Orbs Ecosystem Growth: Harmony

Ran Hammer
Ran Hammer

|

5 months ago

blog

We recently announced an additional vertical for the Orbs network, building another layer: L3, operating in conjunction with L1 + L2 layers to enrich the capabilities of EVM-based smart contracts. Such a layer opens the door for many exciting and innovative applications in the DeFi space which are currently not available. Thus, the Orbs core team has shifted much of its focus to the DeFi space.

To realize this vision the Orbs project needs to keep strengthening its position as a multi-chain asset across the DeFi space. Hence, Orbs project is already available on 5 major layer-1 (L1) chains: Ethereum, BSC, Polygon, Solana, with Avalanche being the latest addition. This in turn accelerated the integration of the Orbs ecosystem with over 17 major DeFi platforms (such as UniSwap, SushiSwap, PancakeSwap, Kyber Network, 1inch, Alpaca Finance, Beefy Finance, QuickSwap, DinoSwap, Raydium, Trader Joe, Pangolin, with more to come in the near future...).

So what's next?

Along Comes Harmony

Harmony is one of the leading Layer 2 chains in the Ethereum stack, focusing on expanding and improving scaling solutions on Ethereum. The project positions itself as an interoperable Layer 2 to Ethereum, bringing together several key blockchain innovations, such as faster settlement, shorter withdrawal wait times and gas-efficient interoperability, while also enabling some unique features.

Harmony is the first project to launch on both Binance's traditional exchange and its DEX. It's also the second project (the first being Matic Network) to fundraise on Binance's IEO Launchpad using their lottery system.

Take a look at the Harmony's Protocol Features chart that shows how to compare optimistic and zero-knowledge rollups versus the project's trustless bridge:

So, Why Harmony?

Here are some Harmony's highlights:

The Harmony protocol is driving blockchain adoption by building bridges to all networks to scale applications across Ethereum, Binance, Terra, Polkadot, Bitcoin and other chains.

The project has called for working together with builders and communities, recently announcing a $1M Hackathon & DAO as well as a $300 million ecosystem fund to accelerate 10,000 builders.

Some Stats on Harmony

The current Total Locked Value (TVL) on the Harmony chain is over $520M, with a clear uptrend of growth. DeFi Kingdoms, a native protocol on Harmony, is the top highest TVL project on Harmony with over $280M in TVL. In second place is SushiSwap, which also chose to integrate its protocol into the Harmony network.

Harmony's Main Value Proposition: Sharding

Harmony implements deep sharding with innovations on both protocol and networking layers of blockchain by introducing:

  • Highly scalable FBFT (Fast Byzantine Fault Tolerant) consensus using BLS (Boneh-Lynn-Shacham) multi-signatures.

  • Secure distributed randomness generation protocol using VDF (Verifiable Delay Function).

  • Sharding with adaptive Proof-of-Stake for strong network security.

  • Kademlia routing and erasure encoding for optimal network performance

Overall, Harmony is considered a promising project with many excellent ideas and tech solutions, quickly closing the gap with the current market leaders. Despite the recent rise of L1 projects such Solana and Avalanche, Ethereum still maintains its status as the market leader in the defi space, with the strongest developer activity building on the Ethereum stack. Thus, we believe that Ethereum-based projects such as Harmony will have a huge potential and we're excited to start the Orbs  journey with Harmony, exploring the possibilities and opportunities it presents.

For the latest updates, join the official Orbs Twitter and Telegram groups.

Expect more news soon!

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