Thread by @Cov_duk

Harmony 101: the $ONE for all blockchain

Here's a thread all about #HarmonyONE, the fast, low cost #ETH VM compatible blockchain that's home to #DeFiKingdoms 🧵👇

2. We’ve talked about this many times before. #ETH sucks at scaling and gas is super expensive.

ETH has been losing market share, especially to fast, low cost chains like #Solana, #Terra and #BSC.

3. ETH’s #DeFi dominance is down 100% from 1 year ago. Alternative chains are well position to grow and eat more of ETH’s market share. The crypto world is going to become multi chain

4. Enter #HarmonyONE, a PoS Ethereum Virtual Machine (EVM) compatible chain that is designed for creating and using Dapps

Harmony’s $ONE token has been one of the best performers among the smart contract platforms over the last year, gaining roughly 4,285% year

5. #HarmonyONE achieves finality in approx 2 seconds. A normal transfer costs only about 0.000021 $ONE.

6. The Scalability trilemma that all blockchains face is that they can only choose 2 out of 3: scalability, decentralization and security.

$ONE has solved the trilemma by uniformly scaling with shards.

7. #HarmonyONE is a sharded blockchain. Sharding means that a single blockchain is split up into smaller pieces known as shards.

Sharding allows transactions to be confirmed in parallel. Sharding was introduced in order to fix the scalability problem in #ETH.

8. Harmony’s sharded block is the reason for the 2 second transaction finality.

This combined with other unique technologies have allowed Harmony to be a fast, secure, energy efficient platform that is hosted on the #ETH network and supports Dapps

9. Harmony’s $ONE token is used for transaction fees, staking, and governance. Stakers require a minimum of 10,000 $ONE tokens in order to become a validator.

Those who act maliciously are punished by having their stake cut by slashing and by being kicked out of the network.

10. The annual issuance is set at 441 million $ONE tokens, declining to zero over time. This offers simple and predictable tokenomics.

11. A huge differentiator for Harmony and $ONE is that all $ONE tokens issued earned by transaction fees are burnt.

This is great because as the network grows, inflation is reduced. This really sets Harmony apart from other L1s.

12. At the moment, delegated tokens earn around 10% and approx 42% of $ONE tokens are staked.

Another way that Harmony differentiates itself is through bridging, which is crucial for multi chain co-existence. On Harmony’s end, bridging costs near zero.

13. #HarmonyONE is putting in a lot of money to grow their ecosystem and attract devs. Harmony foundation recently announced a $300M fund to dapps and protocols.

The Harmony ecosystem is growing steadily. Sushiswap is the dominant DEX.

#NFTs and the #Metaverse is growing too.

14. The biggest project on Harmony is #DeFiKingdoms

#DeFi kingdoms is a game, a dex and a liquidity pool.

It’s one of the most popular blockchain games and has around 320M in TVL. DeFi kingdom has brought a lot of attention to $ONE

15. I’ll be putting out a thread on #DeFiKingdoms soon, follow to stay updated.

16. Here are some accounts to follow for #HarmonyONE and $ONE insights:
@Crypto_Clarke @MessariCrypto @Momentum_6 @Gojo_Crypto @HarmonyOneDaily @harmonyprotocol @harmonyonee @DailyHarmonyone @CheekyCrypto @OneCommunityDAO

Spent a lot of time writing this, an RT would mean a lot

17. #HarmonyONE accounts to follow:
@harmonyindiaDAO @kratos_harmony @harmony_coin @ussharmony @BeyondHarmony3 @AlexONE0662 @HarmonyOneStats @MikeyMcMillions @holygrailone @CryptoOneCafe @altocryptotitus @IsbackAloha

Spent a lot of time writing this, an RT would mean a lot

18. I hope that was insightful🐂I post 101s and breakdowns regularly, follow to stay updated. Here are some of my past chain 101s:

https://twitter.com/Cov_duk/status/1500714387417436168