Name of Project
Hermes Defi - The Hermes Protocol
Application type
New products development
Proposal overview
Hermes DeFi is an easy to use and powerful decentralized finance platform that empowers users to build their wealth through liquidity aggregation services and our native Harmony reward token, PLUTUS. After a successful launch on the Polygon blockchain with our IRIS governance token, our team identified Harmony as a fantastic opportunity for expansion, as it is currently underserved by robust DeFi protocols.
There are two tokens central to Hermes Defi, IRIS and PLUTUS. IRIS was launched on the Polygon chain, and has recently become cross-chain compatible through our partnership with Anyswap/Multichain.
We chose Harmony to be the home of our second token, PLUTUS. PLUTUS is a farming reward token that will grant holders a preferred swap into our final (L3) protocol. It contains multiple deflationary mechanisms to help sustain token value during the farming period, which have proven to be remarkably effective. First, PLUTUS transactions are taxed at a rate of 3%, 2% of which is converted to the 1DAI stablecoin and routed to the bank and 1% is burned forever. The bank is a new system that allows users to lock their PLUTUS tokens, removing them from circulation for 3 months, while earning stable coin and partner token rewards funded by the transaction tax as well as performance fees from our auto-compounding vaults. The emissions of PLUTUS have been designed to only last 8 weeks, allowing for 2-3 months of smart contract development and auditing for The Hermes Protocol.
Our final token, which has yet to be launched, lies at the core of our upcoming DeFi ecosystem. This ecosystem will be centered around a putative Uniswap V3-powered decentralized exchange (DEX) and automated market maker (AMM) plus a number of features that will be mentioned below. This token will be a central trading pair, and will be initially obtainable from two mechanisms. One, as a swap from the PLUTUS token, either directly or from the bank with additional bonus rewards based on time locked, or as a farming reward meant to help incentivise early liquidity deposits in our platform.
Features to be developed
Back end
- Uniswap V3 core
- Lending system
- Cross-chain liquidity bridge
- Leveraged trading and farming
- Staking NFTs
- Stable Staking Node with DAO-guided investment strategies
Front end
- Trader-oriented DEX
- Hermes Tax Tracking and Transaction Export Features
General
- Hermes Foundation (Community Driven Charity Effort)
- GraphQL Subgraph Database with SDK access for reliable price integrations on Harmony
Features already developed
Back end
- Pools and farms
- Bank
- Vaults (Zap integrated)
Front end
- UI / UX built from scratch (open source)
General
- Hermes Defi Validator Node
- Hermes Defi RPC
Commitment to the Harmony Community
Our motto is ‘Safe, Transparent, and Fast.’ We think this perfectly aligns with the features of the Harmony blockchain. Our community has been growing rapidly following the announcement of our expansion to Harmony. We have produced informational videos about using our platform and Harmony (YouTube - Three Easy Ways to Bridge to Harmony - YouTube). We also are in the process of building our $PLTS powered community Wiki, which will act as a centralized resource for learning. Many of our users are unfamiliar with DeFi terminology and aspects, so we wanted to incentivize more experienced community members to write articles (which will be reviewed by moderators) and shared publicly to help educate all.
Hermes DeFi is committed to the growth, security, and decentralization of the Harmony blockchain. We have deployed a validator node, opened a robust RPC endpoint with load-balancing and geographically diverse server locations, and are looking to participate more within Harmony governance and DAOs. Our RPC endpoint has been stable since we deployed it, suffering 0% downtime and serving 120M requests over the past week. We believe that we can scale this infrastructure to help provide a stable RPC connection for the Harmony blockchain.
Over the past month, we have seen significant growth in our Twitter presence, ranking within the top ten most influential projects on Harmony multiple times. We have gained more than half a thousand followers, had 305,000 tweet impressions, and obtained over 130,000 profile visits in the past month.
The growth of our Discord has also been exceptional, going from 0 to over 1,900 members within the month. We have achieved a level 3 Community Discord server with 30 boosts from 15+ individuals. We hope to continue to make our Discord a hub for conversation about Crypto, the Harmony blockchain, and our platform. It includes features like crypto news bots, charting, price and gas cost bots, and a suite of fantastic moderators and community members.
Measuring our growth on our website using Google Analytics shows almost a three-fold increase in active users over the past month (Dec 27-January 27)If this pace of growth continues, we expect to surpass 5,000 daily users within the next month or two. Notably, Hermes is a global community. While there is a strong contribution of United States investors, we have members from pretty much everywhere. We have encouraged this in our Discord community by opening up dedicated international channels.
During the preparation for our launch on Harmony, we have made connections and collaborations with a number of already established programs. This includes Harmonape, Crypto Royale, Tranquility City, and VendomDAO. We are in talks with a number of other Harmony projects to continue making deeper connections across many types of Harmony users. One of our team members is traveling to ETHDenver, Austin, to meet with other Web3 developers and members of the Harmony team. We will seek to encourage relationships across the entire Harmony ecosystem.
Team
Hermes DeFi is composed of seven core team members that have undertaken projects on both the Polygon and Harmony blockchains with great success.
Project leader, Roberto Quintero, has well-established connections within many aspects of the crypto community along with a business management degree.
CMO, Austin, has experience with marketing strategy, data analytics, linux system administration, and a PhD in Bioinformatics.
Two front end developers, Miguel and Marvin, who have built customized user interfaces from the ground up, being professionals in different companies in Berlin and Madrid based.
Back end developers, Wendel and PestCtrl, have experience with DeFi 1.0/2.0, market lending, and all products related to the sector. Have worked on different projects such as Aave, Sushi, Malt.
Graphic designer, Kami, is in charge of the graphics in social networks and internal documents, he is fluent in all Adobe software, illustration, and video production.
Proposal ask
Total funding required at this time to start development: 50,000$
Justification
Funds use plan:
- Audit reports
- Operating expenses
- Marketing
Current stats
Our current statistics in the five areas we are focused on
- 2,1 million TVL
- 500 daily users on our website
- 60,000 ONEs delegated
- 5M daily request on our RPC
- 35 users subscribed to our governance
Metrics for success
Before the launch of Hermes Protocol in about 4 weeks, our objectives to be achieved are as follows
$10,000 upon the launch of a feature-complete product on the testnet.
$10,000 upon forming a DAO with 5-out-of-9 multisig with Harmony DAOs
$10,000 upon the launch of a feature-complete product on the mainnet.
$10,000 upon reaching 4M TVL.
$10,000 upon reaching 8M TVL.
External links
Website: https://www.hermesdefi.io
RPC: https://rpc.hermesdefi.io
Governance: Snapshot
Delegation: Harmony – Open Consensus for 10B
Twitter: https://twitter.com/hermesdefi
Discord: Hermes Defi
Docs: Introduction - PLUTUS
Medium: Hermes Defi – Medium
Youtube:https://www.youtube.com/channel/UCnLWipB915XYPHMmMZcsnag
to see weekly updates on this thread here, to keep the community posted on this proposal’s progress!
