In a significant move, Hinkal has successfully deployed its protocol on the mainnet of six EVM chains. This achievement comes on the heels of a successful funding round, where the company secured $4.1 million led by Draper Associates, alongside other notable investors. Let’s delve into the details of Hinkal’s innovative approach to addressing privacy concerns in trading strategies.
Founded by Stanford graduate Giorgi Koreli and his Ph.D. brother, Nika Koreli, Hinkal focuses on providing end-to-end privacy for trading strategies in liquid funds and for high-volume traders, commonly referred to as whales. The protocol offers a solution for professional traders to execute strategies on their preferred decentralized applications (dApps) in a fully private and compliant environment, safeguarding against copy trading and front-running.
Innovative Privacy Solutions
Hinkal utilizes stealth addresses, shielded pools, and decentralized identifiers (DIDs) to achieve a balance between low privacy costs and high compliance levels for sophisticated DeFi traders. The protocol caters to two main trading strategies: active LP/yield farming and buy-and-hold with liquidations.
Giorgi Koreli, Co-Founder of Hinkal Protocol, emphasizes, “Privacy was always coming at the expense of fees, compliance, and usability; we are solving this by introducing a private Ethereum experience for professional traders.”
About the Funding
The $4.1 million funding round, led by Tim Draper’s Draper Associates, positions Hinkal to transform the DeFi landscape by offering a secure and confidential environment for liquid funds and whales. Tim Draper notes the importance of a costless and frictionless privacy layer in driving the adoption of cryptocurrencies within the DeFi space.
Hinkal’s Future Plans
Hinkal has absorbed the EVM DApp ecosystem with six initial integrations, including swaps, liquidity provision, and staking on platforms such as Curve, 1inch, Uniswap, Beefy, Convex, and Odos. The company plans to expand its ecosystem by incorporating all major DApps, with GMX and Lido set to join next.
Hinkal‘s successful mainnet deployment and substantial funding mark a crucial step towards enhancing privacy in DeFi trading. With innovative solutions addressing usability and compliance, Hinkal is poised to play a pivotal role in making decentralized solutions more accessible to institutional traders.
What sets Hinkal apart from other privacy protocols in the DeFi space?
Hinkal distinguishes itself by offering a private Ethereum experience for professional traders, addressing concerns related to fees, compliance, and usability. The use of stealth addresses and shielded pools contributes to a lower privacy cost and higher compliance level.
How does Hinkal plan to expand its ecosystem?
Hinkal aims to incorporate all major DApps into its ecosystem, with initial integrations including Curve, 1inch, Uniswap, Beefy, Convex, and Odos. The company is committed to providing a comprehensive and private DeFi experience for its users.
What role does the recent funding play in Hinkal’s future plans?
The $4.1 million funding, led by Draper Associates, positions Hinkal to transform the DeFi landscape by offering a secure and confidential environment for liquid funds and whales. The funds will be instrumental in furthering the development and expansion of Hinkal’s protocol.