Binance has made an announcement that it will be supporting the token swap for its IEO, Harmony (ONE). Since raising $5M during its IEO in May 2019, ONE has existed as a placeholder token on both Binance Chain and Ethereum.
Now, it will be transitioning to its own native ONE token on its mainnet. It’s the first Binance launchpad project to have a token swap supported by the exchange.
Harmony is one of the Binance Labs’s top investments, so the announcement comes as no surprise. Last year, the Silicon Valley-based team raised some $5.5M from Binance Labs and HashKey Capital on top of the $18M it raised during the seed round.
The project claims to be the first sharded proof-of-stake network in production, the same idea that Ethereum plans to someday roll out with ETH 2.0. The swap on Binance is currently scheduled for February 3rd and will be swapped on a 1:1 basis.
The First IEO Has its Token
The token swap has spurred curiosity over when the other IEOs will be releasing their own native tokens. Elrond (ERD), working on a similar sharded concept as Harmony, is another candidate that the exchange would likely support. However, it is striking that close to none of Binance’s many IEOs have produced working mainnets—if they do end up keeping to their word, we should expect quite a few releases this year.
Harmony (ONE) has been facing a persistent downward price movement ever since its IEO. With an all-time-high of almost $0.03, it is currently trading at around $0.005. However, now that it has a fully-functional mainnet, the team hopes to bring out concrete ‘deliverables’ in 2020 but it will have work hard to reinstall confidence after its lackluster 2019 price activity.
The last token swap Binance supported was WaltonChain which saw the deposit of around 4M WTC to be converted.
How Is Harmony Coming Along?
Harmony is a fast and secure blockchain with key innovations in state sharding and peer-to-peer networking. Its sharding uses secure proof-of-stake and decentralized randomness, and its networking achieves optimal cross-shard routing and fast block propagation.
Built by a 12-person team featuring 7 engineers from Google, Apple, & Amazon and 2 PhDs
Harmony helps businesses build marketplaces of fungible tokens for industry use cases such as energy credits and non-fungible assets (game collectibles, real estate). Harmony applies zero-knowledge proofs for data sharing (ad exchanges, credit ratings) while preserving the consumer’s privacy.
WHAT IS HARMONY?
Harmony is a fast and secure blockchain with key innovations in state sharding and peer-to-peer networking. Its sharding uses secure proof-of-stake, decentralized randomness, and its networking achieves optimal cross-shard routing and fast block propagation.
VALUE PROPOSITION By Binance
- Harmony helps businesses build marketplaces of fungible tokens (such as energy credits and loyalty points) and non-fungible assets (such as game collectibles and real estate).
- Harmony is applying zero-knowledge proofs for data sharing while preserving the consumer’s privacy. Common industry use cases include ad exchanges, credit ratings and many other data consortia that would otherwise take many years to form among competing companies.