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The growth of the decentralized finance (DeFi) space is unprecedented and poised to continue indefinitely. There is, however, one salient issue: despite being in its early stages, it’s becoming increasingly clear that the distance between the DeFi space and the moon (a reference to the popular Dogecoin meme) depends on how fast interchain transfers can be carried out.
There are many constraints when it comes to using a single-chain platform for transactions. With more scalable cross-chain solutions being birthed, single-chain platforms have become a thing of the past. One cross-chain project that’s been gaining a lot of hype recently is Harmony (native token: ONE). In this article, we’ll be looking at how Harmony solves scalability issues in the DeFi space.
Built as a Layer 1 blockchain, Harmony can also be used as a Layer 2 on the Ethereum network due to it's EVM-compatibility. This makes it easier for developers to design decentralized applications (DApps) on both network.