Harmony (ONE) has announced a collaboration with SushiSwap, one of the top decentralized exchanges. Therefore, giving Harmony users another trading option among its growing number of DeFi applications.
According to reports, the partnership between Harmony (ONE) and SushiSwap will give users the opportunity to enjoy the features of Sushi on Ethereum. The benefits of Harmony include settling transactions quickly with a two-second finality and not having to deal with Ethereum’s high gas fees.
The #Defi ecosystem on Harmony continues to grow. We're excited to announce @sushiswap on Harmony.
Read the details below 👇https://t.co/fRMDPilsEX pic.twitter.com/xZOph8bUFo
— Harmony (@harmonyprotocol) April 7, 2021
How Will Sushi Function on Harmony?
There are four steps on how to use Sushi on Harmony:
Step 1: Add a custom RPC endpoint. For users to connect on the Harmony Network using MetaMask, they will need to add a custom RPC endpoint. MetaMask users need to click on Networks and select “Custom RPC.”
Step 2: Add the necessary information (shown below) to complete the fields for the custom RPC endpoint. After adding the custom network, it should be selected in the dropdown.
Needed information:
Network Name: Harmony Mainnet
New RPC URL: https://api.harmony.one
Chain ID: 1666600000
Currency Symbol: ONE
Block Explorer URL: https://explorer.harmony.one/#/
Step 3: Swap tokens. Afterward, the user can swap between tokens by selecting the amount and clicking on “Swap.” MetaMask will also give the prompt to confirm the transaction, and the trade will then be executed. With Harmony’s 2 second finality, the transaction will be settled instantly.
Step 4: Add liquidity. After this, users can add liquidity to SushiSwap on Harmony by selecting “Pool” on the navbar. Users can either click on “Add Liquidity” or they can “Create a Pair.”
The Ongoing Harmony (ONE) Development Process
This partnership adds to a string of developments Harmony has made over the last six months. Following Harmony’s Ethereum bridge back in November 2020, the network also created another bridge to Binance Smart Chain last month.
Another notable partnership was with Travala, integrating the ONE token as a form of payment on the travel platform. Travala.com will reportedly accept the ONE token, among other cryptocurrencies and fiat denominations, for bookings at over 2,200,000 hotels. As well as 600+ airlines and 400,000 activities in over 230 countries.
About Harmony and SushiSwap
The Harmony (ONE) platform is a sharding protocol with a trustless Ethereum bridge. Its users use MetaMask to store assets and use the bridge to swap Harmony and Ethereum assets. The number of wallets has risen by 195% since the Harmony/Ethereum bridge was put into place late last year, and transactions increased by 585%. Harmony also works with a “2-second finality” for fast transactions and supports about 1,000 delegating stakers for secure shards.
SushiSwap is a decentralized exchange that allows users to swap cryptocurrencies. It is decentralized because no entity controls the protocol and is operated by smart contracts. SUSHI is the native token of SushiSwap, and it serves as a governance token for the platform. It also offers SUSHI rewards to those who stake their tokens.
Asides from Harmony, SushiSwap is available on Binance Smart Chain, xDai Chain, Fantom, Polygon (formerly Matic), and Moonbeam Network. The DEX currently boasts $4.1 billion in liquidity and a 24-hour trading volume of $823 million.
ONE and SUSHI Price
As of the time of publication, Harmony’s price was $0.131503 with a 24-hour trading volume of $210,954,420. ONE price also fell by 10.6% over the last 24 hours. Besides, it has a circulating supply of 9.4 billion ONE coins and a max supply of 12.6 billion. Binance is also the current most active market trading ONE.
Additionally, Sushi price was $14.19 with a 24-hour trading volume of $1,488,838,751. SUSHI price also fell by 13.5% over the last 24 hours. The token has a circulating supply of 148 million SUSHI coins and a max supply of 214 million. Sushiswap is also the current most active market trading SUSHI.
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