Harmony and Benchmark Protocol Form Strategic Partnership
Benchmark to List ONE on Marketplace Lending Platform
We’re excited to announce the integration of Benchmark Protocol on Harmony, giving developers and applications an option of using an algorithmic rebase currency in its applications. Benchmark will also list ONE on their marketplace p2p lending platform, which is backed by their MARK token, expanding cross-chain capabilities and more utility for Harmony ONE.
What is Benchmark Protocol
Benchmark Protocol is a very ambitious and exciting project that aims to mitigate liquidation and hedge risk with the MARK token, a supply elastic stablecoin alternative. MARK is different from other stablecoins because it is pegged to 1 SDR, which is a basket of currencies created by the International Monetary Foundation, currently containing the US Dollar, Japanese Yen, Chinese Renminbi, the Euro, and the British Pound. The IMF created the SDR as a more stable international reserve asset.
But MARK isn’t just pegged to 1 SDR, but MARK adjusts its supply based on the CBOE Volatility Index (VIX). So when VIX is increasing, meaning that volatility is high, MARK will increase its supply, conversely, as VIX goes down, MARK will adjust its supply lower.
What is exciting for Harmony is that the MARK token is currently on Ethereum and via the Horizon Ethereum to Harmony Bridge, you can participate in other Defi communities. This is aligned with our vision of a cross-chain future.
About Benchmark Protocol
The Benchmark Protocol is an Uncorrelated, Liquid, VIX-denominated Collateral Utility. The protocol is a rules-based, supply-elastic collateral utility that adjusts supply based on volatility indexes (VIX) and deviations from the target metric — equal to 1 Special Drawing Rights (SDR) unit. Employing the SDR creates a larger use case rather than exposure to just one currency; this creates a larger user base and delineated exposure to markets around the world. The DeFi space needs a collateral utility that retains its efficacy and increases inherent baseline liquidity during periods of high volatility.
The Benchmark Marketplace is built on the Ethereum and Harmony blockchain. The MARK token is the native asset in the Benchmark network and provides only the utility value available to it through the Benchmark network.
About Harmony
The Future is ONE.
Harmony is a fully Ethereum compatible sharded blockchain that allows you to build scalable cross-chain applications.
Developers can build on Harmony today. Got an idea? Build it on Harmony and apply for a grant.
We ❤️ Developers.
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