Bringing BTC straight to DeFi

Written by Alexander Hilton

February 25, 2022

Following the post I wrote regarding Tranquil Finance a while ago, they have now partnered with the Harmony One foundation in order to provide incentives. Any percentages shown are to be taken in the context of APY (Annual Percentage Yield).

In fact, the Harmony One Foundation x Tranquil Finance is to provide 1 million in total incentives to help celebrate the launch of the $BTC bridge (which I discussed in my last post). Currently the incentives equal to 50% in the $ONE token and 50% in $TRANQ for users that utilize the lending and borrowing of $1BTC. 

The current rates for lending are:

  • 5.22% for supply the $1BTC, which is paid out in $1BTC
  • 2.95% in $TRANQ;
  • 2.026% in $ONE

Which currently gives you a return of 10.22% APY, when the incentive program went live a week or so ago, the rates were 16.20% in total but the TVL (Total Value Locked) has since increased and thus the yields have naturally dropped now. I think that this is still an amazing opportunity to gain more exposure to yield on your $BTC, as I stated in my last post, but it does not come with its dangers. However, I feel pretty confident in Tranquil Finance and the Harmony One Foundation coming together to really propel the Harmony One ecosystem forward. 

While there is not much else to add here, I would like to touch further on some information on Tranquil Finance. It has been a while since I have publicly spoken about it but there are some really interesting things coming from them and SOON!

Firstly, as per my first post on Tranquil Finance, if you had bought in the “ICO” and locked your $TRANQ for 6 months or you had staked your $TRANQ on their platform, you were eligible for an airdrop. Essentially, Mimas, which is a fork (copy) of their project but on Cronos (’s chain), had distributed roughly $8 million $rMIMAS (the “r” in front, would indicate that the MIMAS has been staked and this token is representative of your staked share) and users who had been on Tranquil could go to Mimas’ site and claim a couple $rMIMAS. 

Secondly, one must take account of Tranquil’s plans to release an DeFi metaverse similar to DeFi Kingdoms. The game is called “DEFIRA” and will be built upon the Harmony One chain, this is great to hear as the costs associated with the chain are extremely low. Without really jumping into the specifics of the game (for another post), these are some of the services they aim to provide:

  • Decentralised Exchange (DEX)
  • Lending Protocol
  • Liquid Staking
  • Bridging 
  • Launchpad
  • Stablecoin
  • Yield Optimizer
  • Insurance

As one can see, they really aim to deliver a solid product that matches all the basic offerings of DeFi projects. You are currently unable to gain exposure to DEFIRA unless you utilize the locked staking on Tranquils’ site, from here you are able to lock up your $TRANQ for 6 months and in exchange you will earn currently 48.23% which is broken down into:

  • ONE
  • 1WBTC
  • 1ETH
  • 1USDC
  • 1USDT
  • stONE
  • FIRA

The percentages are not skewed equally among those coins but those are what you will be paid out for staking/locking the $TRANQ. The team has been consistently delivering and I am beyond pleased to have been an early investor into such a wonderful project. With ties so close to the Harmony One foundation, I believe that Tranquil Finance will become a powerhouse in the Harmony One ecosystem. 

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