The Hermes Protocol Beta is Live

Published in

Hermes DeFi

6 min readMay 4, 2022

Welcome to The Hermes Protocol (Testnet Beta)

We at Hermes are extremely proud to offer our investors early access to our beta test of the Hermes Testnet DEX. We are happily accepting ANY feedback to improve our product for our mainnet launch around May 20th.

After an initial internal alpha review, our team redoubled their efforts to bring native high-performance charting, responsive analytics, and streamlined design to The Hermes Protocol. Before users can dive into the DEX, we will review the steps necessary to ensure your MetaMask is configured properly as well as outline what will be available for users in The Hermes Protocol.

MetaMask Testnet Configuration

For the first step, let’s configure our MetaMask to the correct RPC. To begin, users will click the drop down menu at the top of their MetaMask and select Add Network.

Next, a new window will pop up asking you to fill in the following information.

Network Name: Harmony Test
New RPC URL: https://api.s0.b.hmny.io
Chain ID: 1666700000
Currency Symbol: ONE
Block Explorer: https://explorer.pops.one

For the next step, you will have to create a new account within your MetaMask to use within the Hermes Testnet DEX. Click the circle, select create new account and name it “testnet” (you can name it what you wish, but make sure you can identify it).

How to get Testnet Tokens

After your new account has been created, you will need to get tokens to use within the testnet and interact with it. In order to accomplish this, you will copy your Metamask address which is located at the top middle of your MetaMask window.

Now we head over to explorer.pops.one to get your Harmony (one…)address. Copy your address from metamask and paste it into the explorer.

Make sure to toggle the address format button at the top if it doesn’t automatically update to your ONE address. You will now see your Harmony ONE address in blue and also, to the left of it, is a copy shortcut. Click that and let’s move on to getting your tokens from the faucet.

Now, we head over to faucet.pops.one and we paste our ONE address in the bar. You will receive 10 testnet ONE tokens which is sufficient to conduct hundreds of transactions. Make sure you select Shard 0, otherwise the testnet tokens you receive will be unusable.

Accessing The Hermes Protocol

Now that we have our MetaMask configured and our testnet tokens ready to use, let’s head over to the testnet site. You can access Hermes’ testnet DEX here: https://hermes-v3.vercel.app

Upon visiting for the first time, users will land on the main page and see the “Connect Wallet” option in the top right. Next select “Connect with MetaMask” followed by selecting the “testnet” wallet.

Once complete, you will now see the wallet address confirmed in the top right corner. Let’s start exploring!

Features Recap within The Hermes Protocol

Swapping (Basic and Advanced)

Users will be greeted with the Swap page once they have entered the DEX. Having this quick and accessible interface will allow new users to easily trade without being overwhelmed with information. Users will be able to select from the whitelisted tokens, or import a contract address to add custom tokens. If you’d like your project whitelisted on Hermes, get in touch with us.

The ‘Advanced’ trading interface. Also: Dark Mode

Another fantastic feature at Hermes is our ‘Advanced’ trading mode. To access it, open the 3 bar options icon and select Advanced mode, or use the gear icon on the swap interface to enable ‘export mode’. This will enable real-time charts for all of the tokens on Hermes. In the future, we plan to heavily expand the amount of information available from this trading interface. You should consider the charts to be in an ‘alpha’ state.

Liquidity Pairs and Farm staking

Users who are interested in creating LPs to earn rewards can head over to the “Liquidity” tab after swapping their tokens. In this case, one of our favorite farms will be the WONE/HRMS LP, which users will be receiving from our WONE bank. Simply approve the contract and select “Supply Liquidity’’. The interface will automatically calculate the number of required tokens to reach a 50:50 value ratio. You’ll need to approve access for both tokens, and then supply the liquidity. At Hermes, 85% of swap fees go directly to liquidity providers and are compounded in real time.

To stake your liquidity token to earn additional HRMS, users can navigate to the “Farms” tab and locate the “WONE/HRMS” farm (farms documentation). Users will have to approve your LP for staking and perform another transaction to deposit. They will then being earning HRMS rewards, which are fully unlocked and claimable at any time.

Dual Farms

Each month, there is a specific allocation of HRMS towards special partner dual farms. These farms will reward both HRMS and another partner token! The first dual farm with be with the MAGIC token from Cosmic Universe. The process remains the same whether you are participating in the Farm or Dual Farm system, only the tokens required within the LP will change depending on the rewards you wish to receive. If you’d like to be listed as a dual farm, either fill out a partnership application or get in touch with us!

Staking with sHRMS and xHRMS

Our two HRMS staking pools offer investors unique opportunities to earn different rewards. sHRMS will allow users to stake their HRMS token and be rewarded in UST (a stablecoin) while xHRMS is an auto compounding HRMS pool that will grow over time.

The Staking interface for sHRMS and xHRMS

Additionally, xHRMS can be single-staked to earn partner tokens for a set duration. These tokens are exclusively earned by xHRMS stakers!

Liquidity Migration Service

We have also built a liquidity migration tool to assist users moving liquidity from other DEX’s on Harmony. Initially, this can be used to move HRMS/WONE liquidity from ViperSwap to Hermes, but in the future we can expand this to other DEX’s to make easy and efficient LP migration between platforms.