Hundred Finance (HND) is a name that has been gaining considerable traction recently, and with good reason. Put simply, it’s a decentralized borrowing and lending platform or “dApp” that has seen an explosive growth in its users drawn from Ethereum’s extended ecosystem of complementary blockchains.
With a mission to be the preeminent multi-chain protocol of its kind, it combines with Chainlink (LINK) oracles to assure market stability and health, while simultaneously focusing on long-tail cryptocurrency assets.
As is the case with any project in this sector, there is a need to release new products and services in addition to regular technology updates in order to keep traders and investors engaged.
Hundred Finance is delivering on this with a combination of high interest-based returns for users and the integration of some of the most innovative tokenomics in blockchain.
With the team’s recent launch of their dApp on Harmony One, backed by a $50,000 (USD) grant received from the Harmony Foundation, they have pushed their total number of chains to three, with more to follow shortly. This launch, as well as the money received, shall enable Hundred Finance to expand its cross-chain lending and borrowing services, ensuring the platform’s greatest reach to date. The team will also reportedly be engaging the PR services of a new innovation in the field to highlight Hundred Finance’s Harmony deployment, the Web3 marketing agency CRE8R DAO.
Why pick Harmony?
There are countless projects, networks and protocols within the DeFi space, so some may wonder as to why Hundred Finance has elected to go with Harmony. Well, there are multiple reasons behind this, chief among them being Harmony’s status as a fully-decentralized, blockchain-oriented platform that provides useful tools and features for developing, maintaining, and deploying dApps with maximum scalability and interoperability. Open and lightning quick too, Harmony allows Ethereum applications to run with 2-second transaction finality in addition to significantly cheaper transaction fees. This is accomplished through the use of sharding technology and a revolutionary PoS (Proof-of-Stake) method which delivers solid economics while ensuring network security.
Needless to say, these are all beneficial factors now available to Hundred Finance users who move across to the Harmony network, done simply by adjusting browser wallets to the appropriate RPC settings and loading an address with sufficient ONE tokens to pay the minimal transaction fees. Moreover, the HND token, along with various other crypto assets, can be readily transferred to the Harmony network utilising the newly-rebranded AnySwap, now named Multichain.
Of course, it is all well and good to hear about operational aspects and processes, but more often than not what really attracts users (and the investors that follow them) is success and progress. Hundred Finance’s completion of its first hat-trick in multi-chain launches, and the overwhelming increase in popularity this has triggered, meets this demand. The team has been thrilled to see its community jump in size and those participating begin exploring the various aspects of its protocol and wider cryptocurrency ecosystems of which it is a part, particularly those with which they can engage via assets borrowed at Hundred Finance’s reportedly fantastic rates. Moreover, the HND staking-backed liquidity incentive program initiated towards the end of last year is showing its strength as users lock their HND in order to obtain voting rights and boosted yields, potentially contributing to greater price stability than that experienced by many similar operations.
The deployment of Hundred Finance across three new chains is a significant milestone in the platform’s evolution. Onwards from this expansion, the team hopes to bring its product to new chains pioneering in the space and continue to contribute to the developing field of decentralized finance. The overall goal is to thus provide attractive services to all users in a convenient way that enables them to conduct financial transactions in an efficient, inexpensive, and secure manner. It seems there’s a lot more to come, with rumors of an imminent launch of Moonriver circulating, plus many more chains and project collaborations that Hundred Finance wants to examine in the near future.