Harmony ONE has made giant leaps the past few months on the defi front. Some of the protocols have been developed natively and others have been brought over from other ERC-20 compatible chains. The defi protocols range from the small Cougar Swap to the giant Curve. In the middle is the very new player, Hermes Defi.
Hermes Defi
Hermes Defi is a multichain platform that started on Polygon and moved onto Harmony ONE. They have plans to move onto other chains like Cronos, but they are doing more than just provide a yield farming platform. They have invested in the Harmony ONE ecosystem, running a validator node. In response to the RPC issues that Harmony ONE recently had, they are now offering an incredibly fast RPC. These are actions that are more common in single platfrom protocols, not multichain protocols. Hermes Defi is currently having "Hermes Week" on Discord where they are having giveaways everyday. Historically the odds of winning a Hermes Defi giveaway have been greater than 1%.
Yield Farming
Hermes Defi breaks their yield farming into pools, farms, vaults, and the banks. All of the yield farming options earn the native currency, PLUTUS. Hermes Defi has a strong partnership with VenomDAO and offers incentives for many of their tokens and liquidity pools. One nice thing is that the APR, not the APY is listed and the earnings seem to be accurate with regards to the APR. All of the rewards are UNLOCKED, unlike most Harmony protocols where the majority of rewards are locked.
- Pools: Single sided yield farming with APR rates of ~70-200%. Some of the tokens include JEWEL, xVIPER, wsWAGMI, ROY, and APE.
- FARMS: Earn PLUTOS for depositing LP tokens with APR rates of ~100-600%. Some of the LP pools include wsWAGMI/ONE, VIPER/ONE, stONE/ONE, 1USDC/FRAX, and 1WBTC/1ETH.
- Vaults: Compounding LP token farming
- Bank: Earn your share of protocol profits by locking PLUTUS
The native token of Hermes Defi on Harmony ONE is PLUTUS. They have chosen to add a new token on each chain they operate on. Iris, the token used on Polygon, does have some utility on the Harmony platform, being able to be used for yield farming. PLUTUS is a governance token and has a 3,000,000 max supply. The issue with many governance tokens is that the utility for the token is minimal and they have a large supply, leading to inflation over time. PLUTUS has been used for multiple governance votes to date, but the true value of PLUTUS is that protocol profits are distributed to PLUTUS holders that have locked their PLUTUS in the bank for 3 months. This greatly reduces the sell pressure on PLUTUS and helps create healthy tokenomics. Over 25% of the circulating supply has been locked. Their is very active and kept up to date on all governance votes.
Hermes Defi Community
One thing that makes Hermes Defi a strong protocol on Harmony ONE is the involves and active community. is where most of the activity occurs and it is growing everyday. They are incentivizing activity by having frequent giveaways that are actually winnable. Another strong component of Hermes Defi is their ability to make partnerships in the Harmony ONE ecosystem and their dedication to the ecosystem. Stop by Hermes Defi and then join their to learn all the ins and outs of the protocol.
