Millennium — a bet on Harmony

Dear Space Citizens,

In this article, we will explain the rationale of choosing the Harmony chain, Millennium’s framework in supporting Harmony ecosystem, and Millennium Venture.

Potential of Harmony

Harmony is a high-performance blockchain platform that could support up to thousands of transactions per second at much lower fees compared to Ethereum. Not only having lower fees, Harmony blockchain also offers fast transactions to finality of only 2 seconds vs minutes for Ethereum. Despite its capability, it hasn’t enjoyed the mass exodus of developers and users to its platform like Solana or Avalanche. Hence, the availability of DApps or other resources is still limited which at the same time opens opportunities for developers who migrate to the ecosystem.

Harmony currently offers up to $300 million in grants for developers who want to build in the Harmony ecosystem. If this works out like Avalanche’s grant, we could see a bridging rush to Harmony in the number of billions of dollars per month similar to Avalanche Rush between July to November. We already see healthy secular growth in terms of users (by the number of active wallets) in Harmony, currently standing at almost 500k active wallets on a monthly basis which is half of Avalanche’s 1 million active wallets.

With the rise of blockchain adoption to more players (mainstream consumers, major institutions, etc), Millennium DAO believes that the multi-chain environment in the blockchain industry would be the end equilibrium. Straight adoption to alternative chains would likely be happening among mainstream consumers due to the affordable gas fees.

Key statistics showing how early Harmony is compared to other ecosystems

Millennium, therefore, plans to grow with Harmony by not only building our protocol on the chain but also investing strategically in both blue-chip and promising upcoming protocols in Harmony.

How Millennium Grow with Harmony

Millennium DAO believes that L1 and DApps coexist in a mutual symbiosis. In this case, the success of Harmony would play a huge role in the success of Millennium DAO; And the success of Millennium DAO, could support the success of Harmony. However, we are not planning to stop the achievement at Millennium DAO. Instead, we’ll actively participate in jumpstarting the growth of Harmony DApps.

As Millennium DAO’s treasury grows, it’s not optimal to keep most of the treasury in stablecoin. Even though stablecoin holdings could create a very solid floor of Millennium’s treasury, it could not generate real addition to the net productivity of the ecosystem. Instead, it might be net negative to the ecosystem by reducing the overall liquidity from the system.

To optimally grow with Harmony as well as maximize yields for the treasury, Millennium plans to invest a certain percentage of future treasury into the below protocols in the medium-term:

  • Yield farming in blue-chip protocol native to Harmony, example: DeFi Kingdoms and Viperswap
  • Lending in blue-chip protocol native to Harmony, example: Tranquil Finance
  • Staking in networks of Harmony validators
  • Yield farming in Curve style AMM

Millennium also plans to activate Millennium Venture once its treasury reaches a certain amount.

Millennium Venture

Millennium DAO aims to create Millennium Venture, the aggressive investment arm of Millennium DAO, that’s responsible for finding the most promising projects in Harmony. If these projects flourish, not only would it benefit Millennium DAO, but it would also benefit the Harmony ecosystem — which creates a positive feedback loop for every party.

Obviously, the activation of Millennium Venture will need to go through proposal voting by the DAO to determine the amount of allocation. Our initial vision is to have at least 20–30% of the total treasury to be injected into promising Harmony protocols over the long term. To give some perspective of how promising protocols in other chains perform when the L1 experienced a rush:

Millennium Venture will consist of the best minds from the community who will be vetted by Millennium DAO core team initially. We expect a lot of valuable projects popping up in the mid-term in Harmony ecosystem which could benefit from Millennium DAO’s treasury allocation. Below is the mechanism of Millennium Venture:

  • Millennium Venture team conduct a due diligence on potential early-stage protocols in Harmony, mixing best-in-class procedures in the traditional VC industry and DAO community driven spirit.
  • Investment proposal are the presented to the community to vote with their staked Graviton.
  • Funds are then deployed to the respective protocols in the manner that will avoid front-running by any party.

In the next Medium article, we will discuss more on our liquidity bootstrapping events and roles that have been distributed to our early believers who have contributed to our community.

For humanity.

Millennium DAO: Decentralized reserve currency on Harmony chain

Twitter : https://twitter.com/MillenniumDAO?s=20

Medium : https://medium.com/@millenniumdao

Discord : https://discord.gg/millenniumdao

Website : https://millenniumdao.finance

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Community-owned decentralized venture, leveraging Protocol Owned Liquidity (POL) model to jumpstart the most promising protocols in Harmony chain

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Millennium DAO

Millennium DAO

Community-owned decentralized venture, leveraging Protocol Owned Liquidity (POL) model to jumpstart the most promising protocols in Harmony chain

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