Why Harmony (ONE) Is the DeFi Ecosystem of Choice for VenomDAO
Blockchain technology has transformed the financial space and led to the development of a trillion-dollar industry. In addition, the concept of cryptocurrencies has evolved from an alternative to fiat currency and has extended new possibilities in digital art, gaming, and other industries.
This rapid development has also shifted from early blockchains like Ethereum to faster and scalable options like Harmony. Harmony is a layer-2 blockchain that has attained popularity among many projects seeking to build user-friendly scalable decentralized projects.
Since its launch in 2019, the Harmony ecosystem has grown and is valued at more than $2.5 billion. VenomDAO is one of the blockchain projects that has built its ecosystem on Harmony blockchain network.
Paving the Way for DeFi Adoption on Harmony
VenomDAO is one of the pioneers that leveraged Harmony blockchain at an early stage and has contributed to its growth. Some of its key products include ViperSwap, the first DEX that offered yield farming solutions on Harmony.
Toward the end of 2021, VenomDAO launched Euphoria, an algorithmic reserve crypto that has accumulated $40 million in its treasury from liquidity providers. Aside from its developments on Harmony, VenomDAO has also expanded its ecosystem to the Binance Smart Chain with the launch of CobraSwap.
VenomDAO continues to build on Harmony, as shown by its launching of Comfy Money in January 2022. The hybrid DeFi farming platform uses three tokens and VenomDAO is convinced that Harmony provides the best choice to grow its ecosystem.
More Developments on Harmony
Despite the growth of its existing ecosystem, VenomDAO has already outlined a suite of new products that will be launched in 2022. The first of the products will be an automated money market and is aimed at capturing additional liquidity for Harmony and will provide new use cases for VIPER and WAGMI tokens.
Decentralized launchpads have become an essential aspect of DeFi, and VenomDAO will be launching its pad for projects to bootstrap and launch their tokens. In addition, the launchpad will provide projects with additional features, from token creation to listing on DEXs.
Other products in the works include a stableswap platform that will enable stablecoin swaps within Harmony, and a leverage protocol that will utilize ViperSwap to offer leveraged yield farming to users.
VenomDAO has also made several partnerships with top blockchain platforms, including Chainlink and OIN Finance. The success of VenomDAO shows the capabilities of Harmony and bodes well for the blockchain protocol.