Harmony has set aside a $300M ecosystem fund that will support 100 DAOs. The protocol has already selected the first DAOs that will be allocated $1M each.
The Harmony Protocol has announced the launch of a $300 million ecosystem fund. The fund will support 100 decentralized autonomous organizations (DAOs). Harmony also stressed that future DAOs on the protocol would be guided by total transparency.
Harmony is an open-source platform that offers users decentralized, scalable and secure blockchains. The protocol’s website states that it has been built “to scale trust and create a radically fair economy.”
$300M ecosystem fund for 100 DAOs
The announcement mentions several benefits that DAOs can receive by interacting with the Harmony blockchain. One of these is speed and security. The network seeks to achieve scalability by sharding the network nodes and the blockchain. Scalability is a needed feature by decentralized finance (DeFi) and decentralized applications (DApps) looking for a reliable platform.
The Harmony blockchain has supported many DAOs since its launch. These DAOs support the growth of the network and ensure the users continue to be a part of a developing network.
One of the DAOs that has already been allocated $1 million from the ecosystem fund is Research DAO, whose objective is to bring success to production. It will deliver results such as sharding, cross-chain bridging and one-time password security. The other is the Wallet DAO that will create a “fearless” wallet that everyone can easily adopt. The wallet will have self-custody features, and it will not require hardware devices or complex seed phrases.
“Harmony argues that DAOs can provide “basic income” of “minimum pay” for builders and creatives. At-will contributions, rather than single-company employment or year-long commitment, are the core of a decentralized economy” the announcement added.
Through the Basic DAO, functions such as timesheets, payrolls and performance can be easily monitored and managed. The Developer DAO will look into the success of the entire community. This DAO will be tasked with support development, bounty management, and marketing.
The Matching DAO, also known as “All For One With Love” by bringing the community together. The DAO will be the first one on the protocol that seeks to boost Harmony’s community and social impacts. Last but not least is the Liquidity DAO. This seeks to solve the need for an incentivized market. “We will define metrics top drive towards organic liquidity, including the spread between bids and asks the depths of orders, and the volume of trades – across exchanges, bridges and pools.”
Harmony purchases a new domain
Harmony also announced that it had purchased the .country domain. According to Harmony, this Top Level Domain (TLD) would boost the features available to users and the accessibility of the network.
The protocol further stated that through the TLD, it would bridge Domain Name Service (DNS) and Ethereum Name Service (ENS). Additionally, it will also allow the protocol to develop a form of a cross-chain bridge between Web2 and Web3. The bridging would be done while maintaining user identities and activities.
“Billions of internet devices and users are still connected via numeric addresses, unencrypted protocols, or centralized services. On the other hand, trillions of assets and collectibles are already innovating on cryptographic keys, smart contracts, and decentralized governance. How to marry the two worlds? With .country, Harmony will facilitate integrations both across Internet-Crypto domains and across multiple blockchains,” the announcement added.
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