Fast blockchain firm Harmony puts $300 million for DAOs to build Bitcoin bridge

Fast blockchain firm Harmony puts $300 million for DAOs to build Bitcoin bridge

In 2021, the Harmony blockchain reached a number of milestones, including raising the price of its ONE token, with many more planned for 2022.

Its $380 million budget for 2021 Q4–2022 Q3 will fund 100 DAOs, with each DAO receiving between $500,000 and $1 million, 1,000 bounties, a dozen partners, 100 ports, 500 new launches, 50 investments, and ten hackathons. 

It has been working on establishing connections with various networks and claims to connect any Proof-of-Work and Proof-of-Stake chains. The remaining money will go to the network’s treasury reserve, which is projected to be $200 million.

Research DAO that seeks to bring the highest returns directly into operations, Basic DAO, for income-at-will contributions, Wallet DAO, for unflinching protection for everyone, and Liquidity DAO, for organic marketing and distribution, will all receive money, according to the blockchain startup.

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

The BTC Bridge is the link between the Harmony ecosystem and Bitcoin. It enables the production of ONEBTC, a fungible token in the Harmony ecosystem that reflects Bitcoin. ONEBTC is backed 1:1 by Bitcoin and allows for the redemption of an identical quantity of Bitcoins via a collateralized third party.

The price of Bitcoin (BTC) has been flat in the first few days of the new year, and it remains below the psychological level of $50,000. However, Bitcoin continues to receive support from a variety of sources.

The failure of Bitcoin to rise above its 20-day exponential moving average ($48,450) indicates that bears are selling on every tiny advance. On the other hand, the price of Ether (ETH) has recovered from the $3,644 to almost $3,504 support zone. 

Binance Coin (BNB) rallied off strong support at $500 to reach the 20-day exponential moving average ($536), where the recovery is stalled. The price of Dogecoin (DOGE) has risen to the 20-day exponential moving average ($0.17).

 

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