Hermes DeFi Investment

Hermes DeFi - The Hermes Protocol Investment

After successful completion of 4/5 Harmony launch grant milestones, Hermes is seeking an additional investment from Harmony ($305,000) to fund the launch of Hermes Protocol, Harmony will receive HRMS tokens at a discounted market rate (15%), which they could use to provide additional liquidity or recover their initial investment.

As part of the Tokenomics of HERMES, we have set aside 6% of total tokens (1,800,000) for private sale. We currently are modeling a launch price of HERMES of $0.46 per token. We are seeking $305,000 in $ONE for this investment proposal.

Team Biographies and commitments

CEO, Roberto Quintero, has well-established connections within many aspects of the crypto community along with a business management degree at University of Porto. He manages all aspects of Hermes.

CMO, Austin Hovland, has experience with marketing strategy, data analytics, linux system administration, and a PhD in Bioinformatics from Cornell University. He is deeply involved in the Harmony community, the validator and RPC technical space, and researching DeFi strategies.

Two back end developers, Wendel and PestCtrl, have experience with DeFi 1.0/2.0, market lending, and are very familiar with Uniswap contracts. They are responsible for contract development, peer review, and platform security.

Two front end developers, Miguel and Marvin, who have built customized user interfaces 60 from the ground up, backed by their work in consolidated companies in Madrid and Berlin. Both have worked together flawlessly to design a functional, responsive, and beautiful UX for Hermes.

Graphic designer, Kami, is in charge of the graphics for social networks, internal documents, and website graphics. He is fluent in all Adobe software, illustration, and video production.

Communications Director, Aaron B, his expertise in data analysis and extensive connections with Harmony projects make him a perfect fit for this position. He has demonstrated great skill in organizing and motivating the Hermes community.

The team’s commitment is aligned with the values of both Harmony and Hermes, which are based on giving value back to the community with a quality / safe and decentralized product.

Current Market Equity

Hermes DeFi has a two-token system, $IRIS which is a governance and reward token, and $PLTS, which acts as a farming reward token and pre-sale for The Hermes Protocol. IRIS is listed on Coingecko, is fully emitted (1,000,000 tokens), and has a price of $0.98. PLTS circulating supply, market cap, and price can all be viewed directly from our website. It currently is still being emitted (2,718,00/3,000,000 tokens), has a price of $0.38, and has a market cap of $1,015,000. This means the combined market cap of Hermes DeFi is around 2M.

Product demos and technical roadmaps

An interactive (and fully functional) demo of our vaults, pools, farms, and bank is online at Hermes DeFi
Our roadmap is as follows:


PLTS Swap Mechanism
TraderJoe V2 Core DEX/AMM
IRIS Buyback/Redistribution of Platform Fees
Bonding as a system of Protocol Owned Liquidity
Dual Farms
New UI/UX for trading
Team Dox
Hermes Foundation (Charitable DAO)


Auto Compounding Vaults
Lending/Borrowing System
Zap + Migrator
Advanced Charting Features (TradingView)
Improved IRIS governance Strategies


Limit Orders
Cross-bridge Liquidity
Order Book Visualizations
FIAT onramp integration
HERMES Tax Reporting
Trade History Report Generation


Leveraged Trading & Farming
NFT Staking
NFT Marketplace

Market and peer analysis / Market Strategy

The DeFi ecosystem in Harmony consists of a few major players, none of which match the expanded trading capabilities of major applications on Avalanche (Trader Joe), Fantom (Spooky Swap), or BSC (Pancake Swap). To put this into perspective, we are drawing from the excellent work of one of our community members, Valclereon, who did an extensive comparative analysis across these chains. Harmony has a much lower than expected annual volume/TVL, likely because there isn’t a platform that enables easy trading.

The Hermes Protocol will use a TraderJoe-V2 modified Uniswap framework as the core of our DEX/AMM. We will bring a competitive edge to our platform with low trading fees (0.2%), deep initial liquidity, no reward lockups, native charting and quantitative analysis tools, tax reporting, money market products, premiere partnerships on Harmony, and a UX that works for both new and experienced DeFi users. Hermes wants to bring a trader-first DEX application to attract significant volume and liquidity to Harmony. This facet of Harmony is underserved by gamified DeFi products or those who do not support and elevate the Harmony community. We will continue to develop new products (listed on our roadmap) and expand our team to pursue new opportunities when they arise to continue a truly powerful innovation cycle.

Finally, Hermes is committed to the education and onboarding of completely new members to DeFi. We have created a LearnToEarn DeFi onboarding system, which makes Hermes a perfect introduction to users unfamiliar with DeFi. In the future, this will expand to more detailed videos, helpful things like tooltips on our interfaces, and an ever-present community in Discord ready to answer any and all questions.

User reviews and analytics

Since our initial launch grant post on January 27th, we have seen continued community growth at an amazing rate. Over the past 28 days, our twitter has gathered 465,000 impressions, 203,000 profile visits, and 1,159 followers. We also recently became the second most influential project on Harmony in data-driven Twitter social analysis, even surpassing DeFi Kingdoms. Our discord server continues to grow at an incredible pace, up from to 2,775 members (+44% in 22 days). According to Dappradar, the Hermes staking contract ranks #9 in users (2.59K) on Harmony, with the highest rate of growth on Harmony (107.85%) over the past 30 days. All of this has been achieved through organic community growth with no paid marketing.

Hermes has also launched a number of services dedicated to helping the Harmony blockchain as a whole. This includes: Running a geo-routing and load-balanced RPC service as well as Austin running to be a governor of the RPC 2.0 DAO, a community wiki with 16 community-written education articles from the past week, and a validator node. In his time at ETHDenver, Austin has been a strong advocate for Harmony, and has proven to be a transparent and collaborative member of the ecosystem. This builds on top of our already strong history of establishing partnerships with well-known and respectable projects (Cosmic Universe, Crypto Royale, Tranquility City, and Harmonape). An investment into Hermes is an investment into the future success of Harmony itself.

Financials and token distribution schedules

The distribution of the HERMES token has been designed to return high yields to liquidity providers, support further development of Hermes Defi, and incentivize various community programs. Forty percent (all non-farming rewards) of HERMES will be minted at launch and stored in appropriately secured mutli-sig wallets under the control of KYC’d members of Hermes DeFi core leadership. The definitions of each category are as follows:

Farming Rewards (60%, 18,000,000 HERMES). Farming rewards are the majority of token emissions and represent rewards for participating in Farms, Pools, Vaults, or other DeFi applications that reward HERMES. The emissions schedule will run for two and a half years. We balanced our initial reward rate based upon leading exchanges (SpookySwap and TraderJoe), initial HERMES supply, and initial HERMES liquidity. Furthermore, we have scheduled small increases in APR on a quarterly release cycle to sync with new product launches.

Developer Fund (8%, 2,400,000 HERMES). The developer fund supports the growth of the Hermes development, management, and business expenses. Our developer allocations match the timeline of our farming emissions to ensure that we act in the best interest of the protocol at all times. As part of this distribution, the developer fund will be vested over the lifetime of emissions as follows:

  1. 20% (480K HERMES) Unlocked on launch
  2. 20% At 6 months
  3. 20% At 12 months
  4. 20% At 18 months
  5. 20% At 24 months

Ecosystem Fund (6%, 1,800,000 HERMES). Partnerships and supporting the growth of the Harmony ecosystem is core to Hermes’ mission. As such, we are reserving an allocation of HERMES to participate in partnership and promotional activities.

PLTS to HERMES Swap (6%, 1,800,000 HERMES). All finally circulating supply (about 2,350,000 PLTS) will be migrated to 1,800,000 HRMS, however the swap ratio will be different between Bank-locked and circulating / public PLTS. This transition is necessary due to the 3% transaction tax on the PLTS token.

Private Future Sales (6%, 1,800,000 HERMES). In the event that HERMES identifies an opportune fundraising partnership, we are reserving 6% of the HERMES supply for a fund-raising private sale. Until such a condition is met, these tokens will be held as part of the Hermes Treasury. These funds would be used for major expansions (ie. CEX listing)

Validator Boost (5%, 1,500,000 HERMES). As part of our ongoing effort to help secure and decentralize the Harmony network, we will continue to provide HERMES tokens as additional rewards for our validator smart contract staking system.

IRIS DAO (4%, 1,200,000 HERMES). The IRIS DAO represents ownership of the Hermes platform and will receive multiple types of incentives. Part of this includes governance voting of investment strategies (AlgoFi) to help bring stable returns to our investors from outside the Hermes platform.

Initial Liquidity (2%, 600,000 HERMES). To help build the liquidity of our platform and minimize volatility during the PLTS to HRMS transition, we will deploy 2% of total HERMES tokens as initial liquidity in a HRMS/ONE pair. At a launch price of $0.46, this would require $275,000 in ONE tokens ($150,000 provided by Hermes).

Community Fund (2%, 600,000 HERMES). To help build initiatives on DeFi education and the Hermes & Harmony community. This includes support for under-represented minor group outreach, DAO partnership and funding opportunities, and more.

The Hermes Foundation (1%, 300,000 HERMES). As part of our commitment to giving back to the communities our communities live in, we are dedicating these funds to the management of The Hermes Foundation. These funds may be donated directly or utilized to provide a sustainable revenue stream.


We also wanted to clearly communicate the expected fees for using The Hermes Protocol DEX. Overall, we wish to continue to offer services at lower cost to users across our entire platform. We will continue to offer low/no-fee services like vaults, zappers, and migrators to help enable easy onboarding for new investors to our platform.

Swap Fee

The swap fee for Hermes will be set at 0.2%. This is 33% cheaper than any other exchange on Harmony. From this swap fee, 85% will be returned to LP providers as trading fees. 15% of this fee will be used as ‘Platform fees’ that will be distributed as follows: 65% to IRIS buyback, 15% to development/operating expenses, and 20% of a flexible allocation the team will use to bolster support in whatever area they think would help platform growth the most.

Farming Fees

As we are no longer reliant on new deposits to fund development, our farms/pools/vaults will have no deposit fee. To help prevent flash/loan attacks and incentivize stable liquidity, we will implement a tiered withdrawal fee. The LP’s collected from these fees will be locked as protocol owned liquidity to help grow stable liquidity over time.

  • Deposit and Withdraw in the same block: 15%
  • Withdraw after 1 day: 1%
  • Withdraw after 1 week: 0.2%
  • Withdraw after 2 weeks: 0.05%

Technical review including audits

Our published contracts and code is publicly available at (Hermes Defi · GitHub). We are also willing to show Harmony the current repositories the team is working on if necessary as a sign of our transparency. Among other things, we require this funding for an audit of our contracts by a tier 1 auditor such as Certik. Our previous contract audits for the IRIS token was performed by Paladin (Hermes Defi – Paladin Blockchain Security). We were able to resolve 100% of the issues found, and the released code was totally clean. In addition, our team has stood the test of time in the rapidly moving crypto ecosystem. The initial liquidity for our IRIS token was added on the 12th of August, and our team has been working together for more than six months. In this time, we have become tight knit and work together with trust.

We look forward to working together in Harmony to bring DeFi to all.
-Hermes DeFi


I am excited at the future for Hermes DeFi!

While my view is biased as I am invested in their success, I have experienced nothing short of professionalism, delight, and technical capability when interacting with the team and broader community. I thoroughly believe that the Hermes team will bring DeFi in Harmony to the next level.


Hermes Defi team has done a very good job so far.

Harmony Community desperately needs Defi who create value like Hermes.

That’s why I believe that supporting Hermes Defi and his Team will contribute a lot to the community.


They have been transparent from the beginning which we rarely observe nowadays. I hope they will be succeeded

1 Like

Per Harmony X (Boris and Matty) we both approve a $305k investment.



Per Harmony X (Boris and Matty), we both approve a $305K investment @lij


Congrats! have the team fill out the grant funding form :slight_smile:


Yes, we have completed it! Directing the funds to the core team multisig (3/4)


Dear Hermes-Defi,

Thank you for your detailed explanation about Hermes DeFi and where the additional funding is required for.

As a user of a lot of the so-called dinosaur coins (TRX EOS NEO) and my involvement around these ecosystems (and their respective hackathons, funding proposals etc), I do have some questions for you.

Especially because a lot of the buzzwords used are either not true (to my knowledge) or such generic terms that I want to ask for more explanation.

Question 1: On what is the launch price of $0.46/token based? Easy to make an assumption but not indicate on what basis it is made. We all know (as should the devs) that those prices are basically printed on thin air…

Question 2: Why is the extra liquidity in the HERMES/ONE pair necessary? Pretty big risk (IL wise) and I think there are a lot more convenient methods to put your investment to work. If one has a proper project with enough users and traction (as you boasted), why would you require more liquidity here? that isn’t being provided by your own users or are the incentives deemed not great enough? One of the big questions to solve within DeFi is how to tackle vampiric liquidity… Just curious how you are planning to tackle this, especially with the mentioned investment into the LP pool…

Question 3: 20K USD for an engineer (40hr work week?) → Good luck finding one for that price. Click here for a reference… TLDR: seems like you’re making wrong estimations or are hiring very junior/inexperienced people.

Question 4: Devs are experienced with uniswap contracts… Is that also the reason why you pushed for UNI v3 contracts? Also no post-mortem or reflection on that in this proposal? Why not?

Comments on the roadmap.

  1. Many BUZZWORDS, little content (could be said for the whole market/most proposals on this forum so far)

  2. What is really innovative about this roadmap? Most features are forkable from other EVM compatible chains and or already online. Giving away 300K (already done, unfortunately😥) for forked projects is a fast way to get our ecosystem development fund drained fast.

  3. Q3 Limit orders are at a convenient timing since the other bigger protocols (from which you can fork then…) will also have limit orders implemented by then (same goes for leverage trading)… Is it your plan to develop this inhouse or utilize forkable contracts/infrastructure?

I am curious to know how you expect to become the platform that makes trading so easy. After all, your mentioned competitors are not the easiest to deal with either (there are MUCH, MUCH better examples there…imho shows that you might not have done your research that well).

Imho a dangerous assumption (especially with a funding request… how well did you do your research?) to say that there is no platform yet that makes trading easy.
If you feel so; did you set up an experiment for it and test it? Because so far; hermes doesn’t look/act simpler than sushi,viper,dfk,unifiprotocol or any others currently on harmony.

Further funny fragments in this proposal;

  1. Quantitative Analysis Tools, I am interested… can you give 1 example of what you’re thinking about?
  2. Gamified DeFi products… BINGO on all the buzzwords?
  3. 0.20% low fees as an USP :cry:Prepare to have your competitive edge crushed soon with various swaps acting at cheaper rates and or moving to even lower swap rates (incentivized by the user holding gov tokens for example)

Finally; I am worried about the Funding Proposals I see on this forum these days (and I will get more involved), incentivized programs attract leeches like flies (and I’m not saying Hermes is…) but I would like to see a better/comprehensive funding proposal structure in the future so the more informed investor/ecosystem user knows where we stand. @lij Right now all the wrong things from my previous experiences on tron, neo and eos are straight moving to here, please learn from them and am sure we are able to create something that is a much better fit.

I am looking forward to a reaction.


Good questions asked by @4MCrypto, im looking forward to the answers.

This proposal have been funded with the following transaction Harmony Blockchain Explorer


This investment of $305,000 in $ONE tokens (twap price of $0.12979) will be matched with $305,000 of HRMS at a 15% discount to market price ($0.46 → $0.391) for a total of 780,051 HRMS vested over the UPDATED: course of 12 months starting from the first day of HRMS/ONE liquidity on our DEX.


Thank you for taking the time to write a detailed response, we always welcome respectful criticism. We hope to answer your questions to the best of our ability. Reading our recent Medium publication about this investment may also help!

Question 1 - Why is the HRMS launch price $0.46?
The launch of the Hermes (HRMS) token at $0.46 is based on the weight and balance of many variables to achieve the greatest benefit to both our community and project. The details about these calculations are not yet public, and we will be sure to notify you when they are available to review.

Question 2 - Why is the extra HRMS/ONE liquidity necessary?
In our view, $275,000 is not a huge amount of liquidity to launch project with our projected scale. This is due to two main reasons. First, one of our important features we are launching with is the incorporation of TraderJoe’s bonding system to create protocol owned liquidity. This system is similar to ‘Wonderland’ contracts, in which the revenue from this protocol owned liquidity is returned to the platform. To allow us to use this feature, having a large ownership amount of HRMS/ONE liquidity at launch is essential to begin generating meaningful returns from the moment our DEX launches in order to maintain a positive ROI. Second, we need to ensure from the moment of launch that larger investors are able to use our platform with as little price impact as possible. This helps us to attract further capital while also giving price stability to smaller investors during the early stages of our token launch.

Question 3 - Limit orders & Leveraged trading
One aspect we love about the DeFi community is its commitment to open-source code and protocols. We are not ashamed to take the best performing solution and modify it or improve upon it for use within our ecosystem. In fact, it benefits all because our code is open source as well. No code has been a direct ‘copy & paste’ from other protocols, we always seek to improve upon what is available. As we get closer to the release of limit orders, we will perform an extensive search across all chains to identify what existing (audited) code base is available, and determine if we need to build something off of that or start from scratch.

Our front end is completely unique, and you can check the code base for it here. We are developing our trading front end with four different modes, Day/Night and Basic/Advanced. Each will cater to the needs of new or experienced DeFi users. For more advanced users, we will offer charting to help you time your trades, a trade history window, and more, right from the swap interface. Right now, we are focused on building functionality, so I can only leave you with a preview of our Day/Basic interface.

Question 4 - Why Hermes vs other platforms on Harmony?
We have always been a project focused on DeFi. Our developers are specialized in this sector, so it is a natural progression of our platform to become a single location for a hub of DeFi activity. You may have seen our campaign to bring Uniswap V3 (and it’s associated benefits) to the Harmony ecosystem. We worked extensively with the core team to prepare our application and campaign this. However, the Uniswap whales did not bless us with their votes. This was honestly what we expected, but that didn’t stop us from trying. You can read this Twitter thread for our thoughts immediately following the results of the snapshot vote.

Question 5 - Roadmap
We truly believe that our roadmap is innovative due to the Harmony between our products. Many of these features have not been mixed before, especially not within the Harmony ecosystem. By bringing these different aspects of DeFi to a single ecosystem, it is easier for users to discover new ways to use their cryptocurrency. Furthermore, we are enabling organization of trade history and reporting, a serious need for anyone who is a serious trader. On top of what we have in our current roadmap, we have gathered an in-house team to further develop our ideas surrounding ‘AlgoFi’, our term for easy to access, trustlessly managed DeFi strategies. In this way, we can simplify some of these strategies into a more digestible interface to lower the barrier of access to more advanced yield generation methods.

Question 6 - What type of analysis tools can we expect?
Understanding your positions is key to optimizing them. We want to enable everyone across the experience spectrum to know what they are doing. One already-working example we have is a dynamic impermanent loss calculator. You can view it at Having our own DEX and managing our own database API allows us to have unlimited freedom to enable visualizations and analysis like this directly on our website. Paired with our excellent community-driven development process, we can’t wait to show you more.

Question 7 - Gamified DeFi Products
It is true that most projects on Harmony surround NFTs, PlayToEarn, Metaverse, and GameFi. The only DEX’s with liquidity that are not hidden within a game are SushiSwap and ViperSwap. Furthermore, these platforms do not offer the same feature set that we are developing, so in that sense, I think that the market is wide open for a new leading DEX that is 1. Easy to work partner and work with (foster growth within Harmony) 2. Easy to trade on 3. Able to offer new DeFi primitives.

I hope that our response to your questions has been sufficient. Things may ‘appear’ fragmented, because information about our project is available across many different mediums. The best place to have questions answered quickly remains our incredibly active, respectful, and intelligent Discord server.


Thank you for an excellent explainer on the whole subject @Hermes-defi, very much appreciated and I tip my hat for those elaborate explainers. I’ll be happily following your trajectory in the future :heart:


Hermes for the win once again! Continuing to deliver in such a short time in our ecosystem! Love this groups enthusiasm and energy it is ONE of ONE!