As the Harmony blockchain approaches the two-year anniversary of its mainnet launch, decentralized exchange SushiSwap will be deploying Sushi products related to rewards and yield farming.
In a Thursday announcement from Sushi, the project said it would be partnering with Harmony to introduce liquidity mining rewards for Sushi, rewards for Kashi borrowing and lending, Sushi-specific hackathon challenges, and other products. In Harmony’s aim to reach 10 billion people, it will be sponsoring a $1 million hackathon with Sushi featuring four challenges, with additional details to come in July.
“We believe this partnership with Sushi is just the beginning of bringing millions of people into decentralized finance,” said Harmony founder Stephen Tse. “As our mainnet matures, we are onboarding more key DeFi primitives that will enable access to many new communities.”
As part of the partnership, products include Sushi deploying a liquidity mining campaign on Harmony, with $1 million in Onsen (ONE) rewards and $1 million in 1SUSHI rewards available over 12 months. In addition, liquidity providers of Sushi’s ONE/ETH pool can earn SUSHI rewards according to the blockchain’s Onsen campaign.
Sushi’s Kashi lending platform will also offer users $2 million yield rewards on their assets through BentoBox on Harmony. Though the vault is native to Sushi and will not be moving to the new blockchain, Sushi said decentralized apps built using BentoBox — in this case, Kashi — can utilize all its assets.
Launched last year as a Uniswap fork, SushiSwap ranks 6th on CoinMarketCap’s list of decentralized exchanges, behind Uniswap’s v3 and v2 and others. However, data from Messari at the time of publication shows SushiSwap has more than $3 billion in total value locked, with more $86 billion in transactions. Sushi is responsible for roughly 15% of all decentralized exchange volume.
Sourced from cointelegraph.com.
Written by Turner Wright on 2021-06-24 19:35:00.