ARC: Aave Market Launch on Harmony

The harmony team has it together, bringing aave over would be a no brainer. Get it done!

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I agree with this proposal. I’ve had experience with defi on a number of chains including Ethereum, BSC, Terra / Luna and Harmony and have had the best experience so far on Harmony. Effectively 0 tx fees and fast transaction finality is so convenient. I now do most of my farming on Harmony (though I still do a bit on BSC)

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I like this proposal, I am already using AAVE for MATIC and ETH. Adding Harmony would bring it more visibility and more options for people.

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The bridge between Harmony and Ethereum is very underrated. Imagine when the Harmony and Bitcoin bridge becomes live.

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I am a recent adopter of Harmony for day to day transactions as ethereum and other protocols have a high barrier. Their dedication for interoperability leads to other avenues that might benefit Aave as well (BTC bridge, davinci NFT gallery, etc). The harmony team has already made progress with sushiswap with ever increasing TVL.

Full disclosure I am an ardent user of Aave, own Aave, and the possibility to improve access to a low transaction fee, highly scalable actively running system is huge for me. It allows me to better transact and hopefully improve my real life business.

I hope Aave team will consider harmony with due research.

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Reaaaally getting fishy vibes here

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With the recent success of SushiSwap launch, i think it would be mutually beneficial for this partnership. Really hope this goes through as harmony is a solid project.

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Love Harmony One. It is faster and cheaper than basically every other smart contract platform I have used.

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hey @Josef since i’m the creator of the post and also represent the harmony team, i see most of the posts are supportive with thoughtful points - talking about sushi’s deployment on harmony or our bridge with ethereum. i believe our community picked up on the proposal and our community has 350,000 people so some of them are bound to jump into the conversation. i’ve tweeted about the original proposal but other than that, these are real folks who are picking this up. my tweet got almost 500 likes, so it’s fairly public now.

that’s one of the original goals of this proposal. it is to bring net new users to aave who may be priced out of ethereum ecosystem. we want people to be able to borrow and lend as little as $10-100 dollars to start. think about how many users in the world we can engage. let’s bring the next millions of users into defi.

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Sounds like a good proposal to me. The low cost and fast speed of Harmony could definitely provide utility for AAVE. The Harmony team also seems well organized and building a lot fast, which could in turn benefit AAVE as well. Things seem to be going well with Sushi on Harmony as well, so I don’t see any reasons why it could not benefit AAVE.

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Regarding the recent Polynetwork hack I am asking myself are there any secutiry related issues you had in the past with bridging assets. As a Aave holder since 2017 (Lend) I want to make sure that the protocol will not suffer any damage. It hasn’t yet but any new implementation is risky and has to be evaluated Correctly. Do you have any information regarding that @li-jiang
Thank you in advance

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Same, I don’t know much about Harmony, but I know brigading when I see it.

I’d like to suggest two points of discussion. I don’t have any issue with Harmony One, but we need to evaluate the risks and implications for the Aave protocol as opposed to just shilling Harmony’s benefits.

My first suggested point of discussion, I agree with @EzR3aL above, as an Aave holder since the LEND days, security seem to be the most obvious risk; as I understand it’s EVM compatible but that doesn’t necessarily entail it’s as secure as ETH.

Second point, if Aave is to launch on Harmony, every slightly functional blockchain will be encouraged to offer LM incentives to try to get Aave to launch on their blockchain. Where do we set the limit on which blockchains Aave launches on? What should this decision process look like?

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This is a great proposal and I support it completely. This is great for Aave.

EDIT : I’m attaching a screenshot of my harmony metamask account to show that I’m not brigading and that I’m an actual user of harmony. (I considered posting my wallet address, but I prefer to stay anonymous and I don’t want people to think I’m seeking for money transfers or anything)

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The hack on Polynetwork was due to flawfull coding on Polynetworks side. I‘ve read a more easy-to-understand reasoning behind the hack and polynetwork didnt see the flawed coding.
Due to the fact that harmony is a L1, this sort of mistake cant happen.

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Thanks for your questions. I am the architect and engineer working on https://bridge.harmony.one/. There has been no security issues wrt bridged assets. We had a full audit done by PeckShield (Security Audit - Harmony) before the launch (oct 2020). Since the launch, 10+ months, we had no issues and the bridge has over $90+ million tvl. Will be happy to provide further details if required.

With regards to harmony network itself, 4 shards secured by 1000 validating nodes. 800 out of 1000 validating slots are run by the community. As per Harmony – Open Consensus for 10B, you can see 126 unique validators securing the network (with similar decentralization of each shard Harmony – Open Consensus for 10B). Overall, the network is secured by 4,615,419,443 staked ONE tokens, worth over $460+ million. Note that, harmony network has been up from Jun 2019 (with open staking from May 2020), had multiple audits with no security breach. Again, I will be very happy to provide further details and help you to evaluate.

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@Gilligan @EzR3aL here you go :slight_smile:

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even though it’s not your fault and you didn’t intend, he’s right in the sense that it’s brigading, you can tell by the headers like this before all the messages

Folks, there’s no point in brigading, it does not help, please go easy

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I understand your point about brigading, and it’s a fair one. I came here to show support and I did realize it would get attributed to brigading but I think it’s important to share my support/testimony. I’m new to crypto (Q1 2021) and Harmony is the primary blockchain I operate in. I’ve heard and read about Aave’s DeFi reputation and I strongly desire to participate. I know Harmony’s protocol much better than I do Aave, and the Harmony team is eager to make this connection happen. Harmony was a really great catalyst and ice breaker for introducing me (and many more) into crypto and I’m not unique, as @li-jiang has stated, there are thousands of users watching, ready, and willing to jump in and participate if this were to become a reality. I can’t answer technical questions (that’s why the Harmony team is here participating in the thread after all), but I think it’s still fair and okay for someone like me to join in the conversation and cast a vote of confidence. Now that I’ve joined the Aave governance community, I’ve been looking around at it more and getting more familiar with it. So, thank you for having me!

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My experience is almost identical to this, well said!

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This could be truly amazing - the ability to Lend and compound multiple times with practically 0.00c gas fees.

This type of performance is undreamed off on the ETH network. And aside from super-cheap gas fees, Harmony’s super-fact transaction speeds really outshine Polygon (which is basically an ETH 2 layer).

Clean fresh Aave dApp on a clean, fresah native platform like Harmony - a win-win for us all.

Typical HARMONY transaction on ViperSwap:
fee

Typical ETHEREUM transaction on UniSwap:
ETH

Go Figure !

7 Likes