What a $305K investment in Hermes DeFi looks like
We are ecstatic to announce that the Harmony team has further invested $305,000 into Hermes DeFi (Part of Project X) to bring a trader-first DEX to the Harmony blockchain (txn). This means a lot to us, our community, and in my mind, the entire ecosystem of the Harmony blockchain. Let me tell you why.
Hermes DeFi was founded and based in three core principles that echo through everything we do: Safe, Transparent, & Fast. We believe that if all financial systems and cryptocurrency projects used this model, they would earn the rarest commodity of all: trust.
What is The Hermes Protocol, and why should I use it?
The Hermes Protocol is a Automated Market Maker / Decentralized Exchange (AMM/DEX) focused around providing a fantastic experience for new and veteran DeFi users. We will offer a lower swap fee (0.2%), in-house charting and transaction history reports, a lending and borrowing platform, and more — all within one ecosystem. We will continue to partner with other Harmony projects to drive liquidity and value into their projects, growing together. All while operating under the mantra: Safe, Transparent, & Fast.
Safe — Smart contracts are pieces of software. They, like all other software, sometimes have unexpected interactions that can lead to exploitation. Our experienced back end developers do multiple rounds of local and testnet testing, peer code review, and penetration testing on all of our smart contracts before we ever put them into action. If we are going to launch a DEX on Harmony, we need to make it as safe as possible. That’s why $112,500 from this investment is set aside for the extremely expensive smart contract audit review process. We’ve been working with Certik, a review company that currently protects 260B in assets including contracts from Terra, Polygon, PancakeSwap, Aave, Binance, 1inch… (you get the idea).
Additionally, we have been talking with Jason Gottlieb, a partner at Morrison Cohen LLP in the Business Litigation Department, to ensure that Hermes is properly registered and compliant with all current regulations. Part of safety is the anticipation of possible regulation. We are already working on making sure that we are legally compliant even before the launch of our DEX. This helps to ensure the safety of our team, platform, and investors.
Transparent — Even though all of our transaction history exists in a public setting, we are being overt in how this money is stored, managed, and deployed. We store funds in multi-sig wallets to prevent a single bad-actor from executing transactions. We also try to educate users before they use our platform so that people who choose to put their tokens into smart contracts that we have developed know exactly what should happen to them.
This pairs perfectly with our commitment to #LearnToEarn, our community-driven & community-promoting community expansion model. Our latest push in this venture is the creation of The Hermes DeFi wiki, which aims to reward those who share information. We welcome all with questions, and our Discord is probably the fastest place to get an answer!
Fast — The cryptocurrency world moves quickly, often with DeFi protocols leading the charge. To stay on top of this, we are dedicating $12,500 of this investment to research and test new DeFi systems unique to Hermes. We hope that as we release our AMM and DeFi 1.0 platforms of The Hermes Protocol, it may even be accompanied with some of our own DeFi primitives.
Fast has many meanings, and we want to extend this to our DEX’s performance as well. Our front end developers try to squeeze every last bit of performance into our website. We use a private RPC endpoint, caching and multi-calls, serverless functions, and edge computing to deliver our content. We are always looking to improve our user experience, and constantly incorporate feedback from our community.
The Hermes DeFi Team has been building for 8 months, and we are finally ready to take all of this experience into making a premiere product on Harmony. This is just the foundation for our next wave of truly innovative DeFi products. We are significantly expanding research and development on diverse investment products, analysis and information sharing, and protocol-owned liquidity. Together, we are going to bring the forefront of DeFi products to a Harmony-native platform.
To learn more about us:
- Visit our website https://plutus.hermesdefi.io/
- Join our Discord https://discord.gg/hermesdefi
- Read our documentation about our tokens and The Hermes Protocol.
- Visit us on other social media platforms. Twitter, Reddit, Telegram, and YouTube.
