Launch Curve on Harmony

li-jiang · August 15, 2021, 4:12pm

Summary:

Harmony is proposing to deploy Curve on the Harmony blockchain to expand stablecoin swap to its community of users and provide incentives to bootstrap the launch of Curve to a new ecosystem.

Abstract:

Our proposal is to support Curve 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 Curve community to support this launch. Harmony will provide $2 million in incentives in ONE tokens to bootstrap initial usage of Curve on Harmony. We also propose the Curve community to contribute CRV tokens to add incentives to the launch.

Harmony is a sharded proof-of-stake blockchain. It has processed more than 93 million transactions on mainnet and it is fully EVM and Ethereum tooling compatible. Our secure bridges offer cross-chain asset transfers with Ethereum and Binance Smart Chain.

Motivation:

Curve is ready 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.

A unique feature of Harmony is our bridges to Ethereum and Binance Smart Chain which are bringing in stablecoins and pegged assets from both ecosystems, i.e. ethBUSD-bscBUSD. This creates an unique opportunity for Curve to support stablecoin swapping of assets from multiple chains.

Below here is the current liquidity and some of the top pairs of Sushi deployed on Harmony:

Specification:

The Harmony and Curve team will deploy the Curve contracts and gauge on Harmony. Harmony supports EVM and Ethereum tooling, leading to a seamless integration, much like other EVM chains and L2s. During Harmony’s DeFi Hackathon in Sep 2020, a community team already successfully ported Curve on testnet: GitHub - harmony-one/dapp-curve-contracts and GitHub - harmony-one/dapp-curve-ui: Frontend for curve.fi on harmony.one).

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

References

Homepage: https://www.harmony.one/
Documentation: Welcome - Harmony
Source code: GitHub - harmony-one/harmony: The core protocol of harmony
Audits: https://harmony.one/audit and https://harmony.one/audit2

Metrics

over 17,400 delegators and 115 validators, staking 4.6 billion ONEs ($450m staked)

$90 million TVL on Sushi on Harmony, and $30 million combined on other DEXes

$100 million TVL on Harmony’s bridge to Ethereum and BSC

60+ active Dapps; 135,000 active wallets; 93M mainnet transactions

Users: Twitter (199K), Reddit (27K), Telegram (25K), Youtube (10.5K), Discord (6K)

For:

Curve will be the first major stablecoin swap on Harmony and will add net new users from Harmony’s 350,000+ community members. After enabling DeFi primitives like AMMs, our community is eagerly awaiting a stablecoin swap on Harmony.

Against:

Curve will need to maintain an additional deployment on Harmony. The Harmony team will work with Curve core developers to ensure a smooth deployment and work together to enable multi-chain governance in the future roadmap.

wwyrusbq · August 16, 2021, 12:04am

I support this proposal, I think it would be great for curve.

What I like about harmony is that it’s the only layer 1 which has fast finality, low fees and also is working towards becoming more decentralized everyday.

Curve would bring a huge number of users through this as Harmony attracts users who are priced out of ethereum, but still want to stay away from centralized solutions like some other blockchains

That being said - @li-jiang , can you comment on harmony’s path towards more decentralization?

Sad_Progress · August 16, 2021, 12:36am

Harmony has an amazing team of out of the box thinking developers. I believe it would be an asset to both parties to join forces and help make this happen. I am in full support of this partnership.

TheOne · August 16, 2021, 2:57am

This will be highly beneficial for curve finance

BK4230 · August 16, 2021, 3:08am

I’ve been involved in defi on a number of different blockchains (Ethereum, BSC, Polygon, Harmony) and I can say that Harmony is the best - fast transaction finality and effectively 0 transaction costs. I’d love if this proposal went through

li-jiang · August 16, 2021, 4:49am

hey @wwyrusbq thank you!

we are already a decentralized network currently with 800 out of the 1000 validator slots run by external validators. by the end of this year, all 1000 will be run by external validators. also, we have started to form our validator and community DAOs. the validator DAO will specifically continue the mandate of grow the number of our validators to ensure further decentralization.

additionally, we are supporting the growth of more DAOs on harmony that will focus on incubating new project, researching new technical primitives to improve our protocol. in the long run, various DAOs driven by DAO governors and our community will continue to grow harmony’s platform and ecosystem.

our goal has always been to work towards full decentralization both on the protocol and ecosystem level.

ordinarygems · August 16, 2021, 4:52am

This partnership would lead to enormous innovations and increased adoption for cross-chain governance on both platforms. It would be amazing to swap stablecoins on Harmony and Curve (being the best of the best) would also gain the benefit of increased speeds & lower fees. I fully support this proposal.

wwyrusbq · August 16, 2021, 5:38am

@li-jiang , thanks for the reply.
That’s great to hear. looking forward to the future.

Ihor420 · August 16, 2021, 1:22pm

This could be an opportunity for curve and harmony definetly what we need righe now innovation

samkazemian · August 16, 2021, 7:34pm

I’d strongly support a Curve deployment on Harmony. We just launched our SUSHI pair for FRAX and are seeing some great engagement, usage, and trading. If Curve team is interested in deploying to Harmony, that would be fantastic and if the pool does include FRAX, then we can deploy a Curve AMO on Harmony to make sure that the TVL is large+liquidity deep. Our ETH FRAX3CRV pool has almost $300m TVL so it has been a massive success. It also has a lot of volume. If Curve deploys a 3Pool to Harmony maybe they could consider 1 of the tokens being FRAX. We’d be happy to support a Curve Harmony pool if it passes Curve governance

Cheers

Sioennay · August 17, 2021, 1:29am

I also support this. Harmony is a great chain that is fast and low-fee. I like to use Harmony and then plug my stables back into CRV when I am done, but unfortunately this currently requires that I bridge back to either FTM or Polygon. (Eth chain too expensive for a minnow like myself)

Would love to plug stables into CRV on Harmony and I have a small group of friends who would be much more likely to add liquidity to CRV if it was on Harmony.

Please consider also creating a way to swap Binance-wrapped stablecoins into whichever pools you end up creating, as this would be the most capital-efficient for someone in my position.

roberto · August 19, 2021, 7:11am

Are we confident harmony is safe and secure? My only experience with harmony was a ridiculous issue with the centralized RPC server going down and I had to harass devs on discord to fix my problem for weeks. I realize things can get better with time but I this seems very, very risky. Curve should be only deployed to the safest environments. This seems so scary to me.

giv · August 20, 2021, 3:36pm

Hi there, Giv here from Harmony Engineering.

First and foremost, we take security very seriously. You can read our 2 security audits by 3rd-party auditors here and here. You can also read about our internal security analysis report here. All of our partners such as Sushi Swap also perform their own audits before integrating with us so you can rest assured Harmony is committed to creating a secure ecosystem.

In terms of RPC API disruptions, in the past, we have experienced some delays in response times due to the exponential growth of our blockchain and community as well as spamming activity against our public endpoints. We have since remedied the bottlenecks and the services have been running smoothly since. Of course, we are constantly monitoring and improving the ecosystem, and we continue to be open and transparent about our process and operations roadmap.

Additionally, we are able to provide dedicated and authenticated endpoints to partners. This will separate public requests from those made by partner applications.

I hope this alleviates your worries. If you have any further questions please don’t hesitate to reach out.

roberto · August 21, 2021, 6:02am

Are you saying that Harmony blockchaim projects must use your endpoints? Are there not 3rd party nodes or projects that can run their own nodes?

Or are you saying that you would offer a node free or charge to curve if they wish to deploy? Or why would Curve need to use your Harmony’s endpoints?

Further, how many nodes are there in the network and how many are run by 3rd parties?

My harmony issue was Sept 2020-.-which I recognize is almost a year ago and I am sure things changed. However, the issue of relying on harmony API’s and endpoints resulted in my funds being locked into a smart contract with no way out. It was NOT a delay but a permanent loss as the coins were in a smart contract. However, after lots of headache, Harmony dev (named li jiang) did reimburse me ONE coins out of their own treasury. Thank you.

Can you resolve my doubts that this risk is gone?

giv · August 21, 2021, 11:22pm

Hi @roberto - anyone can host their own endpoints to interact with the Harmony blockchain. But as you can imagine, for a lot of applications, the overhead of maintaining RPC endpoints is overkill so they can use our free endpoints.

We would absolutely not charge Curve for using our endpoints. On the contrary, I was suggesting that we would make a dedicated and authenticated endpoint that would only be used by Curve (should they choose to use a hosted solution) which would have its own isolated infrastructure resources - separate from public endpoints and would not be affected by congestion from public usage. But should Curve choose to host their own endpoints, of course, that would not be a problem whatsoever.

We currently have around 1000 nodes. 200 of which are run by Harmony and 800 externally. Our goal is to hand off the rest over to the community by the end of this year to become truly decentralized.

I’m sorry to hear about your experience last year. We have made huge improvements to the ecosystem since. Not only have we increased capacity and elastic scalability, but we have also implemented numerous monitoring tools to give us and the community deeper insights into the health of the ecosystem and to address issues before they become a problem.

The team has also grown substantially since last year which means we have more support and coverage across all areas of the protocol so we can tend to the needs of the community.

Thank you for the questions!