Hasai aims to become the first decentralized, dual-rate NFT lending protocol that applies to all NFT collections and provides a one-stop comprehensive solution for NFT market liquidity issues.
Users can participate as depositors or borrowers. Depositors provide ETH liquidity to the market to earn a passive income, while borrowers are able to borrow in an overcollateralised model with NFT as the collateral.
Hasai is unique in that its solution provides lending pools for all levels of NFT collections and is not limited to blue-chip NFT projects.
Hasai Protocol will be audited and secured. The protocol is completely open source, which allows anyone to interact with a user interface client, API or directly with the smart contracts on the Ethereum network. Being open source means that you are able to build any third-party service or application to interact with the protocol and enrich your product.
Please join the Hasai community Discord server; the Hasai team and members of the community look forward to helping you understand and use Hasai.
Hasai has identified three primary challenges of NFT financialization protocols:
- Lack of scalability. Only blue-chip NFT collections that have achieved strong price consensus are accepted as collateral.
- Long-tail or niche NFT assets continue to be impaired by poor liquidity. Lack of market liquidity. There is abundant unfulfilled demand for lending services in the NFT market.
- Capital inefficiency for NFT collections. Most NFT collections have low trading volumes and demand. This results in poor price discovery, difficulty in fair asset valuation, and muted transaction activity across the market.
Hasai aims to address these challenges through the following methods:
- Expand inclusivity. Improve upon current NFT lending protocol limitations by allowing for all NFT collections to participate in the lending protocol – not just blue-chip collections.
- Expand access to liquidity. Empower the financialization of NFTs by allowing NFT creators to create permissionless lending pools for their own collections.
- Improve the lending risk control model. Hasai employs two key risk variables – time-based liquidation and health score liquidation – to construct an effective and diversified risk evaluation mechanism that minimizes lending risk exposure.
In order to interact with Hasai protocol, you could choose to be the lender and simply deposit your ETH. After depositing, you will earn passive income based on the market borrowing demand. Additionally, you could choose to be borrower by depositing all types of NFTs(including blue chip and niche NFT collections). Hasai allows you to borrow ETH by using your deposited NFTs as a collateral.
Interacting with the protocol requires transactions and so transaction fees for Ethereum Blockchain usage, which depend on the network status and transaction complexity.
No platform can be considered entirely risk-free. The risks related to the Hasai platform are the smart contract risk (risk of a bug within the protocol code) and liquidation risk (risk on the collateral liquidation process). Every possible step has been taken to minimise the risk as much as possible-- the protocol code is public and open source and it has been audited.
If you are unsure about any specific terms feel free to check the Glossary.
Be careful, Hasai doesn't have any downloadable mobile application available. If you find one, it is a scam. Hasai Protocol would not ask for your seed passphrase ever. Hasai never advertises on any social media or search engine. If you see any advertisement, those are scams and phishing sites.