SIBIU, Romania, June 21, 2023 (GLOBE NEWSWIRE) -- MultiversX has revealed Hatom Protocol as the next project to debut on xLaunchpad, its strategic incubator that has seen extraordinary interest with +1000% oversubscription on every public sale conducted.
Hatom will bring highly anticipated DeFi primitives to the ecosystem, combining capabilities of the three largest DeFi protocols on Ethereum, responsible for about 80% of the total value locked on chain - liquid staking, lending, and algorithmic stablecoin with an over-collateralization mechanism.
Its fully-fledged suite of products is expected to not only augment the already comprehensive MultiversX DeFi ecosystem but to also be the catalyst for an influx of new capital, which will further strengthen the network security and stability and enable the emergence of new opportunities and products.
The first major use-case that Hatom will introduce aims to attract more liquidity to the ecosystem by targeting the 65% of the EGLD (the native MultiversX network token) circulating supply that is staked. Users staking via the smart contracts linked to Hatom’s network of node operators will benefit from its Liquid Staking module and receive a reward-bearing version of EGLD in an amount proportional to the one deposited that can be further used in DeFi applications. These tokens will automatically accrue staking rewards and be redeemable at any time, with no locking time.
Secondly, Hatom’s lending and borrowing protocol will work as an instrument for enabling users to intuitively tap into liquid capital while keeping their positions via collateralized on-chain loans. The largest ecosystem tokens by marketcap and major stablecoins, such as USDC and BUSD, will be among the first supported assets.
Moreover, a decentralized overcollateralized stablecoin (USH) aims to extend the lending protocol’s offering. Featuring an independent monetary policy, USH is expected to significantly bootstrap LPs and generate extra revenue for both the ecosystem and its token holders. Users will be able to mint it by using EGLD and various ecosystem tokens as collateral.
Hatom’s HTM will be the token powering the protocol’s ecosystem, playing a vital role in its governance and enabling multiple income streams based on the protocol’s usage. Users holding HTM will be entitled to a share of the fees accrued across the entire suite of products.
"The network effect within the MultiversX ecosystem is profound. Functioning as a multilayered and interconnected architecture, it ensures that the potential unlocked by each layer is magnified by all others. The exceptional Hatom team is adding a new level of value on top of it, creating a compelling DeFi hub that builds upon existing use cases and pushes forward into new and exciting territory." said Beniamin Mincu, MultiversX CEO.
The xLaunchpad-hosted Hatom public sale has been scheduled to begin with a 5-day research phase on July 21, followed by staking snapshots over a span of 10 days and the lottery process. Participants can facilitate their access to purchase lottery tickets via EGLD, the native token of MultiversX, and/or XMEX, the native token of xExchange.
About MultiversX
MultiversX is a highly scalable, secure, and decentralized blockchain network built from first principles, to solve the two fundamental problems critical for widespread, global adoption: a transition from dialup to broadband, and a significant UX paradigm shift.
About Hatom
Hatom Protocol is a decentralized, algorithmic protocol for lending, borrowing, and staking assets, that operates on the MultiversX Network. As a decentralized non-custodial liquidity protocol, users can participate as suppliers, borrowers, or liquidators. Suppliers provide liquidity to a market and can earn interest on the crypto assets provided, while borrowers are able to borrow in an overcollateralized fashion.
Distributed by STORM Partners. Contact Adrian Bono for interviews and quotes -
adrian.bono@storm.partners or telegram @STORMPartners
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/eff35b51-a516-4ac1-8bef-190c0842f1cd
