Hashstack’s public testnet is live

Metrics

  1. 4,156 unique wallets registered. 2,497 accounts were enabled access across various versions of the private testnet.
  2. Cumulative total value locked: $12Mn USD.
  3. Market utilisation rate: 45–60%
  4. Dominant market[deposits]: BTC
  5. Dominant market[loans]: USDT
  6. swap to loan ratio: 15–20%

Public testnet capabilities

  1. Network: BNB Chain.
  2. Faucet: Receive testnet tokens for BTC, USDT, USDC, BNB.
  3. All deposit functionality: deposit, earn savings apr, withdraw deposits.
  4. All borrow functionality: borrow, add collateral, swap & reverse-swap loan, withdraw partial loan, withdraw collateral, repay loan
  5. Liquidation: Any user with 2,500 USDT as fixed deposit of 3 month mcp is deemed liquidator. Protocol automated liquidation is not enabled in this version.

Trade-offs

As with any early stage product, we have prioritised smooth functionality over fancy design. We are quite aware of the need for a good user experience. With a successful iteration of the testnet across 4 versions, we have now begun to work on simplified and optimised user experience with right blend of deep insights & functionality. The design improvements can be expected over a period of the next few weeks with minor changes reflecting each week.

Where do we go from here?

With the release of public testnet, we are only a step away from main-net. However, there are few critical features such as multi-chain dapp integration module built upon EIP9000 enabling eternal storage scalability of smart contracts needs evaluation as a part of the public testnet. We expect to release an upgrade towards the later part of this month with this feature implemented. It’s necessary to evalute Multi-chain dapp integration module prior to the mainnet, so that we can avoid releasing newer product versions every alternate week.

Major break-through | Multi-chain dapp integration module

While Open protocol enables a way to facilitate under-collateralised loans targeted towards personal finances & trading capital requirements; a major problem occurs when we needed to integrate dapps of critical novelty. This is essential because, we need to enable an optimum avenue for our borrower to spend the excess loan that they can not withdraw from the protocol. If we go by the today’s practice, we could launch Open with maybe15–20 dapps on one chain, then release v2 with multi-chain capabilities and with probably another 15–20 dapps integrated. The problem being, we are forced to deploy a new version every time even if we want to integrate a single dapp. Unfortunately, there’s no web3 alternative to web2’s sdk. This is a second-order effect. An unintended problem that if addressed appropriately, can enable layer3 capabilities.

About Hashstack

Hashstack builds critical infrastructure necessary to further the utility of decentralised finance. Our first product, Open built atop Open protocol standard brings under-collateralised loans to the crypto retail.

Continue the discussion

  1. Discord: hashstack.community
  2. Twitter: twitter.com/0xHashstack
  3. BUIDL with us: github.com/0xHashstack

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