• After launching its Open Protocol public testnet, Hashstack Finance received $5 Million in TVL.
• The public testnet will greatly boost the platform’s features.
• Open Protocol, which is the instant undercollateralized DeFi loan protocol that’s not custodial and non-custodial, has been deemed to be unique.

Hashstack Finance, a DeFi platform has raised $5M in total value (TVL), following its Open Protocol public testnet. This protocol would permit borrowers get their collaterals at the greatest value.

Following the rise in the platform’s TVL immediately after the public testnet went live, Hashstack Founder Vinay Kumar said that the “release marks a significant accomplishment in [their company’s] roadmap.”

According to the company, the Open protocol’s public testnet will improve the platform’s user interface and switch the protocol from a centralized backend to a decentralized blockchain to enhance transparency.

Furthermore, the development will boost the platform’s stability through a hybrid access model comprised of a base interest rate summed with an algorithmic determinant kept constant for three to seven days.

Launched earlier this year, Hashstack’s open protocol is said to be the only instant non-custodial undercollateralized DeFi lending protocol, enabling a collateral-to-loan ratio of up to 1:3. Borrowers can borrow up to $300 using only $100 collateral. The user can withdraw $70 with $230 of their in-platform trading capital.

Hashstack, as described above will use a unique mechanism to allow the infinite scalability storage and logic smart contracts. This allows Hashstack to capitalize on $230 of locked trading capital. This improvement is claimed to surpass EIP2535, which is the industry standard.

Hashstack has announced that it will be submitting an Improvement Proposal, EIP 9000 to improve smart contract development. The company can integrate multiple dapps into the Open Protocol, without having to modify smart contract addresses. This will allow users to use the amount that is locked in the protocol more effectively.

Kumar said that their public testnet gives them an edge when preparing for Open Protocol’s mainnet launch in the second quarter. This is expected to happen sometime during the 2022-23rd year.

Hashstack is connected with Pancakeswap and other DeFi platforms to allow in-app marketplace swaps. This facilitates loan utilization. Open Protocol bridges assets between other chains like Ethereum or C-chain to expand the primary markets.

The Open Protocol supports only major liquid coins, including BTC, USDT, USDC, BNB, and Hashstack’s native governance token, HASH.

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