Harmony Grants $300 Million Fund for DAOs and Launches Bitcoin Bridge

Harmony is known as a fast and open blockchain. It has been working towards building bridges with different networks and boasts the ability to connect any Proof-of-Work and Proof-of-Stake chains.

The blockchain achieved many milestones in 2021, including that of increasing the price of its ONE token, with many more goals set for 2022.

Its budget of $380 million for 2021Q4 – 2022Q3 will fund 100 DAOs, allocating between $500,000 and $1 million to each DAO, a thousand bounties, a dozen partners, 100 ports, 500 new launches, 50 investments, and ten hackathons. The remainder of the fund, expected to be $200 million, will go to the network’s treasury reserve.

As the blockchain company writes, funding will go to Research DAO, which aims to bring the best results directly into production, Basic DAO, for income-at-will contributions, Wallet DAO, which is working towards fearless security for everyone, and Liquidity DAO, for organic market making.

Harmony will also launch the Bitcoin Bridge on January 24th. This means users will be able to spend BTC on DeFi projects, though the transaction fees and speeds will be dependent on Harmony.

“The BTC Bridge connects the Harmony ecosystem with Bitcoin. It allows the creation of ONEBTC, a fungible token that represents Bitcoin in the Harmony ecosystem. ONEBTC is backed by Bitcoin 1:1 and allows redeeming of the equivalent amount of Bitcoins by relying on a collateralized third-party,” 

according to a source.

New projects can apply for grants and DAO’s from Harmony here.

On the Flipside

  • Harmony is an ambitious project with a long list of promising partnerships, though it has many powerful competitors.

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