Hashflow launched in 2021, bringing capital efficient trading to DeFi. Our first product, Hashflow’s RFQ-based decentralized exchange, brought better pricing, zero slippage, and MEV protection to traders by harnessing professional liquidity from market markers.
Since then, we’ve powered over $17B in total volume traded, further decentralized the protocol via $HFT, and most recently launched the Hashverse, a first-of-its-kind team-based trading platform and DAO.
Today, we’re excited to announce the launch of Hashflow 2.0, the next evolution of our core product, the decentralized exchange.
Doubling Down on Intents
Hashflow 2.0 is a broad overhaul of the existing protocol, with an even more intent-centric design.
The original Hashflow design enabled users to make “requests for quotes,” or RFQs, that professional market makers could respond to. As an example, a trader could declare an intent to sell 2 ETH denominated in USDC, without needing to know how each market maker’s pricing engine works. Market makers would then respond with quotes offering prices to buy 2 ETH, and a time period for which the quotes were valid. The user would finalize this back-and-forth by accepting the best offer provided by a market maker, or pass if they liked none of them.
If you look closely, this is a double-sided intent marketplace. The basic pattern is as follows:
- Traders issue an intent to sell a quantity of an asset, denominated in another.
- Market makers respond with an intent (ie. a quote) to purchase that quantity of assets, but add more granularity by specifying the price.
- Traders, having the last look, can then choose to accept at most one of the quotes provided.
At no point does a trader ever have to know what happened under the hood — they can focus fully on what they do best: watching prices and trading. This simple but important realization helped us power over $17B in trades, indicating that traders value the experience.
Today, we’re doubling down on our commitment to provide the best prices via Hashflow, by introducing Smart Order Routing (SOR). Hashflow 2.0, powered by SOR, will route traders to the best prices, irrespective of where they come from. Hashflow will first try to provide capital-efficient and competitively priced quotes from market makers via its RFQ engine. If for any reason, these don’t provide the best price, Hashflow will also fetch quotes from AMMs and route traders to the best price.
Smart Order Routing is a natural extension of Hashflow’s original intent-centric design. SOR doubles down on the philosophy that a trader should not need to know the “backend” of an RFQ engine, or an AMM for that matter. This is extraneous information and what traders really care about is one thing — the price. Moving forward, traders using Hashflow won’t need to check other AMMs or aggregators to know that they are getting the best price. Hashflow will serve it, regardless of whether it comes from professional market makers, or on-chain curves.
Smart Order Routing is powering Hashflow today on Ethereum mainnet. It will also be rolled out to Ethereum L2s and Solana, after today’s initial launch.
Solana Launch and Additional Features
Speaking of Solana, the other major feature with Hashflow 2.0 is our deployment on Solana. We’ve been hard at work and we’re excited to announce that trading will be live on Solana, shortly after 2.0 launch.
With this new chain addition, traders will be able to both trade native assets on Solana itself (initially SOL, native USDT, native USDC), as well as perform native cross-chain swaps between SOL (on Solana) and ETH/USDC/USDT directly without the hassle or risks of bridging. Phantom and Solflare will be the initial Solana wallets supported, with more to come.
To commemorate this major launch, we’ve also revamped the UX (see below). With this new front-end design, Hashflow will show live price charts and contextual market info on the trading terminal to improve the trader experience. Trade execution looks exactly the same, no matter how it gets routed. That said, if Hashflow routes to an AMM, we’ll show the slippage as “Auto” with the ability to toggle between the various options provided by the AMM.
We want to hear your feedback on Smart Order Routing, the Solana expansion, as well as the new design. Please share any feedback in Discord, and we’ll continue to iterate on the features you want to see!
Our Mission
Hashflow’s mission has always been to bring the best DeFi trading experience to users. On the product front, we continue to ship innovative products that strive towards greater capital efficiency and a more intuitive experience.
With the release of Hashflow 2.0, we are taking another big step towards realizing that mission by improving upon our commitment to providing the best prices, expanding across the multi-chain world, and continuously refining the trader experience.
Thank you for being part of the Hashflow community, and happy trading!
-The Hashflow Team
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