Announcing HashMix Lending Product and Incentive Program Phase 1

Mining is fundamental to the crypto world. The hardware behind mining ensures the safety and availability of some most valuable blockchains and decentralized applications running on them. However, as the blockchain network may be decentralized, many hash power infrastructures behind it are not, such as mining pools, cloud hash power marketplaces, etc.

In HashMix, we are building a decentralized cloud hash power tokenization and circulation protocol, bringing miners, token holders, and investors more transparency and fairness.

To achieve that long-term goal, we officially launched our first live product: HashMix Lending, to help miners and holders.

Introducing HashMix Lending

Filecoin miners need more FIL to increase their mining power.

Current lending products in the DeFi area usually need borrowers to over-collateral one crypto asset to get another crypto asset, such as pledge BTC to get DAI. Although miners have hardware and mining power, they can’t get a loan from DeFi platform by that. And because Filecoin doesn’t support smart contracts, Filecoin hash power can’t be integrated by current DeFi protocols.

On the other hand, FIL holders need a low risk and stable channel to earn interest. Current DeFi protocols usually don’t have much liquidity for FIL, and the interest rate is much lower than the fair level.

In HashMix Lending, we take Filecoin miner’s accounts as collateral, do a value of assessment to that according to their initial pledged FIL and possible future income. Then miners will receive a loan no more than the value of their miner account. That ensures a low risk of loans. The interest rate depends on the utilization rate of the total lending pool. Usually, the lenders can receive a 30–45% APY according to current network stats.

HashMix Lending Incentive Program

Based on that, we think it’s a great time to let more people know and participate in this. To incentive participation, we’re going to launch our first phase of HashMix Lending Incentive Program!

Here are some details of the program

Phase 1: from July 16 10:00 a.m. (EST) to July 30 10:00 a.m., total lasting for two weeks.

Max Reward Pool Size for Phase 1: 200k HSM token.

Reward Rule:

Total Deposited FIL >= 300k, Reward Pool: 200k HSM

Total Deposited FIL >= 200k and < 300k, Reward Pool: 120k HSM

Total Deposited FIL >= 100k and < 200k, Reward Pool: 50k HSM

Total Deposited FIL <100k, Reward Pool: 30k HSM

Check this at https://app.hashmix.org/finance

Min Deposit Amount

You can deposit any amount you like, but it won’t count in the snapshot if your deposit in the lending pool is less than 20 FIL (no snapshot, no HSM reward).

Snapshot

In every hour during Phase 1, a snapshot will be taken at a random minute to record the Total Deposited amount of the lending pool and accounts that have at least 20 FIL deposits (in the lending pool). If the snapshot hits the total deposit threshold set above, the reward pool will expand to the corresponding level, and qualified participants will share a reward pool not less than that level.

Reward Distribution

All qualified participants (who have no less than 20 FIL in the lending pool) will share the reward pool according to their weight of deposits. Detailed stats will be announced after Phase 1.

How to claim rewards?

Detailed reward claim methods will be announced after the allocation of HSM token.

When is the next phase?

Details of the next phase will be announced before the end of the current phase.

What else should I know?

  1. During phase 1, users can’t withdraw from HashMix platform.
  2. HSM token is not deployed in any network yet.
  3. Deposit APY will change according to utilization rate.

Welcome to ask anything in our channels!

Links:

HashMix Website: https://hashmix.org/

HashMix Lending: https://app.hashmix.org/

Telegram: https://t.me/HashMixChannel

Twitter: https://twitter.com/HashMixOfficial

HashMix is a fully decentralized hash power tokenization and circulation platform. Empower hash power with NFT and DeFi tools!