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Hashstack Launches Open Protocol Testnet, Bringing First Collateralized Loans to DeFi


[PRESS RELEASE – Road Town, British Virgin Islands, 7th February 2022] Hashstack Finance is pleased to announce the testnet debut of its Open protocol, the first-ever DeFi lending protocol to provide non-custodial, secure, collateralised loans. The milestone marks a significant achievement in Hashstack’s roadmap as it prepares to launch the Open Protocol Head in the coming weeks. Open Protocol is the only standalone loan solution in DeFi that enables collateralised loans up to a 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. up to 70% collateral) while using $230 as in-platform trading capital. Hashstack Finance founder Vinay said, “Today, if you want to borrow $100 on Compound, or Aave, or even MakerDAO, you must provide collateral of at least $142. This breaks the primary intent behind obtaining loans and has limiting uses. cases for the borrower In comparison, through Hashstack’s Open protocol you could borrow the same $100 with collateral as little as $33.33 This 4.25x added value over any established market player today is a notable milestone for the DeFi ecosystem in general, and will drive further adoption.” While current DeFi lending protocols require excessive collateralisation, Hashstack is proud to give borrowers a glimpse into the future of DeFi lending.Whether you need to borrow for personal monetary needs, leveraged investments in IDOs or trade capital, Open Protocol offers direct loans To accelerate the growth of DeFi loans, Hashstack’s Open protocol eliminates inefficiencies from the DeFi ecosystem through a three-pronged approach: clear compartmentalization of APY and APR of deposits/loans to that of their minimum commitment period (MCP) Effective use of assets by diversifying available assets through lending and providing trading capital Collateralized loans Hashstack integrates with other DeFi solutions such as Pancakeswap to enable in-app market swaps and improve loan utilization. means that the borrowers can exchange the borrowed tokens for other primary mu nts or secondary coins without having to exchange the dApp. Open protocol also bridges assets from other chains such as Ethereum and Avalanche C-chain as an extension of the primary markets. For starters, the Open protocol only supports major liquid coins such as BTC, USDT, USDC, BNB, and Hashstack’s native governance token HASH. About Hashstack Hashstack Finance is a DeFi platform whose Open Protocol aims to disrupt the DeFi lending market by offering collateralised loans. It addresses the need for the lack of collateralised credit options for retail cryptocurrency investors by enabling loans of up to 3x collateral to meet personal financial needs and trading capital requirements. Users can secure collateralized loans to avoid having to sell their long-term investments to meet their short-term cash needs. SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and get $100 Free and 10% Off Fees on Binance Futures First Month (Terms and Conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to receive up to $7,000 on your deposits.
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