Why people choose Harmony
Harmony is a blockchain platform designed to facilitate the creation and use of decentralized applications (DApps). The network aims to innovate the way decentralized applications work by focusing on random state sharding, which allows creating blocks in seconds.
Because of the high transaction fees of Ethereum, people started to look for public chains with less high gas fees and fast transactions speed. Harmony is one of these chains.
Harmony’s token name is Harmony(One), which dropped to $0.13 on December 4, 2021, but rose to $0.38 a month or so later, on January 14, 2022. This shows the rising popularity of harmony, so why is harmony liked by everyone?
Firstly, Harmony announced a $300 million ecosystem development fund on Sept. 9 2021 and this developer incentive program was designed to help fund bug bounties, grants and the creation of 100 decentralized autonomous organizations (DAOs) on Harmony. Since the launch of the program, 23 DAOs have been funded and launched on the Harmony network with more currently in development.
Another reason for the momentum seen in Harmony is the launch of several cross-chain bridges that connect the Harmony network with other Ethereum Virtual Machine-compatible networks like Celer and Polygon. Harmony is also in the final stages of creating a native bridge to the Bitcoin network, which is expected to be released before the end of Q1 2022.
Lastly the TVL of Harmony is rising. Several DeFi protocols are thriving on the Harmony network, including DeFi Kingdoms (JEWEL), which accounts for $747 million of the TVL, Tranquil Finance with $201.85 million and Viperswap with a $54.4 million TVL.
Stay tuned for the latest news of Harmony. This article is not intended to be advice for investment. Please do the relevant research before investing.