The Poolz Finance DeFi launchpad is expanding its horizons with the Ethereum-scaling Harmony project. It has just received a plump $1 million grant from the Harmony Network that will be shared with startups incubating on its platform that desire to integrate with the super-fast, open blockchain.
Poolz Finance is a decentralized, cross-chain Initial Decentralized Offering (IDO) platform that helps up and coming crypto projects to raise funds to bootstrap liquidity. The advantage of incubating on Poolz is that teams can focus on developing their products and services without the distraction of marketing and raising funds. They also benefit from the community’s high level of confidence in projects born on Poolz’s platform.
For investors, Poolz is a popular place to discover promising crypto projects and tokens that have the potential to increase in value.
As for Harmony, its goal is to solve one of the major headaches faced by blockchains such as Bitcoin and Ethereum – scaling while maintaining their core values around decentralization and security. Harmony does this by applying the concept of network sharding, where it establishes separate groups of validators on its network and enables them to simultaneously approve new transactions and blocks. This unique architecture enables Harmony to process around 2,000 transactions per second, a similar volume to Visa’s network. In the long-term, Harmony believes it can scale to a blazing-fast 10 million TPS.
The incredible speed of Harmony’s blockchain means Poolz is making a valid point when it says projects that integrate with it will add to their value proposition. Any project that runs on Harmony will surely become a more attractive bet for investors and increase its funding potential. Another advantage of Harmony is that DeFi apps can benefit from lower network fees.
“As a highly scalable, fast, and secure network, [Harmony] is uniquely poised to house the next generation of DeFi protocols and dApps,” said Poolz co-founder and Chief Marketing Officer Liam Cohen.
Poolz said it intends to share the $1 million grant equally among the top 20 most promising projects on its platform, so each one will be getting $50,000 to play with. The funds are meant to support the integration work required to adapt those projects to work with Harmony, Poolz explained. Those projects will then be closer to launching successful IDOs on Poolz Finance.
“Projects will be able to tap into this grant funding to build their deployment on Harmony,” said Poolz Chief Executive Guy Oren. “As an extremely low-fee, EVM-compatible platform, it’s perfect to attract more users and growth for our projects.”
Projects incubating on Poolz can apply to receive a $50,000 grant using this form, so long as they follow Harmony’s eligibility guidelines.
What’s more, Poolz promised that the grants are just the beginning of its collaboration with Harmony, with more integrations between the projects to be announced in the coming weeks.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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