DeFi is leaving Harmony behind. Competitor chains are slabbing brick-upon-brick of DeFi tools, using the lessons of DeFi summer (borrowing and lending) and DeFi 2.0 (bonding, gauge voting) to reach higher heights. Harmony’s current Total Value Locked (TVL) is a facade of big DeFi names (Sushi, Aave, Curve) with limited on-chain functionality propped up by an interior of gamified DEXes (Defira, DFK). One cannot expect partnerships to save Harmony. Harmony needs a hungry war dog in this fight - a team in a nuclear submarine gathering the best intel and building on the bleeding edge to remain a threat in this global race. This document outlines this team’s first mission.
Curve is becoming the de facto watering hole for DeFi projects on Ethereum as it essentially acts as Grand Central Station for stablecoins and liquid staked assets from Aave and Lido. Many DeFi protocols either funnel assets to Curve as part of their revenue strategy, or build on top of Curve, finding creative ways to leverage Curve’s gauge votes to strategically direct liquidity. If Harmony wants build a robust DeFi ecosystem, beginning with the hub of liquidity might be a wise place to start.
Introducing Pipe, a protocol focused on building the plumbing beneath the Harmony ecosystem, facilitating proper liquidity for a burgeoning ecosystem.
Pipe’s central mission is to perpetually increase the total value locked (TVL) on the Harmony blockchain while bringing more users to Harmony who can’t resist telling their friends about Pipe.
Specifics:
Pipe has several tenets that guide its approach and development.
Fork for security and proven product-market fit, innovate for growth and tailored Harmony-market-fit.
We don’t have to reinvent the wheel, but we do want to put custom Harmony rims on it. Pipe will fork code that has been audited from projects that have a proven track record for utility and sustainable revenue generation. However, just because a product works, doesn’t mean it can’t be optimized for integration in the current ecosystem. Pipe will push to innovate to become an industry leader in capital efficiency and collaboration.
Build for longevity and sustainability.
Many DeFi projects don’t have sustainable revenue or plans to operate effectively after token emissions stop. Pipe is innately aware of the importance of sustainable revenue along with responsible treasury management (I.E. diversifying responsibly from native token). Every action and implementation will consider revenue opportunity and treasury health.
Make it beautiful, make it fun.
Many of the incumbent DeFi projects have clunky and confusing interfaces. Although Pipe is inspired from other projects’ code, the user interface will be redesigned from the ground up. Pipe is committed to prioritize user experience to accommodate users from all walks of Web3 and Web2. Further, the experience should be engaging and delightful to use. Users should look forward to opening a tab for Pipe.
Collaborate with others - be the best Lego piece.
DeFi is not a zero-sum game. Pipe will not build for the sake of building, but consider the landscape and how Pipe can be useful to neighbors and travelers.
Execution over ideation.
Pipe will rely heavily on metrics to move the needle. Pipe has a lot of ideas on the roadmap, but will remain lean to prioritize developing the highest value-add feature for the needs of the current Harmony ecosystem.