$7M Grants, Harmony Angels as Radical ONEs, June Update

Stephen Tse
Jun 30 · 5 min read
Image for post
Image for post

Beyond Staking — evolution to a fintech company

The pace of change in blockchain can leave you breathless at times. June saw the emergence of new DeFi darlings $COMP and $BAL and a surge in the value of USD locked in protocols as yield farming became the hot topic of the day. There are currently $1.62bn dollars locked in DeFi, up from $1bn as recently as two weeks ago. As many are discovering however, the gas fees alone are a significant barrier.

Grants & Internal Hackathon

Now staking is fully operational and stable with 3.6bn ONE actively staked we have turned our attention aggressively towards adoption via grants and an internal hackathon to demonstrate the utility of our blockchain. We are currently reviewing the first round of grant submissions covering oracles, tooling and KYC mechanisms but the grant scheme is still open to anyone looking to develop ideas for fintech integrations or zero knowledge proofs.

Engineering Highlights

The big development this month was the proposal to move from 320 elected seats to 640. This was the second modification to the protocol following the reduction of the undelegation delay from 7 to 0 epochs and was designed to increase access for smaller and unelected validators. We found the relatively small number of open slots was pushing the median stake prohibitively high and negatively impacting the decentralization of the network. This is a major rebalancing of the network economics and is being done in two phases, firstly from 320 to 480 seats and then from 480 to 640. The change was deployed in consultation with the community and is another example of just how valuable the community is in the design of the protocol.

Business & Community

The ERC20 tokens held on Huobi can finally be swapped to mainnet tokens.

Image for post
Image for post

Looking Ahead

June was a month of transition and settling following the launch of Open Staking. We are now fully focused on the transition to a fintech company which brings with it the need for greater regulatory scrutiny and diligence in managing the flow of information from team to token-holders. There is much to look forward to but we will not make announcements of announcements, releasing information only when it is ready to do so.


Image for post
Image for post

Don’t Miss

Gizem Cakil on the Covalent HQ podcast:

Harmony

To scale trust for billions of people and create a…

Stephen Tse

Written by

https://harmony.one, Open Consensus for 10B. To scale trust for billions of people and create a radically fair economy. https://twitter.com/stse

Harmony

Harmony

To scale trust for billions of people and create a radically fair economy

Stephen Tse

Written by

https://harmony.one, Open Consensus for 10B. To scale trust for billions of people and create a radically fair economy. https://twitter.com/stse

Harmony

Harmony

To scale trust for billions of people and create a radically fair economy

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade
A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store