Decentralized Finance aka Defi has emerged as one of the biggest success stories out of the crypto ecosystem and it has turned into a multi-billion dollar industry within two years time. There are hundreds of protocols out there many of which often turns out to be scams and thus many market pundits believe only those protocols that ensures ample security and possesses cross-chain functionality would make it to the Defi 2.0. One such protocol is PolkBridge which also received a Harmony Blockchain grant recently.
PolkaBridge, a coming of age multi chain suite for DeFi and NFT services is all set to make its debut on the Harmony blockchain after receiving a $50,000 funding grant for blockchain integration and development after its proposal was approved by the community. Harmony is an EVM compatible blockchain with a special focus on building cross-chain bridges with different blockchains and helping promote scaling in the cryptoverse. The main selling points come down to instant processing and low transaction fees. Polkabridge is compatible with some of the top smart contract supporting blockchains such as Ethereum, Binance Smart Chain and several other chains making it a lucrative platform for cross-chain defi protocol.
Polkabridge won the prestigious harmony grant unanimously as confirmed by the sources that there was no opposition to the development grant from the team or the community. Polkabridge is ready to expand into an emerging ecosystem and hope to bring its expertise to the Harmony blockchain. The Harmony team will provide the technical and marketing support.
What Does This Partnership Mean For the Polka Community
Polka Bridge allows users to swap tokens on the Polkadot platform and users can also make passive income by adding liquidity, lending and farming The platform would introduce a cutting-edge AMM with Multichain & Cross-Chain features, which redistributes earnings to pools and capitalizes on user slippages which would lure more traders to the ecosystem. Some of the key features that make PolkBridge such a lucrative and go-to platform include high transaction rewards where a user can earn 90% of transaction fees by providing liquidity to liquidity pools.
The partnership with Harmony blockchain is also bolstered by the fact that both projects have the same ethos including multi chain compatibility and offering the widest possible coverage for the traders. PolkaBridge received the grant under the Harmony Launches category that offers funding for promising projects that could enhance the Harmony ecosystem.
Polkabridge is a decentralized all-in-one financial applications platform. The PolkaBridge ecosystem is expected to include cross-chain AMM, Farming, Lending, Fundraising platform (Launchpad), Prediction, NFT, and more. All the products will be developed with Polkadot being the centre of it. PolkaBridge will be expanding its Launchpad, proprietary Staking and MultiChain Automated Market Maker (AMM) products to include the Harmony blockchain. This will allow both projects to usher in a new era of cooperation and progress.
PolkaBridge is the Future of Defi
PolkaBridge stands out despite hundreds of defi tokens circulating in the market and one of the most prominent reasons for its success is designing a multi-chain Automated Market Maker (AMM) type decentralized exchange, which allow users to simultaneously execute swaps or trade assets on different blockchains. It is the flagship PolkaBridge product and supports Ethereum (ETH), Polygon (MATIC), Solana (SOL), Polkadot (DOT) and Binance Smart Chain (BSC) after full deployment.
Users can swap Ethereum (ETH) with PolkaBridge (PBR) token on the Ethereum blockchain and also exchange BNB with PolkaWar (PWAR) token – all from one platform. PolkaBridge being a multi chain AMM decentralized exchange would charge 0.2% fees per swap, out of which 80% would go to the liquidity providers and the remaining 20% would be routed to a wallet, later used to buy back the native PBR token and burn it.