Harmony Protocol Plans to Boost its Ecosystem Growth with a $300 million Ecosystem Fund
As the adoption of cryptocurrency continues to spread throughout the globe, multiple projects and protocols are emerging in their numbers and contributing their quota to the digital revolution. This crypto wave has proven to be a profitable industry with unparalleled competition.
The projects championing the crypto cause are not resting on their laurel but are making moves to strengthen their grip on the booming market. This expansion is achieved via multiple partnerships and sponsorship that would have extra funds and revenues pumped into their system so extra features and a wider reach can be attained.
One of the big names playing smart within the NFT ecosystem is the Harmony protocol which just announced the plans to boost the Harmony protocol ecosystem with a $300 million fund.
Harmony’s founder, Stephen Tse, was quoted explaining that the Harmony protocol platform was built such that crypto developers who build on Harmony will have no difficulty in bridging to other chains. Furthermore, the Harmony team has promised its community members of swift and affordable commercial operations with chains that would not present the strain of permission.
To achieve this, funds would have to be pumped into the system, which would be used to improve Harmony’s facility in reaching other chains. As specified on their website, funds will be deployed into the Harmony protocol ecosystem in the coming months.
In the space of four years, about $300 million will be used to boost the Harmony ecosystem, with a reported $180M to be deployed by the third quarter of 2022. Also, about $50 million has been set aside, which will be used as a fund to empower 100 DAOs.
Furthermore, another $30 million has been kept for 1,000 bounties which would be used to find bugs and improve tooling. These funds will make the Harmony protocol ecosystem both competitive and usable for community members. About $30 million is reserved for ten partnerships, which includes acquisitions and liquidity mining incentives. Ten hackathons, among other things, will also receive $10 million.
What this means is that Harmony will embark on an empowerment crusade and would use the fund to achieve a series of goals such as investing in small companies and funding grants that would benefit the entire community. The target is to use these funds to reach about ten thousand startups and ten million users.
Harmony’s camp source revealed that although the funds are focused on Harmony, they would also be used to influence other cross-chains projects such as NFT compatibles with multiple blockchain.
The Harmony ecosystem now has brides connecting it to some of the big shot blockchains like Bitcoin, Ethereum, and the likes, and investors and users of a blockchain like Ethereum will find it easy to deploy on Harmony since its features were built to run on Ethereum’s programming language.
The team at Harmony believes now is the right time for more hands to join the crypto revolution, as there is bound to be an explosion in the coming days and possibly months.