The public testnet for Hashstack Finance’s Open Protocol is now live. This allows users of decnetralised finance to receive under-collaterised loans.

Hashstack Finance has announced that its Open Protocol public testnet is now available.

In a press release, the team stated that its Open Protocol was the first ever DeFi lending protocol to offer secured, non-custodial loans.

DeFi users now have the opportunity to see firsthand the benefits of borrowing collateral using the Open Protocol. Open Protocol, according to the Hashstack team, will increase economic activity in the wider DeFi ecosystem.

The Open Protocol public testnet offers a variety of upgrades and features, including an improved user interface and a hybrid access model that improves stability. It also allows you to switch between a centralized backend and a decentralized Blockchain.

Hashstack Finance founder Vinay Kumar stated ;

” Our public testnet attracted more than US$5million in total value locked (TVL), within minutes of going live. The public testnet release marks a significant accomplishment in Hashstack’s roadmap as we prepare to launch the Open Protocol mainnet later in the second quarter of 2022.”

Hashstack disclosed that it has developed a new mechanism that allows external scalability for storage and logic of smart contract. This is a significant improvement on the industry standard EIP 2535.

The team stated that it would submit an Ethereum Improvement Proposal 9000) to secure and upgradeable smart contracts development.

If approved, the proposal will allow Hashstack integration with as many decentralised applications as possible with the Open Protocol without having to modify the smart contract addresses. This will allow Open Protocol users to leverage the funds that are locked in the protocol in new ways.

Open Protocol l currently supports only major liquid coins like BTC, USDT and USDC. Hashstack’s native governance token, HASH, is not supported.