Hermes DeFi - The Hermes Protocol

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

Reddit: https://www.reddit.com/r/HermesDefi/

16 Likes

Very good Team and very good Project.

2 Likes

This has repeatedly delivered solid project developments and updates, and have continued to display commitment to the investors, and Harmony ecosystem as a whole. Their contributions will definitely help to grow awareness for those looking to invest in $ONE!

2 Likes

Hermes DeFi is coming for the crown with the Uniswap V3 fork! I’m so excited for the future of Hermes DeFi and Harmony ONE!!!

1 Like

Approved for $50K Launch grant. Congratulations! Looking forward to seeing this built out with the first milestone for a Testnet Launch built on Harmony :tada:

“Testnet Launch” means launching a feature-complete product on Harmony Testnet. We define feature complete to include a user interface, connection to a wallet (Metamask, Harmony ONE Chrome Extension, etc.) on Testnet, and can be tested end-to-end by at least 100 users.

Funds will be released upon completing these milestones

$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.

Meanwhile, to prepare receiving funds, email your identification documents to kyc@harmony.one and create a Gnosis Safe MultiSig wallet at https://multisig.harmony.one and using instructions below
:arrow_right: Setup Gnosis Safe with MetaMask & 1Wallet

Checkout the Funding FAQ for further info at Harmony Funding FAQ. Join the Harmony Grants Telegram channel to share your story and to gain partnerships there by growing your own ecosystem.

Please join the Harmony Grants Telegram channel and Harmony’s Discord server.

We’d love :blue_heart: to see weekly updates on this thread here, to keep the community posted on this proposal’s progress!

8 Likes

I wish all the best to this project , TO THE MOON TOGETHER :white_check_mark::heart_on_fire:

3 Likes

Very nice…congrats team

1 Like

Great to see this proposal :+1:t2:

1 Like

Dear Giv,
Thank you so much for accepting our proposal! We have completed the setup of a 5/9 multisig wallet for holding the Grant funds. The core team has also submitted all KYC information. You can find our multisig here!

https://multisig.harmony.one/#/safes/0x91c5C876728918EB352361440fE2902E76AaCd6C/balances

Thank you!

2 Likes

Here is an update for our milestones.
We have completed 3/5 of our milestones

  1. 10K upon completion of product on testnet (linked with mainnet)

  2. 10K upon completion of product on mainnet (Hermes DeFi) end-to-end testing with over 450 daily active users.
    image

  3. 10K upon setup of 5/9 multisig wallet to hold grant funds (Harmony Multisig Wallet)

We currently are at 2.7M TVL, and our next goals are at 4M and 8M.

2 Likes

I keep seeing a lot of mentions of Hermes around the Harmony community now. Its time that I do a deep dive. Congrats on the grant

2 Likes

funded 3 milestones:

4 Likes

Thank you Li!
We want to communicate to the entire Harmony community that our first milestone has been accomplished.
We have reached $4,000,000 TVL.

9 Likes

$10k funded for “$10,000 upon reaching 4M TVL.”

4 Likes

Hermes DeFi is proud to report on their progress over the past month since officially signing the $305,000 investment agreement in early March with Harmony.

Metrics

The team has increased to 16 members. New members include: 2 full stack developers, a solidity developer, a frontend developer, a community manager and a lawyer.

IRIS Market Cap: $690,000

PLTS Market Cap: $640,000 (>50% staked on our website)

WONE Bank Value: $1,025,000 deposited (effectively $2.6M in HRMS/ONE liquidity and $2.16 HRMS launch price)

Monthly Website Users: 2,300

Monthly RPC Requests: 1,400,000,000 across 88 countries

Socials: Discord (3420, +32% MoM), Twitter (12,013 Followers, 144,000 Impressions), Reddit (456 Members, 12,836 pageviews in March)

Development

Over the past month, we have shipped a total of 13 solidity contracts to Certik for review (audit due April 29th for the first set). This includes the entire suite of AMM contracts (factory, router, HRMS token), novel DeFi primitives (xHRMS, sHRMS, hONE, and a customizable Bonding mechanism), and DEX utilities (Liquidity Migrator). We also developed, tested, and deployed a new WONE bank contract that acts as a launchpad for HRMS/ONE liquidity. This contract has been extremely successful and contains 7,830,000 ONE. Half of this will be swapped for HRMS upon liquidity addition and paired with the remaining ONE, leading to a current total launch liquidity of over 2.6M dollars.

Additionally, we have spent a huge amount of time developing our completely new frontend and customized analytics pages. Core functionality is present on the testnet and we are aiming to launch a fully functional public test application in 1-2 weeks. This includes advanced technology such as serverless functions, edge-hosted pages, and a self-hosted Graph API coupled to a local sharded LevelDB RPC for near instantaneous blockchain synchronization.

Community Growth

In addition to technical development, Hermes has maintained the pace of its social growth through giveaways, partnership meetings, AMAs, and expansion of the Hermes DeFi Wiki. We have opened new collaborations with other Harmony Projects including: Cerebral Gaming DAO, Moon Robots, and Harmoforce. Our community wiki has grown to 38 articles, 7 languages, and 170 registered users.Like the Harmony ZKU educational classes, Hermes’ Wiki strives to achieve a similar goal to bring education to our community by encouraging our members to bring their personal knowledge to the table for teaching their peers, including some fantastic AI generated instructional videos.

We look forward to our expected DEX launch around May 7-10th! Keep your eyes peeled for our testnet DEX, and enjoy some teasers while you wait.




3 Likes

Hello everyone! I wanted to provide an update about one of our most recent partnerships with EPNS. We are working with EPNS to bring Web3 notifications to our DeFi applications. Soon, you’ll be able to receive Opt-in, automatic desktop, iOS, and Android notifications about things like:

  • The opening or closing of a new Farm or Dual Farm
  • Governance Votes and Results
  • Transparency notifications of token movements from developer multi-sigs
  • Any emergency notifications
  • DeFi notifications (Rewards ready to be claimed, bonding period over, liquidation risk, etc.)

You can read more about this collaboration here:
Hermes DeFi teams up with EPNS to bring Web3 push notifications to DeFi applications | by Hermes Defi | May, 2022 | Hermes DeFi

5 Likes

Hermes DeFi Updates April-May 2022

Metrics

Our team has remained at current size over this period. We are expecting to make a round of team additions after our DEX launch.

IRIS Market Cap: $550,000

PLTS Market Cap: $950,000 (58.7% staked in 1DAI pool)

WONE Bank Value: $389,000 deposited (effectively $1.08M in HRMS/ONE liquidity and $1.35 HRMS launch price)

Monthly Website Users: 1,100

Monthly RPC Requests: 2.5 Billion across 106 countries

Socials: Discord (4444, +30% MoM), Twitter (12,201 Followers, 178,421 Impressions), Reddit (500 Members, 4,252 pageviews in April)

Development

We have almost fully completed the Certik Audit (95%) for the launch of the Hermes Protocol. Once this is completed, we will shortly deploy the contracts and launch our DEX on the Harmony mainnet! Our target date for this is May 27th.

A fully functional and mobile-optimized testnet application is currently live for users to interact with at https://hermes-v3.vercel.app. This features our swap (native charting in Expert mode), farms, dual farms, xHRMS and sHRMS staking, and a liquidity migrator service. Additionally, our customized analytics is up and running that provide reliable and real-time updates to token prices, liquidity, fees earned, etc. We are extremely proud of our team in providing these deliverables and can’t wait to see them in action on the mainnet.

We have completed the necessary snapshot and scripts for the PLTS to pHRMS migration. This will allow us to migrate the current market cap of PLTS and help provide a strong foundation for our HRMS token.

We have also launched a pilot financial advisory service (The Hermes Alliance) for projects that are seeking strategic tokenomic design and financial modeling. Our first partner, Rocket Monsters Universe ($BEAR), has been extremely pleased with our services and we are extremely excited to see their token launch on Harmony.

Community Growth

In the time since the past update, we have had events, conversations, or cross-marketing with a total of 31 different projects. Hermes will continue to be a leader in information exchange, community growth, and ethical project promotion. This may not be an exhaustive list, but they contain:

Business Collaborations: (EPNS, Momentum 6, BoringDAO, ChainLink, Proximity Labs, QuickNode, DoraHacks, Certik, Algebra Finance, KogeCoin, QiDAO)

Harmony/Crypto Communities: (Harmony Rave Lore, Useless Crypto, Rocket Monsters, Degens for a Brighter Future, Cerebral Gaming, Tranquility City, Cosmic Universe, Rise of Protania, Mint O’ Taurs / DeArt Gallery, MTOP, Harmony Community DAO, Harmony Developer DAO, Unite Finance, ONEverse, nobank, Harmoforce, Blockchain Crusaders, Knights and Peasants, Moon Robots, DeFi: The Gods)

Stay tuned for our latest updates on our blog and social media channels!

TestnetWebsiteDocs RedditTwitterDiscordYouTubeTelegram

3 Likes

You guys are doing an excellent job! I know form RM’s standpoint we are extremely happy with our Alliance with Hermes DeFi!

1 Like

The Testnet application looks amazing and works beautifully. It is crazy how Hermes is constantly innovating. Nicely done guys! I can’t wait to see your app live on Mainnet.

3 Likes