Hashstack Launches the Open Protocol Testnet, Bringing the First Ever Under-collateralized Loans to DeFi Space

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Disclaimer: The text below is a press release that was not written by Cryptonews.com. 

Road Town, British Virgin Islands, 7th February, 2022, Chainwire

Hashstack Finance is thrilled to announce the testnet debut of its Open protocol, the first ever DeFi lending protocol to offer non-custodial, secure under-collateralized loans. The milestone marks a significant accomplishment in Hashstack’s roadmap as it prepares to launch the Open protocol mainnent in the coming weeks.

Open protocol is the only autonomous lending solution in DeFi that enables under-collateralized loans up to 1:3 collateral-to-loan ratio. It means you can borrow up to USD 300 by providing only USD 100 as collateral. Of this, you can withdraw USD 70 (i.e. upto 70% collateral), while utilizing USD 230 as in-platform trading capital.

Hashstack Finance founder Vinay said, “Today, if you want to borrow USD 100 on Compound, or Aave, or even MakerDAO, you are required to provide a collateral of at least USD 142. This breaks the primary intent behind loan procurement, and has restrictive use-cases for the borrower. In comparison, through Hashstack’s Open protocol you would be able to borrow the same USD 100 with collateral as little as USD 33.33. This 4.25x value-add against every established market player today, is a remarkable milestone for the defi ecosystem in general, and will drive further adoption.”

While the current DeFi lending protocols require over-collateralization, Hashstack is proud to give borrowers a glimpse into the future of DeFi lending. Whether you need to borrow for personal cash needs, leveraged investments in IDOs, or trading capital, Open protocol offers instant under-collateralized loans. 

To accelerate the growth of DeFi lending, Hashstack’s