Road Town, British Virgin Islands, 2nd May, 2022, Chainwire
Hashstack Finance officially announces the public testnet launch of its Open Protocol, the first ever DeFi lending protocol to offer non-custodial, secure under-collateralized loans. With this, DeFi users will be able to experience first-hand how to get the maximum value out of their collateral when borrowing. This is expected to boost the economic activity in the DeFi space.
Hashstack’s Open Protocol is the only product today that enables under-collateralized loans up to 1:3 collateral-to-loan ratio. It means you can borrow up to $300 by providing only $100 as collateral. Of this, you can withdraw $70 (i.e. upto 70% collateral), while utilizing $230 as in-platform trading capital.
To further the utilization of $230 locked within the protocol as trading capital, Hashstack has developed a novel mechanism that enables eternal scalability of storage and logic of smart contracts; a significant improvement over the current industry standard EIP 2535. Hashstack’s team will submit an Ethereum Improvement Proposal (EIP 9000) to help foster secure and upgradeable smart contract development. It will allow Hashstack to integrate as many dApps with the Open Protocol as possible without the need to change the smart contract addresses, thus expanding the ways users can utilize the amount locked within the protocol.
“Our public testnet has attracted over US$5 million in total value locked (TVL) immediately after going live. The public testnet release marks a significant accomplishment in Hashstack’s roadmap as we prepare to launch the Open Protocol mainnent later in the second quarter of 2022,” commented Hashstack Finance founder Vinay Kumar.
Thanks to the dedicated preparation and execution from the development team, the Open Protocol’s public testnet brings a plethora of features and improvements including:
While the current DeFi lending protocols require over-collateralization, Hashstack is proud to give borrowers a glimpse into the future of DeFi lending. Whether you need to borrow for personal cash needs, leveraged investments in IDOs, or trading capital, Open Protocol facilitates instant under-collateralized loans.
To accelerate the growth of DeFi lending, Hashstack’s Open Protocol eliminates inefficiencies from the DeFi ecosystem through a three-pronged approach:
Hashstack integrates with other DeFi solutions such as Pancakeswap to facilitate in-app market swaps and to improve loan utilization. It means the borrowers can swap the borrowed tokens into other primary coins or secondary coins without the need to switch the dApp. Open Protocol also bridges assets from other chains such as Ethereum and Avalanche C-chain as an expansion of the primary markets.
To begin with, the Open Protocol supports only major liquid coins such as BTC, USDT, USDC, BNB, and Hashstack’s native governance token HASH.
Hashstack Finance is a DeFi platform whose Open protocol aims to disrupt the DeFi lending market by offering under-collateralized loans. It addresses the need of lacking under-collateralized lending avenues for retail cryptocurrency investors by enabling loans at upto 3x collateral to serve the personal financial needs and trading capital requirements. Users can secure under-collateralized loans to avoid having to sell their long-term holdings to meet their short-term cash needs.
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