ARC: Aave Market Launch on Harmony

Governance
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Sentence Rational

Harmony is proposing to deploy Aave v2 on the Harmony blockchain to expand lending to its community of users and provide incentives to bootstrap the launch of Aave to a new ecosystem.

References

Paragraph Summary

Our goal is to support Aave as it continues to expand in the coming multi-chain world. Harmony is an open and fast blockchain that is fully Ethereum compatible with 2-second transaction finality and near-zero fees.

Harmony invites the Aave community to support this launch by initially participating in the Aave contracts deployment via multisig, enabling the Aave v2 front-end for Harmony markets, and adding Harmony in its recently announced cross-chain governance module roadmap.

Harmony will start with $2 million in incentives to bootstrap initial usage of Aave on Harmony.

Motivation

Aave is already planning to go multi-chain and we want to help bring it to the Harmony ecosystem, which is growing with the launch of Sushi on Harmony and other DeFi projects. Aave will be the first major lending protocol on Harmony and will add net new users from Harmony’s 350,000+ community members. After enabling basic DeFi primitives like AMMs, our community is eagerly awaiting lending markets on Harmony.

Specifications

What is the link between the author of the proposal and Harmony?

Harmony is a decentralized protocol operated by over 100 external validators. The author of this proposal is part of Harmony’s core team. The main contacts on Harmony for this proposal will be @li-jiang.

Provide a brief high-level overview of the project and the token

Harmony is a sharded proof-of-stake blockchain. It has processed more than 63M transactions on mainnet and it is fully EVM and Ethereum tooling compatible. Our secure bridges offer cross-chain asset transfers with Ethereum, Binance and 3 other chains.

For more details, read our documentation.

Metrics

  • over 16,000 delegators and 113 validators, staking 4.6 billion ONEs ($333m staked)
  • $47 million TVL on Sushi on Harmony, and $30 million combined on other DEXes
  • $51 million TVL on Harmony’s bridge to Ethereum and BSC
  • 2,000 creators and $500k sales on DaVinci NFT marketplace
  • 50+ active Dapps
  • over 133,000 active wallets
  • over 63 million mainnet transactions

Audience data

Incentives

Harmony will provide $2 million in incentives in the form of native ONE tokens for 1 year to bootstrap initial usage with the following emission schedule:

Months 1-3: 40%

Months 4-6: 30%

Months 7-9: 20%

Months 10-12: 10%

Technical Specifications

Harmony will deploy a fork of Aave v2 GitHub - harmony-one/protocol-v2: Aave Protocol V2. We welcome feedback and support of the Aave core devs in deployment. Harmony supports multisig, subgraphs, chainlink to enable a fully functional Aave v2 market.

After the market is functional, we will work with the Aave core devs for cross-chain governance implementation on Aave v2 markets on Harmony.

41 Likes
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Sounds like a great proposal. Harmony is a great platform to launch aave v2 - low cost with stable.

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Deffinently a great proposal. And from a harmony Blockchain dev’s perspective who launched a dex a couple months ago, it’s deffinently an easy thing to do. All ethereum tooling are already available so no need to change much. Only thing to keep in mind is blocks are mined every 2 seconds. So there needs to be adjustments made when calculating issuance/block.

Other than that, easy money guys, go for it !

Can’t wait to see aave up and running on harmony.

See you guys on the other side.

Take care.

Alex | Openswap Harmony

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The following features make this a great proposal for both - Harmony and Aave.

  1. The user base metrics would increase Aave’s community even further.
  2. Launching on harmony is very simple it being EVM compactable.
  3. 2-sec finality and super low gas fees make it one of the goto for many retail participants are unable to enter the space due to gas fees. Polygon provides this too, but it’s an L2, Harmony can provide the same thing at L1.
  4. Defi ecosystem is growing at a massive pace on harmony, and Aave can become one of the key pieces, just like on Ethereum.
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As stated above, Harmony makes transitioning from any EVM-compatible ecosystem flawless. As a developer that has been with Harmony since the beginning, I can state how fiercely devoted the Harmony team is to their developer base, catering tools and resources to help projects not only succeed on Harmony but thrive. When migrating any dapp from Ethereum to Harmony, the most exciting part is experiencing your dapp with 2-second finality. Just in that alone is euphoric.

I think AAVE is a foundational DeFi technology and bringing that into an ecosystem that allows users to interact in almost real-time brings with it a lot of exciting possibilities of new low-fee innovative initiatives derived from having AAVE on Harmony would be monumental for your average person.

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This sounds great. I’ve been following the Harmony team for some time and respect their dedication and work they’ve done so far. I believe Aave’s partnering with Harmony is a great step forward in the coming multi-chain world.

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I support this. Building on Harmony will introduce their active community to Aave. I believe we should take opportunities like this to further our reach.

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Harmony is the most flawless experience, that I had in the crypto space so far. This would be a great opportunity for AAVE to provide their users with a low fee and fast TX solution.

As it is (as already mentioned) EVM compatible, the integration should be straight forward. The Harmony Team is working hard to grow the ecosystem and to attract developers with Bounties and other initiatives.
When selecting a new Chain to deploy to, IMO Harmony would be a great choice :sunglasses:

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After doing a bit of research, AAVE would be such an excellent addition to the harmony network. I know I would definitely participate and evangelize the technology behind AAVE.

Reasons to Launch on Harmony:

  1. I’m hesitant to move into AAVE currently because of the management I would face with ETH, but having AAVE available on Harmony would be extremely convenient.
  2. The low fees on the harmony network have kept me active whereas on other networks I find myself without much movement.
  3. The community is fantastic and as a developer, I already find Harmony to be straightforward to build on and learn more about. AAVE being part of Harmony’s community means so much growth from the engineering side as well as the user side.

Excited and hopeful for this to happen! :crossed_fingers:

18 Likes
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This is brilliant. AAVE is shaping up to be the central bank of crypto and Harmony addition is a great step.

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As Aave is already planning to go multi-chain, Harmony is a great choice. It has very low fees, fast transactions, fully EVM and Ethereum tooling compatible and much more. Without doubt it’s a great proposal.

Abraham

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This is a needed and relevant piece to fit in the Harmony ecosystem. Aave is a game changing move. DeFi is poisoned to democratize access to a new fair world.

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Bringing Aave to Harmony would be a win-win situation. It would be an exciting development for both communities. The Harmony Engineering team is ready and willing to assist with this partnership. We will provide all the technical tools and guidance to make this integration as smooth as possible.

Giv @ Harmony

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Considering the success of Aave launch with Matic incentives on Polygon, this will be huge for Harmony. I think its a great move.

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Make this happen! Harmony and Aave working together would be revolutionary.

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I trust the Harmony team. Bringing Aave to Harmony networks is a no-brainer. It could very well be a catalyst to bring the next million users to crypto.

14 Likes
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I’ve been using the Harmony network for the last couple of days. It is really one of the best experiences I’ve had in DeFi to this day. Choosing Harmony as the next chain to deploy to would be a great choice!

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Lots of new posters in support here huh

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Our goal is to add net new users to Aave from our community of 350,000+ community members.

We saw this with Sushi’s launch on Harmony where we helped drive new users who are either just coming into DeFi or were priced out of Ethereum mainnet.

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Maybe we can see what AAVE holders think of it on Snapshot!

14 Likes