Name of Project / DAO / Company
Harmonyan/Nyanhub - a product of the Nyanbase group
Harmonyan is a yield farming product, designed to utilize the security and the speed offered by the Harmony blockchain, allowing users to reach higher profits and yields by tapping into the user-bases of other L2s, sidechains and other blockchains that are EVM compatible.
The cryptocurrency space is extremely segmented right now. Yield-chasers switch networks and blockchains as soon as they start trending, and very rarely do they remain loyal to the farms of yore. Hence, it is no wonder to see TVL wildly oscillating in DEXes, yield farms, and crypto products that are farmable in general (via pre-sale, initial liquidity mining, or otherwise) over the course of just a few weeks, if not sooner than that. People are looking for the juiciest of farms, and the coins which have upside, rather than a tremendous amount of downside, and due to how welcoming exchanges are (so they can extract a maker/taker profit on trades), they’re very eager to get you to move from one chain to another, to purchase financial derivatives such as PERPs, margin trading, et cetera.
Some aim to mitigate this by introducing a penalty for leaving a farm early, so-called “exit penalties”, or even entry penalties. This only serves to prolong the inevitable, as it does not solve the intrinsic problem.
Harmonyan aims to deliver a comprehensive, ONE-centric ecosystem that adds value to Harmony, as other chains’ TVLs are growing
It aims to mitigate the following:
- Low liquidity for tokens once the ‘honeymoon period’ is over, not allowing for the facilitating of bigger sells and bigger buys - basically, an aggregator akin to 1inch.
- The lack of a yield farm aggregator that balances one’s portfolio across different chains , “chasing the yields” for you, in accordance with your risk preferences, as well as the market trends!
- The inability to leverage things like 2s transaction finality (soon to be 1s), cross-chain , in the context of compounding, something that is native to the Harmony blockchain, in order to propel yields to unprecedented heights in a sustainable manner. The low transaction fees are fertile ground for a project like this.
Upon the successful launch of our third chain rollout (second being BSC, due to proximity via Horizon bridge, ease inbridging custom tokens, and easiest to form a proof of concept that we will build upon later on), the community will, if the period is less than the 3 months aforementioned, be able to vote for changes in how harmoNYAN-related pools will be rewarded in subsequent chains. Basically - a product whose fate, on all of the chains, is decided through HarmonyONE hNYAN token holders, in a transparent manner.
As of right now, we have 4 team members:
Stefan, co-founder, coder and tech lead for the project
Harmonyan Neko, business manager and team organizer
Harmonyan Santa, a CM and junior dev
Harmonyan Lucky, CM, front-end webdev and advertising
We’ll most likely be onboarding a female community manager and graphics designer to help us with the NFT collection which will, at first, be distributed to those who have provided liquidity over the first 7 days whether in the ONE, hNYAN-ONE, or hNYAN pools.
The contracts have been undergoing testnet, with vaults going live after the ONE single staking pool rewards end for liquidity mining the native token, which should be roughly 7 days after the launch. The token will be mined only via LPing ONE-hNYAN, and will remain exclusive to that pool. The hNYAN token itself will be necessary for setting up user profiles and being eligible for airdropped rewards for stakers/farmers on the other chains we launch on under the Nyanhub/Harmonyan umbrella, soon thereafter, and will also be necessary for the further layers of farming. The buybacks and burns exert deflationary pressure on the token and it incentivizes users to hold, or even migrate their farms to HarmoNYAN, as the generational farms will only launch on Harmony ONE.
Later down the line, you will be able to control, by proxy of Harmony ONE chain, the assets you have staked on other chains, in farms under the Nyanhub name, later down the line.
Website and key visuals are being launched within the next 2-3 days, as the team is taking on multiple roles at once, hence the need for expansion.
Given that this is a pet project of the co-founder, and that we’ve known each other for a decently long time and there is a degree of trust, the team is funneling their personal finances into boostrapping initial liquidity hosted on Sushiswap for the token, as well as the costs associated with website building, advertising. So far, we’ve grown to around 140 members on Telegram without having paid for anything other than a 36h ad campaign (45 USD), and we’ve exclusively grown through word of mouth, and we expect to reach around 200-250 before launching in early October once we’re sure we have the vault masterchef coded
The funds we’re asking for will be primarily used for paying a 3rd party, independent audit of the community’s choice, ideally through Snapshot voting, but also through a Telegram poll if the grant arrives earlier than expected, as we have a decent anti-bot system in place.
Second of all, we’d prefer to also on-board a community manager that is also a verified, elected, Harmony ONE delegator, to further bolster community trust and cohesiveness, who would be in a time-zone different than the two CMs we have currently. Right now, everyone on the team is sort of doing everything they can, in order to facilitate a timely and secure launch.
Third, although (and we have checked this with the arbinyan dev and creator of nyancat, @PRguitarman) nyancat (brand) belongs to the internet, the pixel image is a different story, and we’d like to get original designs from the talented artists here on the chain and rebrand ASAP, hence we’d organize a Twitter contest where the best designs (picked by the team members and also Harmony developers, at an equal rate), would compete for a prize covered by the amount from the grant.
The costs of the contest, aside from the prize money would also include advertising the contest, which we’re really more expecting the Harmony team to help out with their brand power, rather than us wasting the money on advertising our product to people already present on Harmony. If there are ads that should be ran, they should be done so they can convert other chain users to Harmony.
Metrics for success
Number of altchains/sidechains/L2s harmonyan products launch on (EVM-compatible chains only taken into consideration, for obvious reasons)
TVL across entire ecosystem (joint TVL)
TVL on Harmonyan