Binance's new mining project, does Hashflow really count as a wealth code?

Author: s1, Old Yuppie

Is there a new coin to mine on Binance???

Don't panic, let me take a look first.

Binance Launchpool has launched its 31st project, Hashflow. To mine the native token HFT of Hashflow, Binance users must stake BUSD or BNB in different pools, and the mining period will last for 30 days.

The Binance Launchpool has been dormant for the past three months. In previous projects, Project Galaxy successfully distributed 3M GAL tokens to Binance users. The goal of the Launchpool is to distribute 15 million HFT tokens, of which 12 million will be shared by users staking BNB, and 3 million will be shared by users staking BUSD.

Binance will take snapshots of the total balance of users and pools every hour to calculate user rewards. User rewards will be updated hourly and can be claimed in their spot wallets.

What is Hashflow?

Hashflow is a decentralized cryptocurrency trading platform known for its interoperability, zero slippage, and MEV protection trading. The native token of the exchange is HFT, an ERC 20 token built on the Ethereum blockchain.

The platform was launched by its CEO Varun Kumar in 2021 and has recorded over $10 billion in trading volume. Its tokens can be used on the Ethereum, BNB Chain, Optimism, Polygon, Avalanche, and Arbitrum blockchains.

Investors initially funded the project in three rounds of private token sales, accounting for 25% of the total supply. The first batch was sold at $0.02/HFT, the second batch at $0.10/HFT, and the final batch at $0.40/HFT.

Further details on Hashflow governance and the utility of HFT in this context will be announced soon, and HFT will be allocated as follows:

1. 19.32% (193,200,000 HFT) to the core team
2. 25% (250,000,000 HFT) to early investors
3. 2.5% (2,500,000 HFT) to future employees
4. 53.18% (531,800,000 HFT) for ecosystem development, specifically:

• 18.54% to ecosystem partners
• 13.08% to community rewards (NFTs + Rake the Rewards + Exchange Distribution)
• 9.54% for future community rewards
• 7.50% for designated market maker loans
• 2.52% to vendors and early service providers
• 1.00% to community treasury
• 1.00% for Hashverse rewards

Detailed Details

To decentralize the ownership of HFT, the community and ecosystem partners will hold the majority of the protocol. Therefore, they will receive 53% of the HFT genesis supply, while the core team and investors will receive a total of 44%.

At genesis, HFT will be allocated as follows:

• Core Team (19.32%): The founding team and employees who designed, developed, and deployed the Hashflow protocol
• Investors (25%): Early investors who provided the initial runway to help launch the protocol
• Ecosystem Development (53.18%): Including community treasury, rewards for early community members and users, and allocations for market makers who helped provide initial liquidity for Hashflow.

What Makes Hashflow Unique?

Most decentralized exchanges (DEXs) rely on automated market makers (AMMs) to match buyers and sellers. AMMs face challenges such as low liquidity, sandwich attacks, and impermanent loss due to volatile price changes. A sandwich attack is a front-running operation where attackers exploit users who submit transactions but are still waiting for their transactions to be included in the blockchain.

Hashflow employs a Request for Quote (RFQ) feature that allows market makers to manage liquidity pools and prevent front-running attacks. In other words, Hashflow uses DeFi-native RFQs to obtain quotes from market makers responsible for managing liquidity in the pools. Market makers must cryptographically sign quotes that remain unchanged during the transaction. This ensures price guarantees. It can also protect traders from slippage if there are significant price changes between the time of validating the transaction on the source chain and the time required to relay the payload to the target chain.

RFQs move the pricing function off-chain, allowing market makers to build pricing strategy models that consider off-chain data, such as historical asset prices and volatility. Traders can benefit from lower prices, zero slippage, MEV resistance (preventing front-running with cryptographic signatures), and seamless cross-chain swaps.

Hashflow enables native-to-native swap functionality, eliminating the need for problematic cross-chain bridging. It is important to note that Hashflow does not rely on external bridges and does not require users to custody their assets on the source chain to mint bridged assets on the target chain.

Users will use HFT for governance of the Hashflow protocol. The total supply of the ERC20 token is 1 billion tokens. 5% of the total supply will be distributed to the DAO treasury annually over four years after launch. The DAO community can change the allocation formula.

The lifecycle of a cross-chain swap instance involves the following steps:

1. The trader requests a quote to sell 10 ETH on Ethereum (source chain) and buy 20 AVAX on Avalanche (target chain).
2. The market maker provides the trader with a signed quote.
3. The trader submits the transaction on Ethereum and includes the signed quote as the payload.
4. The liquidity pool smart contract on the source chain performs security checks, transfers funds from the trader's wallet to the pool, sends the payload, and calls the gateway smart contract on the source chain.
5. Once the transaction on the source chain is successful, the gateway smart contract triggers a process.
6. The validator then uses this event to verify the transaction and submits the proof along with the payload to the gateway endpoint on the target chain.
7. The relayer submits the payload to the target chain and transfers AVAX to the trader's wallet on the target chain.

The above steps do not rely on external bridges and do not require users to custody their assets on the source chain to mint bridged assets on the target chain. Users can swap any assets by leveraging signature-based pricing and RFQs.

In other words, unlike automated market makers (AMMs), Hashflow operates more like an order book method. Pricing is done off-chain, and transactions are executed on-chain. To start trading, users must first link their wallets to Hashflow, enter the amount they wish to trade, and then view the quotes. Once the user accepts, the order is submitted, verified, and added to the Hashflow network.

The Hashverse

Hashflow claims to be the first story-driven gamified DAO in history. Users will be able to shape this platform by joining the Hashverse. The Hashverse is a platform where any player can rise to the level of managing the protocol.

The amount of HFT tokens staked will determine the health metrics of users/players in the Hashverse. To maintain their health in the Hashverse, users must continuously adjust the quantity and duration of the tokens they hold. The protocol will reward the most active members of the community, and their presence in the Hashverse will play a significant role when redeeming these rewards.

Game Mode: The game will involve a vast Hashverse where players can complete tasks to prove their abilities while earning rewards. It will also include NFTs (artifacts) that players can collect to evolve their character forms. NFTs will be tradable on NFT markets.

Story Mode: Renova is a planet composed of ancient moss forests, vast metropolises, rich metal quarries, and primal oceans, serving as a home for humans and other life forms from across the galaxy. Due to its rich and coveted natural resources, it is a driving force in galactic trade.

By joining Hashflow's gamified, story-driven DAO, the Hashverse, users can collectively shape the protocol, stake tokens, complete tasks, and earn Hashflow tokens and unique NFTs.

Mining? Getting Rich?

Watching everyone lamenting their missed opportunities, slapping their thighs, and realizing that another wave of people is about to get rich, I indeed felt FOMO.

I looked around various platforms, including all the various redirect links published by Binance itself, and it does seem, as netizens have said, that some people have plans to achieve freedom through this market change.

The time cycle off-chain is determined, theoretically, it can be sold as soon as it goes live, but the downside is that the cost is relatively high.

Currently, there is little information about NFTs in the gaming world, the time cycle is uncertain, tasks need to be completed, and specific times and tasks have not been announced. The advantage is that the cost is lower, suitable for players with ample time to casually engage.

Here, I must remind all readers to please ensure that you comply with the laws and regulations of your location.