Harmony—a fast, sharded, and scalable blockchain network for decentralized applications (dApps), is integrating Chainlink—an interoperable network of secure and tamper-proof oracles. Accompanying the incorporation is a dedication of part of the $7 million grant to bootstrap the growth of Chainlink-based DeFi and cross-border finance dApps built on Harmony as per an August 5 update.
Harmony Grant to boost DeFi
In early July, Harmony unveiled a $7 million grant to fast-track their 2020 deliverables. Its objective was to foster the growth of DeFi, zero-knowledge proofs, auditable privacy which perfectly aligned with their parallel needs of building a decentralized community, boost innovation, and drive utility to its mainnet.
Each month, the Harmony Foundation allocates 154.2 million tokens for protocol and ecosystem development. Focused on transparency, developers are free to apply. Every recipient and grant will be publicly visible.
The selection criteria depend on many factors including their activity rates, transaction sizes and volumes, and assets.
Chainlink and Harmony Tango
With DeFi projects high up their priority list, approved Chainlink projects built on Harmony will receive part of the grant as part of the blockchain’s financial applications.
The integration will see Chainlink provide off-chain, verified data for financial dApps built and launched in Harmony coming at a time when the blockchain platform is keen on building a vibrant DeFi ecosystem.
Through a reliable and safe infrastructure offered by Chainlink, Harmony developers will extend the functionalities and capabilities of the platform’s dApps.
In his own words, Stephen Tse, the co-founder of Harmony said:
“Increasing utility and decentralization is critical for our long-term success. This integration with Chainlink is key in that journey and we’re so excited to see developers exercise creativity to build DeFi and cross-border finance on Harmony with Chainlink. My vision is to fund hundreds of projects with our generous $7m USD Grant Program.”
Gleaning from the team’s updates, it is evident that they are keen to expand their customer’s use cases. In 2020, their goal was to deliver on auditable privacy, decentralized development, and cross border utility.
Specifically, Harmony seeks to build decentralized, high-performance bridges between high growth countries while not giving up on privacy.
Earlier, As reported that Matic, T-Block, and aeternity joined hands with India’s Telangana Blockchain District T-Block Accelerator to provide the necessary resources required for blockchain startups to succeed