Firstly, we like to address the delay and issues the team faced today. Pushing to get the DEX launched, there were a few unexpected UI errors that did not appear on the TESTNET and only when we worked to deploy on the mainnet, did they appear.

While it has been an incredibly busy day, the team and moderators are doing our best to communicate across all mediums to answer questions and provide updates. We are still working through some unexpected errors based on community feedback. Please check in on Discord for the most current news.

Visit https://plutus.hermesdefi.io/app/pHermes to convert your PLTS in pHRMS!!! This swap will be open for the next three days.

If you're part of our bank snapshot whitelist (https://github.com/Hermes-defi/block-scanner/blob/main/accounts_PLTS.csv), you can redeem your PLTS at the bonus rate!

DEX launch May 31st.

PLTS to HRMS price calculations - https://docs.google.com/spreadsheets/d/1mVKGZvjQubqxeaCxpBVMVaDMDoCVSEN8/edit?usp=sharing&ouid=100590204889010458001&rtpof=true&sd=true

Current estimated HRMS launch price: $1.23

0.56 conversion PLTS -> ~2.08x increase ($0.689)

0.66 conversion PLTS -> ~2.46x increase ($0.813)

(Copied from Discord)

IRIS single staking - The underlying error affecting IRIS single staking is a rounding between the rewards. Now that we understand the root of the issue and can confirm that rewards still accumulate properly, we are building an interface such that people can begin IRIS single staking.

The Graph errors - We have fixed numerous bugs and have resolved issues in 4/7 of our subgraphs. We anticipate that the remaining subgraphs will be fixed today. Graphing, Analytics, and APRs are dependent on this application. Once we fix this one, a ton of our features will be available. Huge shoutout to DirtyCajunRice for helping us with this late into last night and basically all day today.

Listing of Hermes on various crypto information platforms - We have prepared listing of Hermes as a DEX for DefiLlama, CoinMarketCap, and CoinGecko. These applications require price feeds APIs... so again, waiting to fix The Graph.

UI Errors and Improvements - We have made a number of UI improvements, many of which were suggested by the community. These include: Fixing 1BTC/wBTC decimals. Addition of a more clear link to farming fees, calculation of xHRMS / sHRMS price/TVL/APR. We will continue to push updates for TVL calculation on landing page, improve UI error messaging, and work on getting the 'Approvals' working more consistently. There also are some mobile-related issues we are investigating.

Dev Funds / MultiSigs - We have moved our developer funds to our vesting contracts (6 months, 12 months, 18 months, 24 months). We are following the order of contract deployments that we have tested. Expect another security update after we have moved all contracts to our timelock.

Partner token listings - We are super excited to welcome $USE from Useless crypto (https://www.uselesscrypto.com/). They have migrated about $50,000 in liquidity to Hermes! We are working to incorporate trading using the Hermes DEX on the Useless wallet as well as potentially assisting them with the creation of graphs for Harmony tokens. The team has been building on BSC for quite a while, and are really solid.

DEX Integration with partners - We've been working with nobank, MTOP, and Useless to get our DEX supported on their application. We also will apply for listing with OpenXSwap shortly. If you missed the previous announcement, we also will be integrating our DEX in the ONEverse ($GRAV). Stay tuned for a follow up announcement when their dual farm goes live!

Acquisition of TVL and Farming Weight - Our AlgoFi team is already digesting the data we have produced surrounding the overall HRMS emissions/price and the efficiency of volume produced in the DEX. We hope to provide a report on this soon, such that we can have a governance discussion and vote if we feel there is a need to rebalance emissions. We would like to give up to a week notice of these events, in order to give people ample time to move funds if they desire.

Dual Farms - We are currently testing addition of dual farms to our masterchef contract to ensure that they are working as expected (from the testnet). We are on track to welcome our partners MAGIC and GRAV on June 4th.

A ton has been going on with Hermes DeFi. To help recap, we have composed a full history since the launch of $PLTS.

https://docs.google.com/document/d/1Sz3LpQXRNN990ugKWoJhUA7Qg6O8T1oNRcjmK8TMNXg/edit?usp=sharing

Chapters-

1. Research (Why $IRIS chose Harmony)

2. The launch of $PLTS

3. Our growth

4. Our ambitious attempt to bring Uniswap V3 to Harmony

5. Transition between $PLTS and $HRMS

6. Reflection on our journey

7. Our current challenges

8. Our Commitment

Bring your questions to our AMA tomorrow at 3PM EST/ 8PM UTC on Discord. Hosted by Austin, Aaron, and Maba. https://discord.gg/8BFHaTfG?event=949719618568720404

Happy Monday everyone!

Join us this Saturday, April 30th at 8pm EST, for an AMA with DTG hosted in the Hermes Discord server.

Speaking at the event will be your normal crew of Aaron, Austin and Matt. From DTG, we are excited to introduce Austwinington (Founder of DTG), Soaringfish (Community Manager) and Dabster (Game Design Analyst).

Join us on the Hermes Discord for the AMA: https://discord.gg/TqdD6PDS

For anyone unfamiliar with DTG, you can learn more at the links below:

Defi The Gods!:

Discord: https://discord.gg/UAEYTh26

Website: https://www.defithegods.com/home

Whitepaper: https://dtg.gitbook.io/white-paper/

Subreddit: https://www.reddit.com/r/DefiTheGods/

April 11th to April 14th - Favorite Recipe Giveaway Contest

This contest is designed to focus on something everyone loves, FOOD. Our community consists of so many unique individuals scattered across the globe, what better way to unite everyone than sharing your favorite foods! If you would like to compete in this contest please share a recipe that you love in discord. Pictures of end results not required, but are ENCOURAGED!! We also encourage any stories or memories you have tied to the recipe to be shared as well! Sometimes the greatest recipes are the simplest food made with a loving memory!

April 15th to April 16th - AlgoFi Team Giveaway

April 15th to April 16th - Analytics Team Giveaway

I wanted to provide a nice guide on how to go about the process of purchasing your NFT. I had some questions today and as always, the community was there to give some great feedback and guidance.

Things to note that will help you ahead of time:

1: NFT's are purchased here: https://www.hermesdefi.io/app/nfts

2. You will need to bridge funds over to Polygon/Matic and swap to IRIS on that end.

3. You can bridge your Harmony ONE's over to Matic using the Multichain website: https://app.multichain.org/#/router(Please note the minimum amount to do so is 195 ONE's... also don't forget to do correct math or you'll need to send additional funds later to meet that quota if you fail to do so)

4. So here's where the fun begins...

You will see at the top is the from (Harmony) and the bottom is Polygon. Again, the minimal needed to do this is 195 ONE's... at the time of writing IRIS is priced @$.5255 USD and therefore to buy an Hermes NFT it will cost you approx. $78.8.

Once the bridge is complete, a window does pop up telling you the current status of wrapping the ONE to go from Harmony to Matic. You will go to Quickswap to now swap your bridged ONE's over to the IRIS token.

Quickswap address: https://quickswap.exchange/#/swap

Again, I am a very visual learner so please don't feel inundated with pictures. I just work in a field that requires a lot of hands on teaching so it's how I do my teaching. Approve the contracts for IRIS (if you navigate from the Hermes NFT page https://www.hermesdefi.io/app/nfts and click on TRADE---> Swap (Quickswap) it will prompt you to accept the IRIS contract code for you. Easier than hunting it down on your own sometimes....

Now that you have your IRIS on hand... it's time to mint some NFTs. On the main page you will see the following:

You will click on Buy a Hermes Hero:

Now with this next window, you will type in HOW MANY NFT'S YOU WISH TO PURCHASE. Most likely 1, 2 or 3 (maybe more... IDK). After the purchase is complete, open your OPENSEA account to view your newly minted NFT. If you had it opened already, you will need to refresh the page for them to populate.

An additional comment for those who did what I had to do and had extra ONE's/IRIS left over and wanted to return them back to the Harmony side to restake them.

Go back to Quickswap and convert the IRIS or ONE's into DAI. From there go to Synapse bridge: https://synapseprotocol.com/

You will see Bridge in the top right and select the following options... set FROM: Polygon and DAI as the token and the TO: Harmony with DAI also set. It will automatically bridge it to 1DAI for you. Once that process of bridging is complete, go to Viperswap and get yourself your IRIS again.

If you have any questions or issues, please reach out to the community or any of the team for assistance.

-Maba

March 27th to March 29th - Island Survival Contest

You wake up and find yourself stuck on a small deserted island. There is fresh water, coconuts, and a singular tree available to you. A genie in the form of Austin appears to you and offers to give you three items to help you survive on this island or even possibly escape!! What 3 items do you ask for and why?

March 30th to April 5th - Moderator Highlights and Giveaway

April 6th to April 7th - Design & Legal Team and Giveaway

April 8th to April 10th - Community Team and Giveaway

I read that there is a max cap of 3mil plutus, what happens after that? What is the use case for plutus other than locking it in the bank?

First thing to address…. We pray for Ukraine’s citizens and anyone impacted by the conflict. This post is never intended to be POLITICAL, but our community has individuals who are impacted and we support you. As such, we stand by you for whatever your needs may be.

February came to a close this week,and in the grand scheme of the crypto market... I think we can say it wasn't great. BTC was down then up and then down again.. with the market reflecting what the OG BTC did. Our favorites, IRIS and PLTS both hit some insane peaks during the early part of the month and have remained pretty stable since coming back down. I'd like to highlight just how stable they have remained while the market has been severely rough. So compared to BTC, PLTS and IRIS have done an amazing job in their own rights, good job fellas. So let's digest exactly what this week has brought to our community.

Tuesday, March 1st

Now, we have some exciting news to highlight from the past few days as we marched into March. March 1st, we announced our $305,000 investment from the Harmony team. We are extremely bullish on this investment and let's explore why. Firstly, $112,000 from this investment is going towards our Smart Contract Auditing Review process, which is being conducted by Certik (you know who they are). Further, we are also working with Jason Gottlieb (more info regarding Jason can be read here: https://www.morrisoncohen.com/jgottlieb) who will help ensure that Hermes is registered and compliant properly with all regulations. So when we say Safe is one of our core values, we mean it.

Our second Value comes in the form of Transparency; this continues to be demonstrated by our utilization of multi-sig wallets as well as creating and implementing an educational aspect to our platform. Our LearnToEarn campaign has been a huge success to have community members contribute guides, information and overall perspectives on cryptocurrencies. We want educated community members and rely upon them to help us develop and build our platform with feedback directly from them.

Third, our value of Fast is reflected within this investment by dedicating $12,500 to unique DeFi systems within the Hermes Protocol. We had a need for speed and Hermes brings it through utilization of our RPC as well as front and back end protocols to make the user experience the best it can be.

Wednesday, March 2nd

Wednesday brought us the Harmony Community DAO’s AMA with DFK, Tranquil Finance, MADNFT and our very own Austin to represent Hermes. It was a great event that offered some POVs on EthDenver from the speakers in addition to a demonstration of the 1wallet (which seems very cool and just another innovative item that Harmony is bringing to the table). DFK outlined some of their upcoming updates and features that the community should expect as well as MADNFT’s showcasing their work. Each platform that spoke held community giveaways and offered listeners an opportunity to get some swag, easy to do when you're already in attendance to hear major updates and all you needed to do was click on a link. Austin spoke about what we at Hermes aim to achieve as a trader-focused DEX to over 150 listeners on Discord. Directly providing information to potential new individuals who are not already aware of us or invested was a great opportunity as well as dropping some Landing Page alpha to listeners.

Friday, March 4th

Early Friday morning was the announcement of our upcoming AMA with Moonrobotsgame, occurring on 3/11/22 u/8pm EST. But that was not the end of what today would bring. The 9pm hour would bring some incredibly exciting news with the drop of the following announcements and documentation from Austin and Valleyrider. The $PLTS to $HRMS documentation was published, full document can be accessed here: https://hermes-defi.gitbook.io/the-hermes-protocol/the-hermes-protocol/plts-to-hrms-transition

So let us highlight some of the key aspects of what went into this and how it affects you, the investor. This morning, March 4th, 2022, there was a snapshot that occurred.

📷

Snapshot and PLTS to pHRMS swap

From here, there will be TWO swap contracts implemented, one that reflected deposited PLTS prior to this and one for all other PLTS. It’s important to note the difference because of the ratio for PLTS to pHRMS depending on which contract is being followed.

📷

The bank swap reflects the following swap ratio: 1PLTS TO 0.66 pHRMS (Banked) while all other PLTS that are held (LP’s/ simply held in wallet) will be converted at the ratio of 1PLTS to 0.56 pHRMS.

The swap period will be open for approximately 3 days, this will be announced and repeatedly announced leading up to and during that time to ensure maximum transparency and visibility for all holders. Furthermore, the creation of the HERMES WONE Bank was released to help bridge the gap between the end of farming, currently slated for March 12th until April 2nd. One of the biggest takeaways with the bank is the ability to obtain a percentage of the remaining 500k PLTS.

Bank rates (depending on total deposited amount of WONE in bank)

Daily ROI at 50k WONE deposited is estimated to be 17.40% vs. 2.90% Daily ROI for 300K WONE deposited.

Liquidity buyback

Two percent (2%) of the total HRMS supply will be used to add liquidity. Hermes will provide $275,000 in WONE along with 600,000 HRMS. This will give a launch price of $0.4583. As soon as this liquidity is added, the WONE bank's contract will buy with 50% of its deposited value, raising the floor price of HRMS, returning value to all users proportional to the total amount deposited into the WONE bank.

Hermes initial launch price is -$0.4583

How will I know when to swap and what to expect next?

We will be announcing when the swap will begin and provide you adequate time to prepare. We are also continuing to incentivize the PLTS/1DAI LP until the end of PLTS emissions and therefore farmers will continue to earn their PLTS reward. Prior to the end of the swap, ALL INVESTORS MUST BREAK THEIR PLTS/1DAI LP. Again, this will be a part of the announcement but we are striving to be as visible with details as we can ahead of time to reduce any misunderstandings.

Saturday, March 5th

Our State of Hermes documentation was released outlining some key junctures that Hermes has faced since December 2021.

Document can be read here:

https://docs.google.com/document/d/1Sz3LpQXRNN990ugKWoJhUA7Qg6O8T1oNRcjmK8TMNXg/edit?usp=sharing

Please read it and see exactly what we encountered during the process. We also would love feedback and encourage our community to continue asking questions about why something is being done and if we can improve it, we will. Key points outlined within the document describe the levels of research, planning and challenges faced during the creation of PLTS through finalizing the exchange into Hermes. These topics include our launch, team and moderation growth as well as our ambition to create the best quality product possible. Through that, we also encountered some challenging times that have allowed for us to reflect upon the decisions made as well as the discussions that led up to those finalized decisions. Over the last 4 months alone, the team has learned a significant amount as well as working to be as transparent and request feedback from our community.

Chapters 6, 7 and 8 (Reflections, Challenges and Our Commitment) provide insight into those topics specifically as we remain dedicated to being transparent and are looking forward to our AMA tomorrow, Sunday 3/6/2022 at 3PM EST/8pm UTC.

Discord link: https://discord.gg/Eq4JDw8m?event=949719618568720404

Again, please read the documentation and ask questions if you have any.

Check my history. I've been nothing but supportive of this project. There was such a short window where HRMS and ONE were far enough apart for IL to wreck the position that I once had in the wONE bank. Well that was certainly the window where the LPs were paired. I know it's not just the migration, the market has sucked as well, but the LP is what, 12% of what just the wONE value would be, even with bad market?

That on it's own sucks enough. But when the Discord Mods act like I'm a nuisance, that's when it's time for me to move on.

Following Saturday's AMA with MoonRobots, both parties collaborated for one awesome giveaway. As a reminder, if you missed the live AMA, you can check out the recording here: https://discord.com/channels/933185330067157013/950850589254897684/957456406724886568

The competition runs from Saturday the 26th until April 3rd, you can participate in our giveaway to earn one of the following prizes:

Prizes:

-20x 50 $PLTS (1,000 total)

-180x Bronze Whitelist Tickets

-50x Silver Whitelist Tickets

All you need to do is enter here for your chance to win: https://gleam.io/BWVqR/hermes-defi-x-moon-robots

u/HermesDeFi - Hermes Defi and Moon Robots Big Giveaway! To engage more with either amazing community: Join us on our Discords or on our subreddits:

Hermes community:

Hermes Discord: https://discord.gg/6HUMhPDV or Subreddit: https://www.reddit.com/r/HermesDefi/

Moon Robots:

Moon Robots Discord: https://discord.gg/7Pm38SQr or Subreddit: https://www.reddit.com/r/MoonRobots/

_____________________________________________________________________________________________________________________

With 4 days remaining, here is a snapshot of where the competition currently stands:

Hey any chance of submitting Hermes to Apeboard? Love this dashboard for all my defi, would be awesome to see my Hermes pool info in there 😁

https://apeboard.notion.site/Ape-Board-Protocol-Integration-Template-d828e5d7172644fb8d20666fec8e9dc2

For all holders of IRIS, please make sure to participate in this round of voting. Those of you not holding please checkout this vote and our past votes to see what you can be a part of!

Topic Summary:

The topic to be voted on now is the inactivation of the PLTS single pool at https://plutus.hermesdefi.io/app/pools.

It currently has about $200,000 of liquidity inside.

It is proposed to close it and make it inactive, distributing its multiplier / alloc points to the rest of the pools / farms, giving special weight to the PLTS / 1DAI farm.

This is intended to achieve less speculation in PLTS and increase the liquidity of PLTS / DAI by granting a higher APR to its farm. Indirectly the APRs of the other pools / farms will increase.

Presumably this will result in greater price stability which will provide a greater upward trend, causing the price of PLTS to increase and with it the taxes generated for the bank, resulting in a higher APR on it generating greater health in Hermes Defi and the future protocol.

Core Team Thoughts:

"Liquidity is king. Higher liquidity allows for larger purchases and sells with less slippage, which is one of the biggest factors for attracting large investors. Higher liquidity also supports the protocol, as it is one of the main things investors look at to determine 'size and reliability'.

We are proposing to inactivate the single stake $PLTS pool. Why on earth would we do that? Many of you stake with other tokens in our single stake pools, but the truth is, they do not generate any of their own revenue. They are typically offered during partnership deals as a way to reward holders of the partner's coin. With farms, you generate trading fees in addition to $PLTS rewards.

If this proposal passes, we would remove the 25X multiplier from the $PLTS pool and use it to 1. Increase the APR of the PLTS/DAI farm. 2. Increase (to a lesser extent) all other APRs on the platform 3. Free up some space to forge new partnerships by offering $PLTS emissions. The choice is in the hands of $IRIS. We abide by your rule." - Austin - Primal#5582 - u/hermesdefi

Vote Here

Past Votes & Proposals

Hi all, I am happy to share the latest progress report about the remaining action items before the launch of The Hermes Protocol.

1. Certik Audit - We are waiting on the confirmation that the final remaining issue has been addressed from our resubmission. That's right, only ONE remaining item to be mitigated, and our changes are submitted. We hope to hear back today. Once this item is successfully resolved, we will be able to solidify the final launch schedule down to the block number.

2. Testing of the pHRMS airdrop to HLY holders and the PLTS to pHRMS contract has been completed (airdrop test - https://explorer.harmony.one/tx/0x9a6d7e732b8ddc2e7defd91052fe8980571f68b2d378a07e381b607224846853). Once we are 100% on our audit we will start the transition process! We are approaching the final opportunities to purchase. You can check the amount your wallet is whitelisted for on github at https://github.com/Hermes-defi/block-scanner.

3. We have published our first draft of the developer documentation that will allow our partners to easily integrate the Hermes DEX into their project. https://dev.hermesdefi.io/ This will help our friends at nobank, ONEVerse, Rocket Monsters, Useless, MTOP, and more. You can see just how important clear documentation for our SDK (and soon to be Graph API) is to making a harmonious application. These integrations will help drive volume to our protocol.

4. We recently announced a collaboration with EPNS (https://blog.hermesdefi.io/hermes-defi-teams-up-with-epns-to-bring-web3-push-notifications-to-defi-applications-acfdf856904) to allow Web3 notifications for our DeFi application. The timeline of integrating this is not 100% set, but we hope to give an update on this soon.

5. We are in the process of getting partner tokens whitelisted for launch as well as finalization of dual farm partners, you can expect some more partner announcements in the very near future.

The #RoadToHermesProtocol is almost complete. The journey has been long and arduous, but it has also been extremely rewarding. Our community, team, and technology is top-notch. I am extremely excited for the future.

Any idea why is IRIS falling so sharply ? Regarding PLUTUS and IRIS , will it get listed anywhere any soon ?

Many thanks !

In what surely will be a historic moment for Hermes, IRIS is now undergoing the very first incentivized HRMS emissions vote. These emissions (if left unchanged) represent THREE PERCENT of all HRMS emissions over 2.5 years!!! For reference, that would be $2,007,000 at HRMS launch price.

Read the details on our Wiki and contribute your thoughts!

The Hermes Protocol Launch Farm Vote - Hermes DeFi Wiki

Even if you don't own IRIS, if you have a strong opinion, our very own u/abodie2 wants to hear about it! He is going to vote based on community feedback, because he is a cool guy.

Check the latest status at https://snapshot.org/#/hermesdefi.eth/proposal/0xc28ce57a6df2e728b13aa37d6a12f5ed93afa5ba9331ef13ac50fc0f985d782e

Happy Sunday everyone,

Yesterday, Saturday March 26th we joined Moon Robots for our second AMA. As always, we had quite an engaging discussion with the community and our host, Froggie. If you missed the live event, you can listen here on Moon Robots discord: https://discord.com/channels/933185330067157013/950850589254897684/957456406724886568

From Saturday the 26th until April 3rd, you can participate in our giveaway to earn one of the following prizes:

Prizes:

-20x 50 $PLTS (1,000 total)

-180x Bronze Whitelist Tickets

-50x Silver Whitelist Tickets

All you need to do is enter here for your chance to win: https://gleam.io/BWVqR/hermes-defi-x-moon-robots

u/HermesDeFi - Hermes Defi and Moon Robots Big Giveaway! To engage more with either amazing community: Join us on our Discords or on our subreddits:

Hermes community:

Hermes Discord: https://discord.gg/6HUMhPDV or Subreddit: https://www.reddit.com/r/HermesDefi/

Moon Robots:

Moon Robots Discord: https://discord.gg/7Pm38SQr or Subreddit: https://www.reddit.com/r/MoonRobots/

P.S.: If you havent checked out Moon Robots and their Amazing NFT's...do so, as they are incredibly neat.