Linkmarines! We are pleased to announce our entry and successful admittance into the Harmony grant program! As part of our initiative to scale the mainstay applications that will be at the core of YF Link, we are exploring, engaging, and collaborating with fast EVM compatible chains to bring our vision for YF Link to the next level.
When looking at the possible new home for our bleeding edge applications (such as LINKSWAP) we were blown away by the gains the Harmony blockchain was capable of delivering. A shard-enabled chain by default, Harmony is capable of delivering blocktimes over 100% faster than Ethereum, while also reducing gas costs by a factor of over 100. This will equate to massive savings in the cost department for traders, users, and LPs that will interact with all of the DeFi apps that the YF Link community will be able to deliver.
The EVM-compatible nature of Harmony will allow us to fully integrate with our existing Ethereum stack, allowing for rapid rollout of features we have in-store as well as a seamless transfer of applications we have currently in development.
The Harmony Bridge recently released, allowing for easy porting for ERC-20 assets on the Ethereum chain to the Harmony chain, thereby allowing individuals who have existing assets to easily send those through to the faster chain.
One of the important issues traders in particular have with respect to current generation AMMs is their high gas costs when interacting with Ethereum. To that end, we have plans to port LINKSWAP v2 onto the Harmony blockchain to reduce gas costs to near-zero for traders, thereby allowing an entirely new crowd of previously cost-prohibited individuals to partake in our community AMM.
As part of this initiative, we will be exploring our relationship with Harmony first by creating a relatively low-risk application for users and our developers to get a handle on Harmony and its ins and outs.
Project Announcement: The Great Waffle Competition
Built as a hybrid application between Ethereum and Harmony, users will be able to send both YFL and ONE tokens through the Harmony Bridge to partake in The Great Waffle Competition! We have created a blockchain game that incentivizes the best of game theory, creativity, and user created content with some very substantial cash prizes to boot!
The Great Waffle Competition will allow users to create their own custom waffles as part of a global search to find the most creative, funny, or delicious looking entry! Users will be able to vote for their favorite waffles, track their submissions, as well as name their creations!
But it's not as easy as it looks - baking and decorating waffles have their own challenges, and users will have to expertly time their transactions on the Harmony blockchain to properly assemble their creations. Sending a transaction too early or too late during the baking process will result in their waffles being burned - 50% of the tokens used for their waffle will be sent to a BURN address, while the other half is sent to the grand prize pool, creating an ever increasing pot for the winner!
The competition will last a total of four weeks, with the grand prize winner receiving the money pot (seeded at $5,000 by the Harmony team) and the top three winners receiving limited edition exclusive NFT's created by the Bonk team.
The Great Waffle Competition will be going live in just a few short weeks at wafflehouse.io and announced on all of our channels when it begins. Get ready to bake!
Read more on Harmony here