The Haven Protocol is a fork project on the Monero blockchain that empowers fintech experts to mint coins that represent particular assets and commodities. Before the onset of the project, it was not possible to generate tokens from the XMR blockchain; mainly because it had no support for tokenization. The birth of the project was mired by a rocky start due to a lack of private funding, and no Initial Coin Offering. Thereby resulting in reduced traction and a hiatus when the two developers realized the challenge of building a DeFi protocol from the ground up. As a result, the two initial founders dumped the project in the final quarter of 2018. At the start of 2019, a number of members from the Haven community forked the entire Haven protocol and turned it into an open-source project. Therefore, promising to fulfill what had been the original vision of the Haven DeFi protocol. To help you understand how effective the Haven Protocol could be, here’s a detailed Haven Protocol review that will provide you with great insights into the utility of this token.
Haven Protocol Review: Analyzing Haven Protocol’s Native Token XHV
XHV is the native incentive of the Haven Protocol that enables users to pay transaction fees. The current market supply of the token currently stands at 14.25 million. The protocol generates more coins into circulation through mining. Note that miners mine 2 XHV coins for every block. The block duration is 2 minutes.
What Can You Do With the Haven Protocol?
The Haven Protocol is a decentralized ecosystem of private stablecoins. Since the Terra Luna debacle that took place in May of 2022, May, there have been lots of questions about stablecoins. However, to ensure cases of destabilization and high inflation; the platform cautions these stablecoins against being deflatory by avoiding an unsustainable peg. The idea is to build an algorithmic dual coin on the blockchain and peg the stablecoins to this value. Here’s how the Haven Protocol is beneficial-
- Providing a perfect privacy stablecoin through the untraceable model of the Monero blockchain.
- The idea of double coins ensures that a stablecoin is kept in check without the need for cumbersome auditing. Some experts believe keeping large amounts of funds in one stablecoin is a big risk, which requires lots of auditing work. Such is the case of the Tether (USDT) coin.
- The XUSD (Haven’s primary stablecoin) is a smooth, effective way of conducting transactions on a peer-to-peer platform.
Is the Haven Protocol a Good Project?
A resounding yes if asked whether the Haven Protocol is a legitimate project worth your investment. With stealthy anonymity features and a healthy stablecoin; this project is definitely a good platform that you should check out when making your crypto-investment decision.