By
Steve Muchoki
April 24th, 2024
Harmony (ONE) unveiled its roadmap of developing cross-chain compatibility bu building trustless bridges while giving users broader access to DeFi.
On Thursday, September 24, decentralized blockchain platform Harmony announced the roadmap on its cross-exchange and cross-chain initiatives. The platform aims at building trustless bridges between decentralization and scalability.
The platform announced that it will build trustless bridges for Bitcoin, Ethereum, and Binance chains giving users broader access to decentralized finance (DeFi).
@harmonyprotocol roadmap on cross-chain uniswap & cross-exchange arbitrage
embed light clients of btc/eth/bsc in our nodes? market making for assets on tens of exchanges – w/ data, orders, bot on and cross chain?https://t.co/KE8izyva6W
work in progress, wanted your feedback👇
— stephen tse 💙 s.1 🌉 stse.eth (@stse) September 24, 2020
Harmony has always promised high throughput accompanied by low latency and low fees. The platform launched its Open Staking feature in May 2020 and has staked over 53% of its native ONE tokens so far. Besides, it also notes that their protocols and currently under-utilized. It also explains that the use of sharding gives them the flexibility of horizontal expandability. Comparing on its latency vis-a-vis other market players, Harmony said:
“The most meaningful feature for our users is fast finality. Harmony’s 5-second finality has a clear advantage over Ethereum’s 6-minute, Ethereum 2’s 12-minute and Polkadot’s 60-second benchmarks”.
Having tasted success in developing multiple bridges to and from Ethereum and Binance Smart Chain, they will also be launching “cross-chain Uniswap V2 and Chainlink oracle on Harmony Mainnet ” in the next few weeks.
Harmony said that its major focus in the near future will be developing a cross-chain pool with trustless bridges. It notes that as decentralized finance (DeFi) has started to pick-up now is the time to push broader adoption by getting protocols together and scaling their innovations. Many chains recently have started offering the promise of interoperability of digital assets and contacts.
“Our approach to unification is to embed the light clients of multiple chains into our existing validators,” said Harmony. Harmony’s cross-chain architecture provides a trustless ecosystem consisting of all permissionless networks. Harmony has leverage over other platforms since its majority of the cross-chain components are already in production.
Harmony Cross-Exchange Pools with Fiat Gateways
Open finance is taking a larger role in the global financial world. Big organizations and governments have also started working on open finance infrastructure to cater to future demands. In the coming months, Harmony will be working on a product with the right market-fit to cater to millions of users.
Harmony will work on developing liquidity pools for Harmony (ONE) assets as well as USD stablecoins across fiat exchanges. The Harmony blockchain will also provide other services like efficient credit lines, treasury management, etc. for cross-border business. Initially, Harmony will major focus on southeast Asia and the U.S. market.
Developing a cross-exchange pool on-chain required a disparate financial infrastructure. Harmony noted: “Such liquidity pools generalize automated market makers (AMM) to any trading bot that runs on-chain as a smart contract. We believe that this innovation is the final frontier of breaking crypto into fiat gateways, thus into finance across borders”.
Harmony says that its products solve one of the major issues i.e. liquidity. Thus, it helps to close any price gaps and arbitrage for thousands of cryptoassets across several different exchanges.
In the coming months, Harmony said that it will also be focusing on decentralized governance structures.