Difference between revisions of "Hashflow (HFT)"

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Hashflow is a decentralized exchange designed for interoperability, zero slippage, and [[Maximal Extractable Value (MEV)|MEV]]-protected trades.
==Basics==
==Basics==


*Based in:
*Based in:
*Started in / Announced on: [https://twitter.com/hashflownetwork/status/1387799225379999746 29-4-2021]
*Founded in [https://messari.io/report/hashflow-certainty-in-execution 2020]
*Announced on: [https://twitter.com/hashflownetwork/status/1387799225379999746 29-4-2021]
*[[Testnet]] release:
*[[Testnet]] release:
*[[Mainnet]] release:
*[[Mainnet]] release:
Line 10: Line 13:


==History==
==History==
* From a commissioned [[Messari]] [https://messari.io/report/hashflow-certainty-in-execution report] (22-3-2023):
''"Hashflow was founded in 2020 by Varun Kumar, Victor Ionescu, and Vinod Raghavan. After launching in Private Alpha in April 2021, Hashflow fully launched last August. Since initially launching on Ethereum, it expanded to Arbitrum, Avalanche, BNB, Polygon, and Optimism in early 2022."''
==Audits & Exploits==
*[[Bug bounty]] program can be found [insert here].
*The protocol has passed [https://messari.io/report/hashflow-certainty-in-execution three audits] (22-3-2023).
===Bugs/Exploits===
==Governance==
===Admin Keys===
* From a commissioned [[Messari]] [https://messari.io/report/hashflow-certainty-in-execution report] (22-3-2023):
''"An audit by Certik identified Hashflow’s major risk vector to be [[Centralized|centralization]], with a key [[Smart Contract (SC)|contract]] currently managed by the core team around [[Permissioned|permissioning]] pools. The permissions include enabling new pools and market makers as well as limiting existing ones. The team is working on updating the contracts to include an [[immutable]] and more limited permissions contract."''
===DAO===
* From a commissioned [[Messari]] [https://messari.io/report/state-of-hashflow-q1-2023 report] (21-4-2023):
''"The Hashflow Foundation is in the process of decentralizing the protocol. It uses token voting for [[Off Chain|off-chain]] governance, with an optional vote [[Escrow Contract|escrow]] staking mechanism for holders to increase their voting power depending on the length of the escrow."''
===Notable Governance Votes===
===Treasury===
* The community treasury will be the [https://messari.io/report/hashflow-certainty-in-execution sole recipient] of HFT’s perpetual 4% inflation, which starts in November 2026.
==Token==
==Token==
===Launch===
===Launch===
* In November 2022, Hashflow [https://messari.io/report/hashflow-certainty-in-execution launched] HFT, its [[Ethereum (ETH)|Ethereum]]-based [[ERC20 tokens|ERC-20]] governance token.
===Token Allocation===
===Token Allocation===
* From a commissioned [[Messari]] [https://messari.io/report/hashflow-certainty-in-execution report] (22-3-2023):
''"At the token generation event (TGE), ~17.5% of the total supply (175 million HFT) was unlocked and distributed to various community members (NFT holders), users (traders, market makers, and liquidity providers), and external contributors outside of the “Ecosystem Development” allocation. Beyond that, ~19.3% of HFT of the total supply was allocated to the Hashflow team, with an additional 2.5% for future hires. These tokens have a 1-year cliff and a subsequent 3-5 year vesting period. Investors received 25% of total HFT supply with a 1-year cliff and 3-year vesting period.''
''The largest allocation from the initial supply is for “Ecosystem Development.” As such,~53.2% of total HFT supply is set to go to ecosystem partners, community members, the community treasury, and other external stakeholders. Different stakeholders have different vesting schedules, with over one-third of Ecosystem Development HFT already unlocked."''
===Utility===
===Utility===
* Tokenholders [https://snapshot.org/#/hashflowdao.eth/proposal/0x014a10517b46f895583de15713733147ca960f18a40c45d6653db7a150797ba7 voted] to turn on fees for traders, and the team is working on an implementation that splits a portion of execution savings between users and the protocol (31-1-2024).
===Other Details===
===Other Details===
===Stablecoin===
===Stablecoin===
Line 20: Line 63:


*[[Whitepaper]] can be found [insert here].
*[[Whitepaper]] can be found [insert here].
*Code can be viewed [insert here].
*Hashflow’s codebase is [[closed source]], and its [[Smart Contract (SC)|smart contract]] [[Address|addresses]] are not public ([https://messari.io/report/hashflow-certainty-in-execution 3-2023]).  


===Implementations===
===Implementations===


*Built on:
*Built on: Initially launching on [[Ethereum (ETH)|Ethereum]], it expanded to [[Arbitrum (ARB)|Arbitrum]], [[Avalanche (AVAX)|Avalanche]], [[Binance|BNB]], [[Polygon (MATIC)|Polygon]], and [[Optimism (OP)|Optimism]] in early 2022
*Programming language used:
 
===How it works===
 
* From a commissioned [[Messari]] [https://messari.io/report/hashflow-certainty-in-execution report] (22-3-2023):
 
''"Hashflow is a new type of [[Decentralized Exchange (DEX)|DEX]] where traders can know the price of a trade before executing it. It offers traders prices through a request-for-quote model (RFQ) with professional market makers, instead of a [[Bonding Curves|bonding curve]]. The implementation uses [[signature]]-based pricing, allowing market makers to do pricing computation [[Off Chain|off-chain]]. This approach addresses shortcomings that are prevalent in [[Automated Market Makers (AMM)|AMMs]], offering [[Maximal Extractable Value (MEV)|MEV]]-resistance, no slippage, and access to [[Cross Chain|cross-chain]] liquidity.''
 
''Traders can [[Permissionless|permissionlessly]] interact with the Hashflow protocol and request a quote to trade any listed asset (i.e., to buy [[Ethereum (ETH)|ETH]] for 1,000 [[US Dollar Coin (USDC)|USDC]]). Hashflow relays the RFQ to MMs, who do off-chain computation to determine their best bid or offer. After the MMs respond with their prices, the Hashflow protocol finds the best price and shows it to the trader.''
 
''Traders can then agree to trade at that price or choose to hold off. If the trader agrees to the price within the time window, the assets are swapped between the trader and MM [[liquidity pool]]. Up until then, the trader has custody of their assets at all times. Because the MM prices assets off-chain and cryptographically signs the quote, there is no [[Frontrunners|front-running]] opportunity for MEV bots.''
 
''Currently, the Hashflow core team does due diligence on market makers and is responsible for giving them access. The Hashflow Foundation also requires know your customer ([[KYC]]) procedures and binding legal contracts. The long-term objective is to create permissionless access to becoming a market maker."''
 
===Fees===


====Transaction Details====
* From a commissioned [[Messari]] [https://messari.io/report/hashflow-certainty-in-execution report] (22-3-2023):


*Capacity ([[TPS]]):
''"For the foreseeable future, there are no trading fees, but the [[Decentralised Autonomous Organisation (DAO)|DAO]] is able to turn on fees down the road."''
*[[Latency]]:


===How it works===
===Upgrades===
===Mining===
===Staking===
===Staking===
* From a commissioned [[Messari]] [https://messari.io/report/state-of-hashflow-q1-2023 report] (21-4-2023):
''"Less than 20% of HFT Holders are staking. Of the nearly 2,000 stakers, 42% of them are staking for over two years (the maximum is 4 years). They are also earning voting power, HFT rewards (targeting 10% APY), and a higher power level in the Hashverse, which can increase future HFT earnings.''
''There are also many shorter-term lockers, which could lead to potential changes in HFT liquidity. At quarter end, there was 1.3 million HFT coming out of vote escrow locking in the second quarter. In total, 6.2 million HFT, or 3.6% of circulating supply, is locked as veHFT."''
====Validator Stats====
====Validator Stats====
* From a commissioned [[Messari]] [https://messari.io/report/state-of-hashflow-q3-2023 report] (31-10-2023):
''"The number of HFT stakers increased, but the amount of staked HFT fell over 30% in the quarter as a single large lockup ended."''
===Liquidity Mining===
===Liquidity Mining===
===Scaling===
===Scaling===
===Interoperability===
===Interoperability===
===Other Details===
===Other Details===
==Privacy Method==
==Compliance==
==Oracle Method==
==Oracle Method==
* [[Pyth Network|Pyth]] is [https://pyth.network/consumers mentioned] as [[oracle]] (7-3-2022).
==Their Other Projects==
==Their Other Projects==
==Governance==
 
===DAO===
=== Hashverse ===
===Admin Key===
 
===Treasury===
* From a commissioned [[Messari]] [https://messari.io/report/hashflow-certainty-in-execution report] (22-3-2023):
==Upgrades==
 
''"The Hashverse is Hashflow’s soon-to-be-launched gamified user introduction platform. The design is meant to expand the holder base of HFT and help new users take advantage of the protocol’s features. Aside from growing the community, the Hashverse should also help increase trading activity on Hashflow.''
 
''HFT holders can lock tokens to create an in-game character. They will then be able to complete tasks and quests to earn additional HFT and further increase their voting power. The experience is intended to strengthen the community while creating opportunities for users to contribute and earn HFT."''
 
==Roadmap==
==Roadmap==


*Can be found [Insert link here].
*Can be found [https://blog.hashflow.com/hashflow-prioritization-roadmap-2023-2acc26cfc66e here] (2023).
*From a commissioned [[Messari]] [https://messari.io/report/hashflow-certainty-in-execution report] (22-3-2023):
''"H1’23 will bring improvements for users like smart order routing, a [[FIAT|fiat]] on-ramp, and Hashflow’s first non-[[Ethereum Virtual Machine (EVM)|EVM]] deployment. The planned upgrades for the second half of 2023 include limit orders, time-weighted average price ([[Time Weighted Average Price (TWAP)|TWAP]]) trading, and an order book."''
 
==Usage==
 
* From a commissioned [[Messari]] [https://messari.io/report/hashflow-certainty-in-execution report] (22-3-2023):
 
''"Hashflow has been incentivizing activity (market making, liquidity provision, and trading) on the platform. Since its launch in August 2021, Hashflow has had a cumulative $12.3 billion traded through its platform. [[Ethereum (ETH)|Ethereum]] has the lion’s share of volume, hovering around 50%, with [[Binance|BNB Chain]] (25%), [[Arbitrum (ARB)|Arbitrum]] (13%), and [[Avalanche (AVAX)|Avalanche]] (5%) capturing most of the remaining volume. Since their April 2022 launch, [[Cross Chain|cross-chain]] swaps have accounted for roughly 0.4% of total volume."''
 
===Projects that use or built on it ===


==Audits==
* From a commissioned [[Messari]] [https://messari.io/report/hashflow-certainty-in-execution report] (22-3-2023):


*[[bug bounty|Bug bounty]] program can be found [insert here].
''"In addition to its core user interface, Hashflow has attracted volume through integrations with projects like DEX aggregator [[1inch Network (1INCH)|1inch]], [[DeFi Llama|DefiLlama]], [[Odos]], [[OpenOcean (OOE)|OpenOcean]], [[OKX (OKB & OKT)|OKX]], and smart wallet [[Zerion]]."''


===Bugs/Hacks===
==Usage==
===Projects that use or built on it===
==Competition==
==Competition==
==Pros and Cons==
==Pros and Cons==
===Pros===
===Pros===
===Cons===
===Cons===
==Team, Funding, Partnerships, etc.==
 
* Had investment from [[FTX (FTT)|Alameda Research]]/FTX, which [https://twitter.com/Edvis100/status/1591106606716313600 came out] (11-11-2022) during the FTX crash. This could mean fall-out risk.
 
==Team, Funding, Partners==
===Team===
===Team===


*Full team can be found [here].
*Full team can be found [here].
*From a commissioned [[Messari]] [https://messari.io/report/hashflow-certainty-in-execution report] (22-3-2023):
''"Hashflow was founded in 2020 by Varun Kumar, Victor Ionescu, and Vinod Raghavan"''


===Funding===
===Funding===
* From a commissioned [[Messari]] [https://messari.io/report/hashflow-certainty-in-execution report] (22-3-2023):
''"Hashflow announced a $3.2 million seed round led by [[Dragonfly Capital Partners|Dragonfly Capital]] and [[Electric Capital]]. In July 2022, Hashflow raised a $25 million Series A at a $400 million valuation. In addition to follow-on investments from Electric Capital and Dragonfly Capital, the Series A designated a number of prominent market makers as Hashflow stakeholders, including [[Jump Trading|Jump Crypto]], [[Wintermute Trading|Wintermute]], LedgerPrime, Altonomy, and [[GSR]]. Other prominent investors include [[Galaxy Digital]], [[Coinbase (COIN)|Coinbase]], [[Balaji Srinivasan]], and [[Jason Choi]]."''
===Partners===
===Partners===
* From a commissioned [[Messari]] [https://messari.io/report/state-of-hashflow-q1-2023 report] (21-4-2023):
''"Partnered with [[Magic Eden]] to launch their "Enter the Hashverse Season 1 Battle Pack," a special offering that allows users to participate in a tournament-style event with prizes. When the battle packs minted on [[Ethereum (ETH)|Ethereum]] on April 6, Hashflow became Magic Eden’s first partner on Ethereum."''
==(:==
==(:==
Knowledge empowers all and will help us get closer to the [[decentralised]] world we all want to live in!
Knowledge empowers all and will help us get closer to the [[decentralised]] world we all want to live in!
Line 79: Line 172:


[[ETH]] tip [[address]]: 0x83460bE5F218b1520B69D702cE60A1DE37dD8E31
[[ETH]] tip [[address]]: 0x83460bE5F218b1520B69D702cE60A1DE37dD8E31
Also check out [https://cointr.ee/zeb CoinTr.ee] for more content.
[[Category:Exchange]]
[[Category:Exchange]]

Latest revision as of 08:01, 25 March 2024

Hashflow is a decentralized exchange designed for interoperability, zero slippage, and MEV-protected trades.

Basics

"Hashflow is a decentralized exchange that lets users trade trustlessly with crypto’s top market makers. It allows for better prices, no slippage, and rock-bottom gas fees."

History

"Hashflow was founded in 2020 by Varun Kumar, Victor Ionescu, and Vinod Raghavan. After launching in Private Alpha in April 2021, Hashflow fully launched last August. Since initially launching on Ethereum, it expanded to Arbitrum, Avalanche, BNB, Polygon, and Optimism in early 2022."

Audits & Exploits

Bugs/Exploits

Governance

Admin Keys

"An audit by Certik identified Hashflow’s major risk vector to be centralization, with a key contract currently managed by the core team around permissioning pools. The permissions include enabling new pools and market makers as well as limiting existing ones. The team is working on updating the contracts to include an immutable and more limited permissions contract."

DAO

"The Hashflow Foundation is in the process of decentralizing the protocol. It uses token voting for off-chain governance, with an optional vote escrow staking mechanism for holders to increase their voting power depending on the length of the escrow."

Notable Governance Votes

Treasury

  • The community treasury will be the sole recipient of HFT’s perpetual 4% inflation, which starts in November 2026.

Token

Launch

Token Allocation

"At the token generation event (TGE), ~17.5% of the total supply (175 million HFT) was unlocked and distributed to various community members (NFT holders), users (traders, market makers, and liquidity providers), and external contributors outside of the “Ecosystem Development” allocation. Beyond that, ~19.3% of HFT of the total supply was allocated to the Hashflow team, with an additional 2.5% for future hires. These tokens have a 1-year cliff and a subsequent 3-5 year vesting period. Investors received 25% of total HFT supply with a 1-year cliff and 3-year vesting period.

The largest allocation from the initial supply is for “Ecosystem Development.” As such,~53.2% of total HFT supply is set to go to ecosystem partners, community members, the community treasury, and other external stakeholders. Different stakeholders have different vesting schedules, with over one-third of Ecosystem Development HFT already unlocked."

Utility

  • Tokenholders voted to turn on fees for traders, and the team is working on an implementation that splits a portion of execution savings between users and the protocol (31-1-2024).

Other Details

Stablecoin

Coin Distribution

Technology

Implementations

How it works

"Hashflow is a new type of DEX where traders can know the price of a trade before executing it. It offers traders prices through a request-for-quote model (RFQ) with professional market makers, instead of a bonding curve. The implementation uses signature-based pricing, allowing market makers to do pricing computation off-chain. This approach addresses shortcomings that are prevalent in AMMs, offering MEV-resistance, no slippage, and access to cross-chain liquidity.

Traders can permissionlessly interact with the Hashflow protocol and request a quote to trade any listed asset (i.e., to buy ETH for 1,000 USDC). Hashflow relays the RFQ to MMs, who do off-chain computation to determine their best bid or offer. After the MMs respond with their prices, the Hashflow protocol finds the best price and shows it to the trader.

Traders can then agree to trade at that price or choose to hold off. If the trader agrees to the price within the time window, the assets are swapped between the trader and MM liquidity pool. Up until then, the trader has custody of their assets at all times. Because the MM prices assets off-chain and cryptographically signs the quote, there is no front-running opportunity for MEV bots.

Currently, the Hashflow core team does due diligence on market makers and is responsible for giving them access. The Hashflow Foundation also requires know your customer (KYC) procedures and binding legal contracts. The long-term objective is to create permissionless access to becoming a market maker."

Fees

"For the foreseeable future, there are no trading fees, but the DAO is able to turn on fees down the road."

Upgrades

Staking

"Less than 20% of HFT Holders are staking. Of the nearly 2,000 stakers, 42% of them are staking for over two years (the maximum is 4 years). They are also earning voting power, HFT rewards (targeting 10% APY), and a higher power level in the Hashverse, which can increase future HFT earnings.

There are also many shorter-term lockers, which could lead to potential changes in HFT liquidity. At quarter end, there was 1.3 million HFT coming out of vote escrow locking in the second quarter. In total, 6.2 million HFT, or 3.6% of circulating supply, is locked as veHFT."

Validator Stats

"The number of HFT stakers increased, but the amount of staked HFT fell over 30% in the quarter as a single large lockup ended."

Liquidity Mining

Scaling

Interoperability

Other Details

Oracle Method

Their Other Projects

Hashverse

"The Hashverse is Hashflow’s soon-to-be-launched gamified user introduction platform. The design is meant to expand the holder base of HFT and help new users take advantage of the protocol’s features. Aside from growing the community, the Hashverse should also help increase trading activity on Hashflow.

HFT holders can lock tokens to create an in-game character. They will then be able to complete tasks and quests to earn additional HFT and further increase their voting power. The experience is intended to strengthen the community while creating opportunities for users to contribute and earn HFT."

Roadmap

"H1’23 will bring improvements for users like smart order routing, a fiat on-ramp, and Hashflow’s first non-EVM deployment. The planned upgrades for the second half of 2023 include limit orders, time-weighted average price (TWAP) trading, and an order book."

Usage

"Hashflow has been incentivizing activity (market making, liquidity provision, and trading) on the platform. Since its launch in August 2021, Hashflow has had a cumulative $12.3 billion traded through its platform. Ethereum has the lion’s share of volume, hovering around 50%, with BNB Chain (25%), Arbitrum (13%), and Avalanche (5%) capturing most of the remaining volume. Since their April 2022 launch, cross-chain swaps have accounted for roughly 0.4% of total volume."

Projects that use or built on it

"In addition to its core user interface, Hashflow has attracted volume through integrations with projects like DEX aggregator 1inch, DefiLlama, Odos, OpenOcean, OKX, and smart wallet Zerion."

Competition

Pros and Cons

Pros

Cons

  • Had investment from Alameda Research/FTX, which came out (11-11-2022) during the FTX crash. This could mean fall-out risk.

Team, Funding, Partners

Team

  • Full team can be found [here].
  • From a commissioned Messari report (22-3-2023):

"Hashflow was founded in 2020 by Varun Kumar, Victor Ionescu, and Vinod Raghavan"

Funding

"Hashflow announced a $3.2 million seed round led by Dragonfly Capital and Electric Capital. In July 2022, Hashflow raised a $25 million Series A at a $400 million valuation. In addition to follow-on investments from Electric Capital and Dragonfly Capital, the Series A designated a number of prominent market makers as Hashflow stakeholders, including Jump Crypto, Wintermute, LedgerPrime, Altonomy, and GSR. Other prominent investors include Galaxy Digital, Coinbase, Balaji Srinivasan, and Jason Choi."

Partners

"Partnered with Magic Eden to launch their "Enter the Hashverse Season 1 Battle Pack," a special offering that allows users to participate in a tournament-style event with prizes. When the battle packs minted on Ethereum on April 6, Hashflow became Magic Eden’s first partner on Ethereum."

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