We would like to establish ONE’s presence on Aurora by creating a ONE/NEAR market on Trisolaris, the most popular DEX on NEAR’s Aurora engine with more than $100M TVL, which will allow for increased interoperability between the two chains.
This will benefit both chains by allowing for greater liquidity and more efficient cross-chain transactions. The end goal is to have ONE holders be able to use their tokens on Aurora and Near and to have NEAR holders be able to use their tokens on Harmony.
This project, aside from introducing both ecosystems to new users and allowing for increased liquidity between the two chains, enables cross-chain dApps and services and lays the ground for future partnerships making it possible for developers and builders to deploy on both chains serving both communities. We’re also exploring ways to optimize the cross-chain mechanism to make it more efficient.
Set up a direct bridge between Aurora and Harmony to transfer ONE between both chains
Create a ONE / NEAR market on Aurora
Set up a liquidity mining campaign
We are looking to run a double rewards campaign for 3 months (Double reward pool perform the best to attract new users and liquidity providers)
Trisolaris will allocate 29k TRI (~$11.5k) per week as rewards and we ask Harmony to match TRI’s allocation.
Harmony to provide $ $11.5k per week for the duration of the liquidity mining campaign.
Total amount in $ <=> ONE: $11.5k * 12 = $138k ⇔ 894k ONE
Metrics to track success
Total amount of ONE bridged from Harmony to Aurora through TheBoringDAO Bridge
Total Value Locked in ONE / NEAR market on Trisolaris
Can we use a TVL-based milestone prior to the release of the incentives?
$50K grant for launching on Mainnet with audit, and then
$35K when surpassing $5M TVL
$35K when surpassing $10M TVL
$35K when surpassing $25M TVL
$35K when surpassing $50M TVL
$35K when surpassing $100M TVL
We recommend forming a DAO, with a $25K incentive
The TVLs must be sustained for at least 1 month before the funds are released. If the daily TVL drops below a milestone, the tally will be paused and resumed only when surpassing the threshold again (daily average per DefiLlama)
curious to know how the bridges have been implemented in other chains,
what is the TVL on them
whether they are audited
what would be use case for folks to bridge between the chains?
TheBoringDao Bridge is a two-way bridge that allows USDT, USDC, ETH among many other tokens to be crossed between 15 blockchains. They also provide asset-specific bridges (providing access to a specific asset from a foreign chain)
As mentioned in my post, we believe establishing a bridge between both chains will benefit both chains by allowing for:
-greater liquidity between different pair of tokens
-more efficient cross-chain transactions.
Finite liquidity is fragmented between L1s, so there is a clear need to connect between chains to bring users interested in exploring both ecosystems
Also, it is a weird title. Saying that this is a partnership between Aurora (EVM of NEAR) and Harmony – when the project itself has no connection to either Aurora or NEAR. They certainly did use the name in the title to try and get eyeballs on their grant proposal though. I think that is a weird thing.
If Harmony wanted to get a partnership with Aurora, their team is quite open and could simply reach out on their own.