The MultiversX ecosystem is preparing to welcome a new protocol to its ranks: Hatom (HTM). This will offer a range of decentralised finance (DeFi) products such as loans and borrowings, liquid staking and a native stablecoin (USH), among others. An IDO for the HTM token, open to all EGLD holders, is being organised on xLaunchpad, MultiversX’s platform dedicated to community fundraising.
Hatom Protocol (HTM) is coming to MultiversX
Hatom Protocol uses the potential of liquid staking to allow holders of EGLD tokens to take full advantage of the possibilities offered by decentralised finance (DeFi).
The latest protocol to join the MultiversX ecosystem via xLaunchpad, its liquid staking solution redistributes all EGLDs among numerous validators in order to contribute to the decentralisation of the network, optimising the use of capital at the same time. It automatically allocates staking rewards to provide the best possible return.
The liquid staking solution, integrated directly into the platform, enables users to lend sEGLDs via the lending protocol. In return, they will receive an interest-bearing token, the HsEGLD.
This token not only continues to pay users their staking rewards, but also generates an additional return through the lending platform. At the same time, users can use HsEGLDs to trade or provide liquidity on other platforms.
Users will also be able to open leveraged positions using sEGLDs or HsEGLDs as collateral and borrow against these assets, allowing them to buy or sell any token listed on the platform.
HTM, Hatom’s own token, is deeply integrated into the protocol. Users can obtain multiple revenue streams from the HTM token. Whether lending the HTM token to receive basic returns, staking it in the module that redistributes a portion of all platform fees from all Hatom applications to users, or participating in governance, the HTM token offers many varied uses on the Hatom platform.
How does Hatom differ from other protocols?
In contrast to most liquidity protocols, Hatom also offers lending and borrowing, reinforcing the relevance of its HTM token and motivating users to inject liquidity via EGLDs.
By enabling direct staking and lending of EGLDs at the click of a button, users are encouraged to purchase HsEGLDs for increased returns, while borrowers benefit from a higher level of liquidity.
Few protocols offer staking, liquid lending and borrowing and their own decentralised stablecoin. With USH (Hatom USD), Hatom has its own decentralised stablecoin, backed in an over-collateralised way by assets with good liquidity or seniority. In fact, any cryptocurrency available on Hatom Protocol can be used to create USH tokens.
In addition to this over-collateralisation and to complete the 6 audits to which Hatom has been or is still being subjected, a safety module has been designed by Hatom. This allows users to deposit various cryptocurrencies such as wBUSD, wUSDT, wUSDC, EGLD, sEGLD, UTK, HTM, wETH and wBTC.
In this way, users are rewarded with a portion of the protocol fees in the form of HTM tokens redeemed in exchange for contributing cash to the security module. In the event of an unforeseen Hatom Protocol shortfall, the security module will mitigate, or ideally eliminate, any impact on the protocol.
In essence, the security module will act as an insurance policy, with suppliers – whether cash providers or regular users – receiving a portion of the platform’s revenues as a reward.
To add even more diversity to its product range, Hatom Protocol is offering two other unusual modules: a ‘Fiat Earn’ module and a ‘Lending as a Service’ module (also known as Hatom Mush).
The Fiat Earn module, which is still at an early stage of research and development, will enable anyone to deposit fiat money on the protocol in order to generate returns.
As for the Hatom Mush module, this will enable anyone to set up their own lending and borrowing platform, based on Hatom’s code and using its technology as a foundation. Naturally, Hatom also benefits from ‘Lending as a Service’ by charging a fee for each platform created using its product.
Security and the creation of its ecosystem are a priority
The Hatom Protocol has been (or is currently being) audited 6 times by security auditors such as Hacken, Certik, Peckshield, Halborn, Arda and RuntimeVerification. The Hatom Protocol team plans to commission further audits in the future. This already makes Hatom one of the most audited decentralised protocols in the Web3 ecosystem.
To attract blockchain developers and encourage them to use Hatom Protocol, Hatom will allocate $150,000 of its treasury to grants to encourage dedicated developers and their projects.
