Partnership between Aurora / Near and Harmony

Name of Project

Partnership between Aurora / Near and Harmony

Proposal overview

We would like to establish ONE’s presence on Aurora by creating a ONE/NEAR market on Trisolaris, the most popular DEX on NEAR’s Aurora engine with more than $100M TVL, which will allow for increased interoperability between the two chains.

This will benefit both chains by allowing for greater liquidity and more efficient cross-chain transactions. The end goal is to have ONE holders be able to use their tokens on Aurora and Near and to have NEAR holders be able to use their tokens on Harmony.

This project, aside from introducing both ecosystems to new users and allowing for increased liquidity between the two chains, enables cross-chain dApps and services and lays the ground for future partnerships making it possible for developers and builders to deploy on both chains serving both communities. We’re also exploring ways to optimize the cross-chain mechanism to make it more efficient.

Direct Goals

  • Set up a direct bridge between Aurora and Harmony to transfer ONE between both chains

  • Create a ONE / NEAR market on Aurora

  • Set up a liquidity mining campaign

    • We are looking to run a double rewards campaign for 3 months (Double reward pool perform the best to attract new users and liquidity providers)

    • Trisolaris will allocate 29k TRI (~$11.5k) per week as rewards and we ask Harmony to match TRI’s allocation.

Proposal Ask

Harmony to provide $ $11.5k per week for the duration of the liquidity mining campaign.

Total amount in $ <=> ONE: $11.5k * 12 = $138k ⇔ 894k ONE

Metrics to track success

Total amount of ONE bridged from Harmony to Aurora through TheBoringDAO Bridge
Total Value Locked in ONE / NEAR market on Trisolaris

External links

Trisolaris DEX: Trisolaris
TheBoringDAO Bridge: oPortal

6 Likes

Thank you for submitting a proposal to Harmony’s $300M Ecosystem Fund. Allow me to be your representative on behalf of the Grants committee. We are in the process of reviewing your proposal.

If you have more details to add, please do so by replying to this thread. We would also love :blue_heart: to have the Harmony community participate to ask questions and provide feedbacks.

3 Likes

I think this would be a welcomed development.
Given that the Web3 space is all about interoperability and cross-chain activities.
This would be good for both parties.
I love this concept

2 Likes

embrace the era of multichain

Great concept .
With the endless possibilities of interoperability and cross-chain on Web3
This would be good for both parties.

Exciting proposal, multi-chain interoperability is really important

This is a very good proposal, which greatly improves the liquidity and use efficiency of funds through TheBoringDAO bridge

Can we use a TVL-based milestone prior to the release of the incentives?

$50K grant for launching on Mainnet with audit, and then

  • $35K when surpassing $5M TVL
  • $35K when surpassing $10M TVL
  • $35K when surpassing $25M TVL
  • $35K when surpassing $50M TVL
  • $35K when surpassing $100M TVL

We recommend forming a DAO, with a $25K incentive

The TVLs must be sustained for at least 1 month before the funds are released. If the daily TVL drops below a milestone, the tally will be paused and resumed only when surpassing the threshold again (daily average per DefiLlama)

Also,

  1. curious to know how the bridges have been implemented in other chains,
  2. what is the TVL on them
  3. whether they are audited
  4. what would be use case for folks to bridge between the chains?
1 Like

Hi Jack,
Thanks for the prompt response.

  1. TheBoringDao Bridge is a two-way bridge that allows USDT, USDC, ETH among many other tokens to be crossed between 15 blockchains. They also provide asset-specific bridges (providing access to a specific asset from a foreign chain)
  2. The TVL of the bridge is about 5M
  3. These are the audit reports: Code Audit Reports - BoringDAO🌀
  4. As mentioned in my post, we believe establishing a bridge between both chains will benefit both chains by allowing for:
    -greater liquidity between different pair of tokens
    -more efficient cross-chain transactions.

Finite liquidity is fragmented between L1s, so there is a clear need to connect between chains to bring users interested in exploring both ecosystems

Partnership has been approved by the grants committee for the amount of $50K with TVL milestones. Looking forward to bringing the bridge to the Aurora and NEAR ecosystems! :tada:

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

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

It appears to have very low volume.

Also, it is a weird title. Saying that this is a partnership between Aurora (EVM of NEAR) and Harmony – when the project itself has no connection to either Aurora or NEAR. They certainly did use the name in the title to try and get eyeballs on their grant proposal though. I think that is a weird thing.

If Harmony wanted to get a partnership with Aurora, their team is quite open and could simply reach out on their own.

2 Likes

Also, why not go with the known community members that founded Amaterasu and that had a grant app declined in favor of this?

1 Like

There has also been yet to actually create this ONE/NEAR LP and the current only liquidity for ONE on Aurora is on Amaterasu.