Harmony founder Stephen Tse stated, “We believe our relationship with Sushiswap is just the beginning of bringing millions of people into decentralized banking, and also provide access to many new communities.”
SushiSwap, a decentralized exchange, will be delivering Sushi products linked to rewards and yield farming as the Harmony blockchain approaches its two-year anniversary of mainnet debut.
Sushi announced it would work with Harmony to deliver liquidity mining prizes for Sushi, awards for Kashi borrowing and lending, Sushi-specific hackathon challenges, and other items in a Thursday release.
In order to reach 10 billion people, Harmony will sponsor a $1 million hackathon with Sushi, which will include four tasks. More information will be released in July.
Harmony founder Stephen Tse stated, “We believe our partnership with Sushi is just the beginning of bringing millions of people into decentralized finance.”
“We are onboarding more critical DeFi primitives as our mainnet matures, which will provide access to many new communities.”
Sushi will launch a liquidity mining campaign on Harmony as part of the agreement, with $1 million in Onsen (ONE) and $1 million in 1SUSHI incentives available over the course of a year.
Sushi’s ONE/ETH pool liquidity providers can also receive SUSHI incentives through the blockchain’s Onsen program.
Through BentoBox on Harmony, Sushi’s Kashi lending platform will also provide users $2 million in yield rewards on their investments.
Despite the fact that the vault is proprietary to Sushi and will not be ported to the new blockchain, Sushi claims that decentralized apps built with BentoBox — in this example, Kashi — will be able to access all of its assets.
SushiSwap, a fork of Uniswap that was launched last year, is ranked 6th on CoinMarketCap‘s list of decentralized exchanges, behind Uniswap’s v3 and v2 and others.
SushiSwap, according to Messari data at the time of publication, has more than $3 billion in total value locked in, with more than $86 billion in transactions. Sushi accounts for around 15% of the total decentralized exchange volume.