Orbs Network Joins Forces with Harmony to Propel Its DeFi Ambition
Orbs Network, a decentralized public blockchain infrastructure, is partnering with Harmony to accelerate its DeFi drive.
Orbs Network and Harmony Partner
In a press release on December 16, the infrastructure provider acknowledged the importance of joining hands with Ethereum-based projects like Harmony. Specifically, Orbs Network pointed out the massive potential of Harmony and its intention to scale Ethereum.
Despite the rise of high throughput layer-1 blockchains like Solana and the Binance Smart Chain (BSC), Ethereum still commands a considerable market share. It has cemented its position as one of the most actively developed layer-1, doubling as the home of DeFi and NFTs.
According to statistics from trackers, out of the $245 billion in TVL across leading DeFi platforms, Ethereum is dominant with over $160 billion in assets under management. At the same time, OpenSea, a dedicated NFT marketplace, is the most active in the scene, helping move billions in trading volumes every month.
Harmony is Unique
The project points to the dense Harmony ecosystem, their talented development team, and how unique the project is. Thus far, the project has a TVL of $518 million and is keen on onboarding more developers.
They recently announced a $1 million Hackathon and DAO on top of a $300 million ecosystem fund to accelerate 10,000 builders. Harmony, Orbs Network adds, is building bridges to leading chains like BSC, Polygon, and Polkadot, supplementing its Sharding feature.
Orbs Network Eyes on DeFi
Orbs Network developers firmly believe in interoperability for DeFi and crypto to find mass adoption. With cross-chain capabilities, the Orbs Network also uses the Random Proof of Stake (RPoS) for scalability.
This feature, the team says there is more dynamism on dApps launching on its rail. At the same time, dApps pay low on-chain fees, access better security and have high performance. Towards that end, the public blockchain infrastructure provider is compatible with five-layer 1s like BSC, Polygon, Solana, and Avalanche.
Recently, the Orbs Network development team announced the building of Layer-3 as they shift focus on the rapidly growing DeFi scene. The new vertical works in collaboration with Layer-1 and 2, formed to enhance the richness of smart contracts, making them richer. Following their expanded Layer-1 interconnected base, the platform accelerated their DeFi integrations, reaching over 17 dApps like SushiSwap and Kyber Network.
