Harmony Has $300M for Projects Looking to Expand Beyond Ethereum

The blockchain’s Harmony Foundation is offering a boatload of ONE tokens to attract top projects.

AccessTimeIconSep 9, 2021 at 6:00 p.m. UTC
Updated May 11, 2023 at 6:41 p.m. UTC

The Harmony Foundation is allocating more than $300 million in the network’s ONE token over the next four years to attract projects, the blockchain startup said.

The Palo Alto, Calif.-based team said Thursday the initiative, part of what it is calling a “full-stack ecosystem strategy,” aims to support 10,000 startups with bounties, grants and other sweeteners. It comes as competing base layers like Avalanche, Fantom and others pony up large funds to reward projects in an increasingly competitive space.

“We think that Harmony has the right vision for creating wealth together, for having the infrastructure and platform to do it,” Harmony founder Stephen Tse told CoinDesk.

The company will allocate $180 million over the next year with $50 million going to 100 decentralized autonomous organizations (DAOs) that can then decide how to use the capital, including supporting smaller projects. There’s an additional $30 million going to partner organizations that have deployed on Harmony and can reach end-users.

The foundation will distribute most of the remaining funds, which it has built up in a reserve fund from investors and current network participants through different-sized grants, rewards and investments. Small groups of network participants will vote on individual projects.

“When we started this project, we allocated a token that network validators and investors would get a certain reward, but there are huge reserves,” Tse said.

Harmony is a proof-of-stake blockchain that claims to process transactions in two seconds at a low cost. It raised $18 million in an April 2019 token sale to strategic investors and the following month, sold an additional $5 million worth of tokens via an initial exchange offering on the Binance Launchpad.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

James Rubin

James Rubin was CoinDesk's U.S. news editor based on the West Coast.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.