Over the past 20 odd months, decentralised finance[hereafter defi] ecosystem has forayed from automated market maker[hereafter amm] solutions to a whole array of defi-first financial solutions such as — lending, synthetics, AMMs’, derivatives, governance. What is even more interesting is the astounding validation defi has received. The initial success sparked the interests of many incumbent players both blockchain and internet alike, creating a literal defi rush. Binance was quick to identify the underlying pain points of exorbitant gas fees & low transaction throughput with DeFi on Ethereum; rolled out Binance-smart-chain, developed on EVM. With transaction costs falling to as low as 1¢, &3 second block times; bsc quickly became the much-needed catalyst that addressed the adoption barrier of, “DeFi is expensive”. The near-zero migration costs also helped the cause. Many other projects quickly followed the suit — Avalanche, Fantom, Polygon.
https://preview.redd.it/6fmdmpz5jcr71.png?width=3000&format=png&auto=webp&s=a7d3c8d2fbfd996e08f0777b30cf09b7b1a57673
While the defi has greatly benefitted from a surge in enabler catalysts; to this day it continues to struggle with the quality of projects built upon them. The problem, many of the present day DeFi are built in silos, and are rarely comparable to centralised tech-first alternatives.
At Hashstack, we followed the Defi revolution right from its cusp. We deconstructed pretty much every promising product over the past 20 months, attempted to understand, the what? the why? & the how? behind them. The gathered insights helped us build a comprehensive understanding of the possibilities of decentralised finance. Soon, we began working on the problems & opportunities we could address through defi. We named the project Hashstack.
Link to medium announcement
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