The collaboration with Sushi, one of the top decentralized exchanges (DEX), has made Harmony get more attention. Sushi has planned to gradually bring its full decentralizd finance (defi) product stack onto the blockchain, and at the same time, it will bring incentives that are designed to drive greater participation.
SushiSwap is a popular Ethereum-based decentralized exchange (DEX) that allows users to swap tokens, earn rewards via yield farming, and more. SUSHI coin is the native token of the SushiSwap decentralized exchange (DEX). In January 18, 2022, the price of Sushi is $6.43 and its market cap is $817,970,312.
Harmony (ONE) is a decentralized blockchain platform designed as a bridge between scalability and decentralization efforts. Its development went under the motto of “decentralization at scale” with the focus on data sharing and the creation of marketplaces of fungible tokens and non-fungible assets. Furthermore, Harmony comes with an additional promise of delivering high throughput accompanied by two “lows”: latency and fees. Combined, they are supposed to put the platform at the heart of the efforts to lay the foundation of the future decentralized trustless economies.
In April 2021, Sushi and Harmony built an initial partnership and at that time, Sushi deployed its product natively on Harmony, which made users on Harmony swap and provide liquidity with 2-second speed and less than $0.001 fees. Then in June, the relationship between them got deepened with Sushi launching a full suite of products on Harmony. The Sushi full-stack deployment has been accompanied by two incentive campaigns, which included a $2 million liquidity mining campaign to encourage yield farming with $1 million of ONE and $1 million Sushi token rewards.
It is very lucky for Harmony to have Sushi be a partner. Sushi is responsible for 15% of all DEX volume across all DEX’s on all chains and continues to steadily grow in volume and influence. So the partnership with Sushi will bring Harmony users considerable benefits. Users can enjoy all the benefits of Sushi on Ethereum and settle transactions quickly with 2 seconds finality, except for the high gas fees of course.
In sum, it is believed that the development of Harmony will be better and Harmony has a promising future with the support of Sushi. Let’s wait and see how the alleged “Ethereum Killer”, Harmony, will develop.
Note: this article is not intended to be an investment advice.