Harmony Protocol Releases 2020 Review Report – Product Release & Updates

Harmony Protocol Releases 2020 Review Report

Harmony Protocol recently released its 2020 review report, highlighting its expansions, partnerships, and achievements.

In 2020, the focus of the Harmony Protocol team was to build a solid foundation for their ecosystem and network.

The past year was productive for the team due to the support and engagement of their developers, validators, collaborators, stakers, and grantees. The report also looks at the 2020 progress and milestones on the Harmony ecosystem, the expansion of the network, and successful partnerships.

Expansion of Harmony Ecosystem

The beginning of 2020 ushered in the launch of their native token, ONE. The launch was associated with major wallet and exchange partnerships, and preparations for open staking began at that point. Following the launch was the extensive testing engagement on the Pangaea testnet with their Stake Heist.

The testnet brought over 1,000 engagements from individual stakers, and this was a milestone for the team. In May, Harmony became the first public blockchain to carry out a successful staking launch on a sharded network. Also, the Harmony team launched their Horizon bridge to Ethereum. This will enable users to easily bridge their Ethereum assets to Harmony.

Since Harmony launched Horizon, the team has been working to upgrade it to a higher version. This upgrade will help to optimize Horizon as a trustless bridge that is gas-efficient. The Horizon team further launched Swoop as a demonstration of the Ethereum bridge. Swoop is a cross-chain DEX that is modeled and designed after Uniswap.

Partnerships and Collaborations

In 2020, the Harmony team continued their work with leading blockchain partners such as Chainlink and Band Protocol oracles. The team also finished their integration with Coinbase Rosetta, which is an open-source framework that simplifies interactions on the blockchain.

For login and authentication for dApps on Harmony, the Harmony team partnered with Magic (Formatic). The team went further to specifically collaborate with Mahdi Zamani, a top researcher. The partnership enabled Mahdi Zamani to publish a technical whitepaper that highlights Harmony’s contributions to super-light clients.

Harmony also partnered with Gitcoin as well as their 47,000 developers. The aim of the partnership was to collaborate towards growing the future of Web3, and as a result, they started six themed hackathons.

Building a Strong Developer Community

In the past year, Harmony built up their developer community and reached up to a 100k+ strong ecosystem. In their DevPost hackathon, the Harmony team hosted 150 developers. The aim of the hackathon was to build DeFi projects for lending and swapping on cross-chain.

Hack the Horizon, the very first hackathon by Harmony, started with over 350 developers who were working on infrastructure for cross-chain. Other projects being worked on include fiat applications as well as NFT and DeFi showcases.

Harmony also expanded its global ecosystem by onboarding many new community members. Through this onboarding, fiat holders were able to join through CoinDCX, and ONE was also launched on Binance. The Harmony team also commenced their $7 million grant program with 13 grantees at first.

In collaboration with the grantees, Harmony launched Unifi trading and Jelly Swap cross-chain finance dApps. Blits cross-chain loans were also launched as a result of the partnership. In total, 25 dApps were launched on the mainnet by collaborating with the grantees.

By 2021, Harmony can boast of over 2,350 delegators and 150 validators. The Harmony Protocol is upgraded weekly by 45 Harmony contributors on Github. Even their community has grown past 100,000 in membership.

Plans for the Future

In the coming weeks, the Harmony team promised to share updates on their 2021 project roadmap concerning cross-chain finance. Harmony looks forward to building utility and, at the same time, serving as a hub that will connect major blockchains together. For this reason, Harmony is positioning itself for pursuing its goal and accomplishing its planned growth. In 2021, the team is looking forward to building new applications that will revolutionize the global fintech space.

Developers are welcomed to build on Harmony, which is rapidly growing as a blockchain for decentralized applications. Harmony mainnet is a big supporter of state sharding with instant finality. The staking mechanism for Harmony will support slashing and delegation while minimizing centralization. Harmony is also in the process of developing a BTC bridge and hopes to become a hub for major blockchains.

Before now, Harmony announced the integration of Chainlink’s decentralized oracles on its network. According to the announcement, Chainlink (LINK) adoption on Harmony Protocol would provide its clients with off-chain data resources via Chainlink’s decentralized oracles.

As of the time of writing, Harmony (ONE) price today was $0.00689200 with a 24-hour trading volume of $5,934,425. ONE price also went up 17% over the last 24 hours. It also has a circulating supply of 8.75 billion ONE coins and a max supply of 12.6 billion. Binance is the current most active market trading ONE.

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