MochiSwap + Harmony ONE. Les Go!

5 min readMar 28, 2021

We are very happy to announce that cross-chain yield farming on Harmony ONE is live!

Harmony is an amazing new EVM compatible network that uses Effective Proof of Stake consensus, has 4 shards and 2 second finality!

> How can we not deploy on this?

Let’s start with the information you probably came for.

Harmony, BSC and MochiSwap Cross-Chain Yield Farming

As some of you may know, our community has been quietly testing our DEX on Harmony ONE for a few weeks now. As new as it is, it seems to be performing well and we are ready to move on to the next phase in our launch plan. 🚀

You can find the MochiSwap Harmony DEX at https://one.mochiswap.io

Since the beginning we have been vocal about our goal of creating a “web of cross-chain liquidity”.

This has actually been happening all week.

MochiSwap Core Developer @FrankyDev was really excited about the idea of cross-chain pegs of tokens backed by actual revenue generation in the form of DEX fees.

This allows us to use MOCHI from one chain as a preferred farming asset on another chain. The teams and communities from both ecosystems love this because it rewards our early users and supporters, while incentivizing the movement of liquidity over to the Harmony DEX by using the new Harmony/BSC bridge.

The Harmony/BSC bridge can be found here: https://bridge.harmony.one

Using this bridge you can move your BSC MOCHI to Harmony ONE where it will appear as bscMOCHI, which you can use to yield farm hMOCHI (Harmony ONE MOCHI), which you can also use to yield farm, and soon earn rewards from DEX trading fees.

We think this cross-chain mesh of pegged DeFi assets will strengthen our offerings in a variety of ways:

It will increase decentralization and add resiliency to our ecosystem by making it less reliant on the performance or cost impact of any single blockchain network.
It will expose our ecosystem to a wider pool of potential liquidity.
It will expose us to a wider set of potential users who may be focused on a single or limited group of networks.
It will create familiarity and help accelerate adoption as we engage with new and emerging networks.

hMOCHI Tokenomics:

We have been discussing tokenomics, governance and more with the MochiSwap and Harmony communities for a few weeks now. After much deliberation, discussion and even some arguments, we decided to keep the governance + staking tokens (bMOCHI, hMOCHI etc.) capped at 100 million across all chains in our ecosystem.

We wanted to keep this as simple, clean and understandable as possible.

There will NEVER be more than 100 million hMOCHI.
30k tokens were minted to bootstrap the DEX and yield farming pools.
The other side of each bootstrapped pair was donated by the MochiSwap developers and community.
The first 50 million hMOCHI will be farmed in roughly 1 year.
The other 50 million will be farmed over the next ~3 years.
There is a single 15% community-governed treasury — meaning its use is directed by holders of the hMOCHI governance token and enforced by a DAO (decentralized group of stakeholders) using Gnosis multisig wallet.
ALL other tokens go directly to Liquidity Providers via yield farming.
The treasury will be emitted over 4 years as outlined in the farming schedule.
There is a staged bonus schedule unique to this farm starting at 25x.

Bonus schedule

Week 1: 25x
Week 2: 20x
Week 3: 15x
Week 4: 12x
Week 5: 10x
Week 6: 8x
Week 7: 6x
Weeks 8–9: 5x
Weeks 10–11: 4x
Weeks 12–13: 3x
Weeks 14–15: 2x
Week 16 and onward: 1x = 0.85 MOCHI per block

WTH is Governance really???

It can seem murky and the term is abused, but in practice, for us, it means allowing holders of MOCHI on any respective chain to vote on things affecting the platform and users on said chain, and sometimes the entire ecosystem in the event of a multichain or “global ecosystem initiative”.

Random Examples of things governance will “govern”:

Development initiatives that are paid from the treasury. Hiring devs for a certain task or paying for focused commitment etc.
Development initiatives that are NOT paid from the treasury but have an effect on the ecosystem and its users
Marketing initiatives that require funding from the treasury
Partnership engagements
Changes to protocol-level tokenomics, fee structures etc.
Major initiatives like token swaps or creation of new ecosystem assets
Components and makeup of the multichain “ETF” token (codename: KAMI)
Launching/bridging to new chains
The tokenomics of forthcoming farms on new blockchains
Whether @Mu wears a bear suit to the first MochiCon in Tokyo

Governance will initially be handled using Snapshot, but we intend to take advantage of Harmony’s ridiculously low gas fees and move it on-chain in the near future.

The treasury will be under the control of a multisig wallet and the keys will be held by a known group of MochiSwap/Harmony community and team members. We are waiting for Gnosis multisig to deploy on Harmony and the exact participants/key holders are still being determined. In time this will be up for vote by governance token holders. We intend to have a sufficiently large and decentralized group managing the funding of accepted community proposals so the community can be confident that they indeed have a say in the future of the protocol and that responsibility is spread over a variety of loosely-connected parties with the collective best interests of the community at heart.