OpenSwap’s request to build Harmony’s all-in-$ONE platform

Seems like there is nothing but community support here for this amazing, sleek DEX that has devoted a ton of time here on H1.

  • Yes, PLEASE approve this grant with strong community backing!
  • No, this grant application and project are not ready to receive funding

0 voters

10 Likes

This is two fold replaces the disappointing situation of LUNA providing 20% DBI and brings cross chain to Harmony’s speed and fair pricing. A native project to boot, this is pretty cool.

14 Likes

The whole team are really professional and good at their jobs. They make promises and deliver again and again. They seem humble and dedicated. I think they have a promising future. Keep it up guys.

12 Likes

Slowly warmed up to OpenSwap and now I love this DEX

12 Likes

If this dont get grant, i will sell all my ONE, half to buy OpenX, half to other chain, lol

10 Likes

That’s great to hear, glad to have you!

9 Likes

i love how openswap team has been developing so many things for their project. Openswap is probably the most feature rich dex of Harmony

12 Likes

Can’t find a more OG project on harmony than this project, i support it!

9 Likes

Hello @Lance
Taking a look at the proposal in this moment and viewing the video.
Meanwhile, would you please elaborate a bit more for the community regarding the 4th point about 20% APY how do you get there and so is the 7th regarding how do you select the Validators from the list of elected? How would you help decentralization?
Thank you for your proposal. Will be right back after the video :slight_smile:
Best,
:mechanical_arm: :blue_heart: :rocket:

10 Likes

Hi,

We currently have a proof of concept that has been delivering somewhat decent results (15-35% APY) but its current limitation is that its not trustless.

After seeing the positive results i have started working on a trustless version of this which would allow ONE autocompounding as well as our current setup (farm autocompounding).

There would not be a selection of validators and you could delegate/compound rewards on any elected and non elected validator. This would all be done in a trustless manner with no fees and contracts would be audited + verified in explorer.

Alex

15 Likes

Alex, it’s great to keep seeing you expanding the features. Best of Luck :pray: :sparkling_heart:

10 Likes

I have more $ invested in openx than in my savings account,(makes alot more interest too!)that’s how safe I believe openswap is and I have been very happy❤️

11 Likes

Finally I’ve seen the video yesterday.
Thank you for such a great explanation in the video.
Looking forward to meeting you in a video call so I can understand some points better.

Thank you
Best,
:mechanical_arm: :blue_heart:

13 Likes

Seems like an all in one good project that has easy interaction…using it does feel comfortable

10 Likes

The entire OpenSwap project team and Alex - did a titanic job! :clap: I’ve been using OpenSwap since the very first days of launch and I can only say one thing - it’s the best DEX on Harmony for me! :sparkling_heart: I vote for OpenSwap All-in-$ONE!!! :rocket:

7 Likes

Hello @Lance and the team for your time at the meeting a few minutes ago.
Will push the project for the internal poll.
All my questions were answered very well.
Hope to get back to you asap.
Good luck.
Best,
:mechanical_arm: :blue_heart: :rocket:

11 Likes

Thanks again for your time today. It was a pleasure meeting with you. If you have any other questions, please feel free to reach out.

Have a great day!
Lance

7 Likes

Hello @Lance & team:
Questions:
1/ Would you accept the liquidity at most 6 months, typically 3 months? We wouldn’t like to stay “indefinitely” there.

2/ Is the DAO or NFT something that we could remove from the scope? We think it’s better to focus on one or two tasks.

3/ we need to understand the launch/marketing plan that you are going to have. You’ve already launched for so long and as you already told me at the meeting Openswap needs more traction. What would be your plans?

Thank you
Best,
:blue_heart:

5 Likes

I think there is no better marketing then head down nose to the grind stone building quality useful utility, Harmony proved that in 2020.

2 Likes

To answer your questions:

  1. Drafted around language from the Hermes grant, we were suggesting that these liquidity funds be given to the treasury with a stated purpose for use and not be be used otherwise. The major difference with our proposal opposed to others is how the liquidity will be used to positively impact the Harmony community and not just to provide liquidity on a pair. Grant Item 5 will support the OpenX/ONE pair as we move through the risk of the proposed transition with all accrued rewards being converted to ONE and used to delegate to unelected validators thus providing a constant resource for the decentralization of validators. Grant Item 6 will use the liquidity to properly fund the cross-chain pools to help assist Harmony in becoming a leader in cross-chain scalability; this proposal asked to fund the first 5 chains and planned to use the growth from those chains to supplement future chain growth.

  2. The OpenDAO tooling / treasury management has a separate funding proposal that has been open for about a few months. If Harmony would like us to, we will gladly remove the NFT Marketplace and OpenDAO Tooling from the scope of this grant.

  3. It is true, we have focused the majority of our efforts on development and security to create a working and secure product rather than marketing. But the lack of major marketing campaigns to this point has always been more strategic with our time/cost management than an oversight. With the launch of these products, our increased marketing efforts will consist of campaigns on various social media platforms based on the specific milestone being released. For example:
    ⁃ The aggregator and pushing Harmony as a leader in cross-chain, will open up a lot of opportunities to interact with different communities on other chains. Gaining traction and support from those communities on different chains will be key in introducing Harmony as a difference maker for cross-chain scalability.
    ⁃ Once we have auto-compounding for all validators, we can conduct a co-marketing campaign based around the Harmony 20% returns on replacing the existing campaign that was previous launched.

If the Harmony team requires it, we will gladly put together an entire marketing proposal for each product launch with more specifics.

Please let me know if this did not suffice or you have a concern with one of our responses. We are truly attempting to build a platform to help Harmony as a whole grow.

14 Likes