more deeply into this partnership and see the full suite of Sushi products extend into the Harmony ecosystem.

Growth of Defi on Harmony

Over the past few months, we’ve seen an explosion of DeFi on Harmony. New users who are typically priced out on Ethereum DeFi are finding an opportunity to participate in Defi protocols on faster, cheaper and decentralized blockchains like Harmony.

Harmony Ecosystem

  • Users: 128,000+ accounts (wallets)
  • Bridges: $20M organic TVL on ETH-Harmony, ETH-BSC bridges
  • AMMs: $50M TVL across 5 community Dexes (viper, mochi, openswap, lootswap, lockswap, sushi)
  • Tools: Graph indexer, Etherscan-like explorer

Sushi and Harmony are coming together to build a strong cross-chain finance stack. Our goal is to bring thousands of new developers (web2+web3) to build on Harmony, and more specifically utilize and build on top of Sushi’s growing product suite.

$2M Liquidity Mining Campaign

Harmony and Sushi will be incentivizing a liquidity mining campaign with $1 million in ONE and $1 million in 1SUSHI rewards over 12 months.

The number of ONE tokens will be calculated on June 30th when the incentives starts and have the following distribution schedule:

  • Months 1–3: 50%
  • Months 4–6: 25%
  • Months 7–9: 15%
  • Months 10–12: 10%

Detailed information about the pools will be shared before launch.

Harmony WONE on Onsen Pools

We have seen a very healthy growth of wrapped ONE (ERC20) on Ethereum with pools on both Sushiswap and Uniswap. In order to invite a wider participation and access to ONE on Ethereum we are excited to launch an Onsen campaign with Sushi.

Onsen is the menu of yield farming pairs. The Liquidity providers of the ONE/ETH pool on Sushi will be eligible for SUSHI rewards in accordance with the Onsen campaigns launched by Sushi.

This will make it easier to have efficient and liquid markets of ONE token on Ethereum. Users can always use the Harmony<>Ethereum Horizon bridge to convert the wrapped ONE (ERC20) into native ONE.

Bento Box and Kashi Lending on Harmony

Before we explain Kashi, let us first explain Bento Box.

Sushi has a vault where depositors can deposit assets and the platform makes them accessible to be utilized by any Dapp built on top of it. For end users, having a vault provides capital efficiency, lower gas fees, and more efficient token transfers, and fewer approval steps.

Bento Box is natively on Sushi and will not be moving to Harmony. But, any Dapp built on Bento Box can utilize all the assets in Bento Box.

Kashi is the first Dapp built on top of Bento Box and Kashi will be deploying natively on Harmony.

This means that Kashi on Harmony will be able to utilize all the assets in the Bento Box Vault.

Kashi Lending is a lending and margin trading platform. Unlike Aave, Compound, or CREAM where borrowers may deposit collateral and use it to borrow any available asset on the platform, exposing users to risk equivalent to the platform’s most risky asset, Kashi isolates borrowing and risk to lending individual pairs.

By having specific lending pairs where the collateral can only be used to borrow one specific asset, users are exposed to less risk. For example, suppose there was a ONE<>1SUSHI pair, deposited ONE tokens act as the collateral for 1SUSHI and only 1SUSHI. This is very different than Aave, Compound, or CREAM and less risky for the user.

Kashi $2 Million Rewards

We will be incentivizing users with $1 million in ONE tokens, and $1 million in 1SUSHI rewards over 12 months. We will announce more details about the Kashi launch and incentives in July.

Bridging Web2 to Web3 Hackathon

Our original vision is for Harmony to reach 10 billion people. But the only way to do that is if we expand beyond the native crypto communities and applications. To that end, Harmony will be sponsoring a $1,000,000 hackathon that we’ll share more about in July. But for now, we’ll share the specific aspects of the Hackathon that pertain to Sushi.

Harmony is co-sponsors with Sushi for four challenges, each with a maximum prize of $25,000 for a total of $100,000.

We will share more details about the hackathon in July.

Summary

Harmony and Sushi are entering into a deeper partnership, extending their suite of Defi products throughout the Harmony Ecosystem. To mark this occasion, Harmony and Sushi will be offering the following campaigns and incentives:

  1. $2 million in liquidity mining rewards for Sushi on Harmony
  2. $2 million in rewards for Kashi borrowing/lending on Harmony
  3. Onsen ONE<>ETH Yield Farming Pair
  4. Sushi-specific hackathon challenges with $100,000 in prizes as part of our $1M hackathon

About Harmony

Build on ONE, run on all chains.

Harmony is your open platform for assets, collectibles, identity, governance. Be the ONE to bridge to all blockchains.

Harmony is an open and fast blockchain. Our mainnet runs Ethereum applications with 2-second transaction finality and 100 times lower fees. Harmony’s secure bridges offer cross-chain asset transfers with Ethereum, Binance and other chains. https://www.harmony.one/

About Sushi

Be a DeFi Chef with Sushi. Swap, earn, stack yields, lend, borrow, leverage all on one decentralized, community driven platform. Welcome home to DeFi. https://sushi.com/