Aave

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

Paragraph Summary

Our goal is to accelerate Aave’s expansion in the 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 participating in the Aave contracts deployment, enabling the Aave v2 front-end for Harmony markets, and adding Harmony in its recently announced cross-chain governance module roadmap.

Harmony will start by providing $5M USD in ONE tokens in incentives to bootstrap initial usage of Aave on Harmony.

We specifically planned for a one year incentive campaign so that net new users have the opportunity to come into Aave and decentralized finance. We know that many protocols are giving out even higher incentives over a short period of time. We chose an attractive incentive over a longer period so that new users who may not be experienced power users can also benefit from the launch.

In addition to token incentives, we will be investing heavily in co-marketing and educating users through tutorials, videos, and community-led support.

Our overall goal is to use Harmony’s $300 million ecosystem fund for growing a deep base of 10,000 builders and 10 million users.

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

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 120M 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 18,010 delegators and 118 validators, staking 4.2 billion ONEs ($700m staked) $84 million TVL on Sushi on Harmony, and $30 million combined on other DEXes $91 million TVL on Harmony’s bridge to Ethereum and BSC 3,200 creators and $1.6 million sales on DaVinci NFT marketplace 100+ active apps; over 135,300 active wallets; over 120 million mainnet transactions

Audience data Twitter: https://harmony.one/twitter (209K) Reddit: https://harmony.one/reddit (29K) Telegram: https://harmony.one/telegram (27K) Discord: https://harmony.one/discord (7K) Medium: https://harmony.one/medium (3.5K) Facebook: https://harmony.one/facebook (6.4K) Youtube: https://harmony.one/youtube (10.5K)

References Homepage: https://www.harmony.one/
Documentation: https://docs.harmony.one/home/ Source code: https://github.com/harmony-one/harmony Audits: https://harmony.one/audit and https://harmony.one/audit2 Forum: https://talk.harmony.one/ Communities: https://twitter.com/harmonyprotocol

Incentives

Harmony will provide $5M USD in ONE tokens 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 https://github.com/harmony-one/protocol-v2. We welcome feedback and support of the Aave core devs in deployment. Harmony supports Gnosis multisig, TheGraph subgraphs, Chainlink oracles 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.

Author: Li Jiang (@lijiang2087) Discussions: https://governance.aave.com/t/arc-aave-market-launch-on-harmony/5065