The Hermes Protocol – Work with a DeFi God via EPNS

Today, there can never be enough decentralized finance (DeFi) applications or protocols as the opportunities on this platform are so promising and innovative which makes it attractive for everyone to invest in the Decentralized Finance (DeFi) ecosystem.

One of DeFi’s protocols is the Hermes Protocol

What is Hermes DeFi?

The protocol was born in July 2021. The Hermes Protocol was created under the principles:

A. Safe – The funds housed on the contracts that are used by Hermes have the maximum existing mechanism which ensures the security of the funds withheld in the contracts.

B. Transparent – Any movement made on the Hermes Protocol is constantly communicated and made public thus ensuring that the users are thoroughly informed about the status and location of their capital.

C. Fast – The team behind the Hermes protocol is fast to adapt and handle different dynamics including new challenges that arise without compromising the security of the protocol.

The Hermes Protocol – Values

A. Bridge the gap between the world and the DeFi ecosystem

B. Making the possibilities of user’s capital known

C. To educate users about DeFi to make the platform more understandable and easily accessible

D. Collaborate to achieve a fair environment through Hermes Foundation.

What does Hermes Represent?

As we know the concept of Decentralized finance is an innovative finance solution for users all around the world. Understanding this Hermes, the God of the Greek Olympus represents:

A. Physical and knowledge travelers

B. Innovations

C. Commerce

These three concepts encapsulate and coincide with DeFi’s true essence, so Hermes, the Greek God of Olympus was chosen as the perfect figure to lead the protocol.

The Hermes Protocol – Mission

A. The protocol aims to provide all the DeFi services and functions on a single platform.

B. Create new and innovative products as solutions to solve new challenges in the upcoming and emerging DeFi platform.

The Hermes Protocol – Vision

Decentralized Finance (DeFi) will be one of the sectors spearheading the global economy in the coming future. It makes sense for the protocol to comprehend and partake in the Decentralized Finance (DeFi) mechanisms. The vision of the Hermes Protocol is to become a key player in the Decentralized Finance (DeFi) platform.

The Hermes Protocol is an advanced and low-cost Decentralized Exchange (DEX)/ Automated Market Maker (AMM) with an entire suite of Decentralized Finance (DeFi) applications surrounding the DEX/AMM on the Harmony Blockchain.

Harmony Blockchain is a Layer 1 blockchain network. It is an open and fast Blockchain, featuring a mainnet that runs on an Ethereum network with 2-second transaction finality and 1000 times lower fees than Ethereum.

Layer 1 Blockchains are the underlying main Blockchain architecture or refer to a base network like Bitcoin, Ethereum, etc.

The Hermes Protocol – Tokens

A. IRIS – Governance and Rewards

The token was launched in 2021, it was the first token of the Hermes DeFi. The total supply of IRIS is 1,000,000 tokens. IRIS is a cross-chain token available on Harmony and Polygon. IRIS is a governance token of the Hermes protocol. On the basis of snapshot voting, the IRIS token allows the governance of the protocol. Even though the IRIS token is a governance token, it can also earn rewards through different mechanisms available on the Hermes Protocol.

B. PLTS – Harmony Native Farming Token

It was launched in December 2021 and it is the second token of the Hermes DeFi protocol. It has a total supply of 3,000,000 tokens. Through PLTS the Hermes Protocol was able to add a new feature – The BANK. The Bank allowed us to control the effective supply of PLTS and helped stabilize the price of the token while paying those in the bank DAI (or other partner tokens). This was possible due to a 3% transaction tax on PLTS (2% returned to DAI bank, 1% burned forever).

The PLTS token is meant to be converted into the HRMS token soon.

C. HRMS – Utility and Ecosystem

This token will act as the cornerstone of the Hermes protocol for at least the next two and a half years. It will act as the utility and ecosystem token. HRMS will be the foundational token of all Hermes ecosystem products. It will have a total supply of 30,000,000 tokens.

PLTS tokens will soon be converted into HRMS tokens.

Hermes Token Distribution

The Hermes Protocol token distribution has been designed in such a way that liquidity providers receive high yield returns, further development of the Hermes DeFi protocol, and incentivize various community programs.

Forty percent of all non-farming rewards of the HRMS token will be minted at the launch and will be housed on multi-sig wallets that will be controlled by KYC’d members of Hermes DeFi core leadership. The definitions of each category are as follows:

A. Farming Rewards: These rewards will be awarded for participating in n Farms, Pools, Vaults, or other DeFi applications that reward HERMES. They will make Sixty percent of the total supply (18,000,000 HRMS).

B. Bonds: Bonding products will be allocated Eight percent of the total supply (2,400,000 HRMS). As the bonding products will help in growing protocol owned-liquidity steadily over time.

C. Dual-Farms: As supporting the growth of the Harmony ecosystem is core to the Hermes protocol’s mission, the protocol is reserving a chunk of HRMS for participating in partnership dual farms. Six percent of the total supply (1,800,000 HRMS) will be allocated toward dual-farm participation.

D. Developer Fund: The developer will help in the Hermes development, management, and business expenses. This will help in acting in the best interest of the protocol. Six percent of the total supply (1,800,000 HRMS) is allocated to the developer fund.

E. Remaining funds will be distributed towards:

  1. PLTS to HERMES Swap (1,800,000 HRMS)
  2. Private Pre-Launch Sales (1,250,000 HRMS)
  3. Private Future Sales (1,350,000 HRMS)
  4. IRIS DAO (600,000 HRMS)
  5. Initial Liquidity (400,000 HRMS)
  6. Community Fund (300,000 HRMS)
  7. The Hermes Foundation (300,000 HRMS)

Collaboration between the Hermes protocol and EPNS

During this period of rapid and constant change in the DeFi ecosystem, it is not easy to constantly be updated about all the notifications regarding different DeFi protocols through centralized notification channels.

Since the Hermes protocol aims to provide a suite of all DeFi applications on one single platform, EPNS will help the protocol take this step up a notch as all the notifications pertaining to the Hermes protocol will be sent to the users through a decentralized push notification channel in one place.

The Hermes protocol users will be able to receive the following notifications through the EPNS protocol in real-time to their digital linked wallets:

A. New farm or dual farm opportunities

B. Closing of farm or dual farm opportunities

C. Bonding period over

D. Risk of liquidation

E. Rewards ready to be collected

F. Governance proposals opening and closing voting period

G. Token movements from multi-sig wallets

Users of the Hermes protocol will be able to receive notifications through the desktop browser extension, dApp, android app, and IOS app of the EPNS protocol through this collaboration.

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