MultiversX, an institutional crypto investor, has announced the launch of Hatom Protocol on its xLaunchpad incubator. Hatom aims to bring highly anticipated DeFi (Decentralized Finance) primitives to the ecosystem, combining liquid staking, lending, and algorithmic stablecoin capabilities.

The protocol’s suite of products is expected to strengthen the MultiversX DeFi ecosystem and attract new capital, enhancing network security and stability while creating new opportunities.

One of Hatom’s major use cases is to target the 65% of the EGLD (MultiversX network token) circulating supply that is staked. Users staking through Hatom’s network of node operators will benefit from its Liquid Staking module, receiving a reward-bearing version of EGLD that can be used in DeFi applications. These tokens will accrue staking rewards and can be redeemed at any time.

Additionally, Hatom will offer a lending and borrowing protocol, enabling users to access liquid capital through collateralized on-chain loans. Major ecosystem tokens and stablecoins such as USDC and BUSD will be among the first supported assets.

Hatom will also introduce a decentralized overcollateralized stablecoin (USH), which will generate extra revenue for the ecosystem and token holders. Users can mint USH using EGLD and various ecosystem tokens as collateral.

The governance and income streams of Hatom’s ecosystem will be powered by its token, HTM. Holders of HTM will be entitled to a share of the fees generated across the suite of products.

According to Beniamin Mincu, CEO of MultiversX, Hatom adds value to the MultiversX ecosystem by creating a compelling DeFi hub that builds upon existing use cases and explores new territory.

The public sale of Hatom will begin with a research phase on July 21, followed by staking snapshots and a lottery process. Participants can use EGLD and XMEX, the native tokens of MultiversX and xExchange respectively, to purchase lottery tickets.

MultiversX is a highly scalable, secure, and decentralized blockchain network focused on solving critical problems for global adoption. Hatom Protocol is a decentralized algorithmic protocol for lending, borrowing, and staking assets on the MultiversX Network.