Singapore, July 16, 2021 — HashMix, a next-generation hash rate tokenization and marketplace protocol, announced today the launch of its first product after raising $3 million from an impressive roster of investors this May. Leveraging a proprietary valuation and underwriting model, the Filecoin lending platform offers reliable and attractive rates for both borrowers and lenders of Filecoin’s native cryptocurrency, FIL. It is the first step to achieving HashMix’s long-term ambition to democratize, activate and drive the crypto mining economy to the Web 3.0 era.
“We are thrilled to have achieved this first milestone and grateful for the positive feedback from the mining community during the development and testing phase,” said Chris Miller, the co-founder of HashMix, adding, “Storage mining power in the Filecoin network is top on our list when building a universal marketplace for various mining capacities and we are convinced that the launch of the platform will not only help us lock in early users but also be an important stepping stone for us to tap into the Filecoin ecosystem.”
With total network storage power close to 7 exbibytes, Filecoin commands an unneglectable share of the mining economy. What’s more, the decentralized file storage project represents a promising alternative to crypto mining in that it’s greener and of real-world value. However, the requirement for upfront token collaterals and a lengthy vesting schedule for FIL rewards lead to a supply squeeze, forcing miners to borrow from large investors and exchanges at an annualized interest rate of as high as 40% to 100%. FIL holders who deposit into existing lending services do not fare much well either, lending at a meager rate of 1% to 20% with a large percentage of the interest going to the lending platforms.
HashMix’s solution addresses this issue. By enabling borrowers to collateralize their Filecoin account, which will be assessed by a proprietary model to determine its value and thus the creditworthiness of the borrower, HashMix effectively reduces the risk undertaken by the lender and in the meantime unlocks the value of the storage mining power committed by the borrower to the Filecoin network. Hence, on the platform, investors can receive higher and safer interest rates, standing at an estimated 30% to 40% without compounding, while borrowers can borrow easily and at an affordable rate as well as choose from flexible repayment schedules. Investors also have the option to withdraw their deposits at any time or opt into term programs with even higher rates and enjoy compounding interest.
Borrowers’ creditworthiness will be further supported when HashMix launches its tokenization protocol based on nonfungible token technology, where the storage mining power collateralized by the borrowers will be minted into tradable NFTs.
For its next step, HashMix plans to launch its native HSM token to introduce incentives for participation in Filecoin lending and many more functionalities to come. For example, a reward mechanism is set in place for the next 26 weeks. The first upcoming event consists of a two-week competition spanning from July 16 to 30 for FIL depositors to win up to 200,000 HSM tokens. All users can participate with a minimum deposit of 20 FIL tokens, where the rewards will be distributed based on each user’s net FIL deposit as a proportion of the total net FIL deposit from all eligible users to share the prize pool. The rewards will be allocated after the issuance of the HSM token. Just one day after its launch, the platform has already attracted a total value locked of nearly $8 million. In the long run, the team aspires to provide an all-embracing solution for trading, swapping and financing on various tokenized mining capacities.
About HashMix
HashMix is a next-generation hash rate tokenization and marketplace protocol. It allows anyone to buy, sell, lend and swap mining power for various proof-of-work blockchains in a decentralized way without a trusted third party beyond the barriers of geography, re-democratizing and powering a global mining ecosystem and solving issues such as overselling and fraud.
For more information, please visit:
Website: https://hashmix.org/
Twitter: https://twitter.com/HashMixOfficial
Telegram: https://t.me/HashMixChannel
Github: https://github.com/HashMixProject
Media contacts
HashMix: Chris Miller｜contact@hashmix.org
Panony: cassidy@panony.com