Over the past 20 odd months, decentralised finance[hereafter defi] ecosystem has forayed from automated market maker[hereafter amm] solutions to a whole array of defi-first financial solutions such as — lending, synthetics, AMMs’, derivatives, governance. What is even more interesting is the astounding validation defi has received. The initial success sparked the interests of many incumbent players both blockchain and internet alike, creating a literal defi rush. Binance was quick to identify the underlying pain points of exorbitant gas fees & low transaction throughput with DeFi on Ethereum; rolled out Binance-smart-chain, developed on EVM. With transaction costs falling to as low as 1¢, &3 second block times; bsc quickly became the much-needed catalyst that addressed the adoption barrier of, “DeFi is expensive”. The near-zero migration costs also helped the cause. Many other projects quickly followed the suit — Avalanche, Fantom, Polygon.
While the defi has greatly benefitted from a surge in enabler catalysts; to this day it continues to struggle with the quality of projects built upon them. The problem, many of the present day DeFi are built in silos, and are rarely comparable to centralised tech-first alternatives.
At Hashstack, we followed the Defi revolution right from its cusp. We deconstructed pretty much every promising product over the past 20 months, attempted to understand, the what? the why? & the how? behind them. The gathered insights helped us build a comprehensive understanding of the possibilities of decentralised finance. Soon, we began working on the problems & opportunities we could address through defi. We named the project Hashstack.
Hashstack is a decentralised financial network that provides multi-chain interoperable complex blockchain applications & protocols to serve the real needs of millions of underserved people around the world.
Through Open protocol, Hashstack has designed the world’s only under-collateralised lending framework that permits you to borrow upto three times your collateral. Open’s novel approach bypasses the need for credit underwriting to facilitate under-collateralised loans.
Through Open, Hashstack intends to provide secure under-collateralised loans to 7.9billion people around the world.
Hashstack’s Open protocol encourages productive lending. Productive lending is when the money is borrowed to boost personal finances. When Hashstack lends, it assumes that the borrowers use the funds productively to earn a profit so that they can pay the lender back while keeping some extra earnings to themselves. When the loan is outstanding it is an asset for the Hashstack and its creditors aka depositors, while a liability (debt) for the borrower. When a loan is repaid, the assets and liabilities disappear, and the exchange is good for both the borrower and creditor.
On Open protocol one can borrow upto $300 by providing only $100 as a collateral. Of this, you can withdraw $70(upto 70% collateral equivalent ), while utilising the $230 as in-platform trading capital.
Open protocol will serve as the foundation for things to come, to Hashstack ecosystem. To enable maximum loan utilisation, Hashstack will integrate dapps of different vectors with the Open protocol. Our first integration Paraswap provides as a seamless swap of loan assets into secondary markets.
To stay true to its decentralisation nature, Hashstack’s product ecosystem is governed by HASH token. HASH is a multi-chain interoperable token supporting Binance smart chain, Harmony, Ethereum, Avax c-chain, all evm chains.
We are hiring
We are looking to onboard amazing talent who can help us meet our goals quicker. Below are some of the open positions at Hashstack.
- Front-end developer[React/Next].
- Technical writer.
- Community manager.
- Solidity engineer.
- User experience designer.
Qualified applicants can check out the detailed Job description at https://docs.hashstack.finance/openings
Hashstack provides low-latent autonomous financial solutions to accelerate the adoption and usabiltiy of decentralised finance.
Through this post, we officially introduce Hashstack to the world.