Bobos & Wojaks

Get rich or die tryin

Harmony Launches Bitcoin Bridge And Provides $300 Million Fund for DAOs

harmony-bitcoin-crypto

Harmony is well-known for being a quick and open blockchain. It has been striving to establish bridges with many networks and claims to be capable of connecting any Proof-of-Work and Proof-of-Stake chains.

Many milestones were completed by the blockchain in 2021, including raising the price of its ONE token, with many more slated for 2022.

harmony-bitcoin

Its $380 million budget for 2021Q4 – 2022Q3 will support 100 DAOs, with each DAO receiving between $500,000 and $1 million, a thousand bounties, a dozen partners, 100 ports, 500 new launches, 50 investments, and ten hackathons. The remaining funds, estimated to be $200 million, will be placed in the network’s treasury reserve.

According to the blockchain company, funding will go to Research DAO, which aims to bring the best results directly into production, Basic DAO, which will accept income-at-will contributions, Wallet DAO, which will work toward fearless security for everyone, and Liquidity DAO, which will make organic market decisions.

On January 24th, Harmony will also launch the Bitcoin Bridge. Users will be able to spend BTC on DeFi projects, but transaction fees and speeds will be determined by Harmony.

“The BTC Bridge connects the Harmony ecosystem with Bitcoin. It allows the creation of ONEBTC, a fungible token that represents Bitcoin in the Harmony ecosystem. ONEBTC is backed by Bitcoin 1:1 and allows redeeming of the equivalent amount of Bitcoins by relying on a collateralized third-party,”