[Completed] Hashstack Airdrop campaign phase-1

3 min readJan 30, 2024


We are excited to announce the successful conclusion of the phase 1 of the HASH token airdrop campaign. We thank all the participating community members for their contribution in making Hashstack v1 the most capital efficient DeFi application in all of Starknet. You can access your final tally in the airdrop leaderboard here :

Hashstack team allocated 45,000,000 HASH tokens in this phase of airdrop, intended to smoke test the community reception.

The airdrop campaign ran between November 27, 2023 through till January 22, 2024; split into 4 epochs(1 epoch = 2 weeks), totalling 8 weeks. Users are rewarded in points based on the liquidity supplied(referred, supplied, borrowed). The HASH tokens allocated per user are based on their proportional share among the total points earned.

Complete campaign details including the airdrop claim can be found here:

Metrics and Impact

The numbers showcase exceptional growth. The total value locked(tvl) skyrocketed from $90,000 on November 28th to $150,000 within 72hrs. Midway through epoch 2, TVL reached $500k on December 19th. By January 7th in epoch 3, Hashstack hit $600k TVL. By the end of the campaign, the Total value locked had reached $750k+.

The campaign pool now holds 0.425% of the HASH supply. This includes 0.1% HASH token total supply unlocked per epoch, plus an additional 0.025% unlocked for capturing the $250,000 liquidity milestone.

Below links contain the positions captured across all the 6 snapshots per epoch.

  1. Epoch 1: https://github.com/0xHashstack/airdrop-snapshots/tree/main/epoch1
  2. Epoch 2: https://github.com/0xHashstack/airdrop-snapshots/tree/main/epoch2
  3. Epoch 3: https://github.com/0xHashstack/airdrop-snapshots/tree/main/epoch3
  4. Epoch 4: https://github.com/0xHashstack/airdrop-snapshots/tree/main/epoch4

Note: Due to an accounting error by one of our interns, some users had higher points & HASH tokens allocated. This has since been rectified.

Some captured numbers

During the tenure of the campaign, liquidity grew an average 40x across all primary markets, with USDC taking the crown position in-terms of total value locked.

  • BTC: $780.89 → $19,204.123 (+2,362%)
  • ETH: $9637.92 → $350,192 (+3,533%)
  • USDT: $3751.10 → $143,352.04 (+3,721%)
  • USDC: $8559.76 → $373,831.90 (+4,267%)
  • DAI: $316.60 → $29,120.63 (+9,097%)

Here’s what’s popular

  • Debt market — Ethereum (closely followed by USDC).
  • Supply market — Ethereum.
  • Spend dapp — JediSwap (Hashstack injected ~$100,000 in liquidity through its spend borrow feature).
  • Spend use-case: Liquidity Provisioning.

At Hashstack, we rely on capital efficiency to measure the overall protocol’s performance. Capital efficiency is the application’s ability to deploy the liquidity supplied as debt(in Hashstack’s case). This metric grew from ~6% to over 64%, with a peak capital efficiency tapped at 78%. This means, Hashstack deployed $64 as debt for every $100 liquidity supplied. In comparison, our nearest competitor had a capital efficiency of 31% only. This further validates Hashstack’s unique value proposition.

Further, Hashstack consistently remained in the list of fastest growing dapps on Starknet.



Our community has been our backbone from day 1. They are our biggest cheer leaders and the most vocal critics. We worked along with our contributors & the community members throughout the course of this campaign, including bouncing-off ideas on the campaign design, timeline, execution. This became a possibility only through an effective implementation of feedback loop within the dapp as well as the community server(hashstack.community). This helped us address smoothen the user experience by 10x(transaction latency), improve haptic feedbacks.

What’s Next?

Bringing HASH token to the market remains one of our key goals in the near future. This will be complemented by secondary initiatives such as community creators program; targeted to incentivise content creators for translation Hashstack content in different languages, video content creation through features, reviews, twitter threads, memes and anything in between. Additional details on this campaign will be disclosed next week. To clarify, Community creators program aka ccp, builds on our Contribute-2-Earn Programme — allowing members to swap their zealy points to the reward points that can be exchanged for HASH tokens in the future.

We remain grateful to our incredible community. Let’s grow together!




A non-custodial money market protocol enabling secure under-collateralised loans on the blockchain. Website- https://hashstack.finance