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By Hatom Protocol
(For an overview of the product vision and mechanics, check our presentation video: https://www.youtube.com/watch?v=5IME-ADM-78)
Tokenized Yield Vaults (Core & Advanced)
Hatom deploys on-chain vault contracts on Stellar/Soroban to manage deposits, strategy execution, auto-compounding, and the minting of tokenized vault shares as Stellar assets.
Use of Stellar:
Vault shares are issued as native Stellar assets, with state and accounting managed on-chain, benefiting from Stellar’s low fees and fast settlement.
Impact:
Enables scalable, transparent yield strategies with simple UX, while creating a reusable liquidity primitive that can be integrated by Stellar wallets and applications.
Multiply Positions (Automated Collateral Looping)
Hatom implements automated collateral looping logic using Stellar-based lending venues, enforcing isolated positions, leverage caps, and liquidation thresholds at the contract level.
Use of Stellar:
Borrowing, re-depositing, and position state are executed on Stellar, leveraging native asset transfers and predictable transaction costs.
Impact:
Improves capital efficiency in a controlled and auditable way, without requiring users to manually perform complex multi-step operations.
Leverage Positions (Borrowing + Spot Execution)
Hatom coordinates collateral-backed borrowing with spot execution through Stellar-native liquidity pools, with on-chain position tracking and deterministic unwind logic.
Use of Stellar:
Spot trades and position updates are executed directly on Stellar, ensuring transparent execution and consistent pricing without reliance on external derivatives infrastructure.
Impact:
Provides leveraged exposure with more predictable risk profiles, broadening the set of users and strategies compatible with the protocol.
$135.0K
Hatom’s team has demonstrated a strong and consistent track record of DeFi execution.
The Hatom Protocol launched on MultiversX in July 2023, initially offering lending markets and liquid staking. The protocol reached over $50 million in TVL within one hour of launch and surpassed $100 million within six days, bringing the MultiversX ecosystem into the top 20 blockchains by total value locked at the time.
Following the initial launch, the team continued to deliver multiple complex DeFi primitives, including:
HTM Booster Staking and the Accumulator module, strengthening token utility and protocol incentives;
Cross-chain bridges, expanding liquidity and composability across ecosystems;
USH, Hatom’s decentralized stablecoin, progressively rolled out through testing phases and liquidity bootstrapping programs.
These subsequent releases demonstrated the team’s ability to execute beyond core lending infrastructure and to sustain user adoption over time. At its peak, the protocol reached an all-time high of over $300 million in TVL.
Key milestones and announcements include:
Conference in Paris : https://www.youtube.com/watch?v=Lzof_R1sYKU
Conference in Bucharest : https://www.youtube.com/watch?v=FYjpe6HtbCg&list=PLQVcheGWwBRXbS-7DcKPRcM6nQvmJu1Kw&index=5
$50M+ TVL reached within one hour of mainnet launch (July 2023)
https://x.com/HatomProtocol/status/1680608769481293824
$100M+ TVL achieved six days after launch, positioning MultiversX among the top 20 blockchains by TVL
https://x.com/HatomProtocol/status/1682812062139908096
Launch of the Accumulator and Booster modules, alongside a bootstrapping program distributing over $500K USDC to liquidity providers and Booster users
https://x.com/HatomProtocol/status/1724109461537628473
USH airdrop campaign, distributing $500K in rewards based on daily snapshots, now fully completed and settled on-chain
https://x.com/HatomProtocol/status/1727643244538794075
Launch of the first MultiversX ↔ TAO bridge, enabling wTAO liquidity and liquid staking for the Bittensor ecosystem; users bridged over 23,000 TAO (~$15M) within a few days
https://x.com/HatomProtocol/status/1773017910073610386
https://x.com/HatomProtocol/status/1773742225182048412
USH private mainnet concluded, with over $20M in initial liquidity bootstrapped from partners, pushing protocol TVL above $220M
https://x.com/HatomProtocol/status/1877017166463328462
7.2% of total EGLD staked through Hatom’s liquid staking protocol
https://x.com/HatomProtocol/status/1894868117731377618
Recognition by xExchange, the main DEX on MultiversX, identifying USH as the stablecoin infrastructure for the ecosystem
https://x.com/xExchangeApp/status/1897687719813210338
Please note that we intend to use the Stellar audit bank for our audit needs. Therefore, this budget request doesn’t include any audit costs at all.
Also, we confirm the funds won't be used for incentives.
Assuming March 1 as the starting point
Deliverable 1
Develop and deploy the Core Vault smart contract (handling USDC deposits, minting and burning of vault shares, and calculation of share value based on underlying assets), together with a Blend Adapter template to support basic lending integrations.
Successful testnet deployment of the Vault and Adapter template, verified by executing sample deposit and withdrawal transactions using, for example, a basic script or interface.
March 21, 2026
$19,600
Deliverable 2
Research, design, development, and implementation of an optimization strategy for a multipool Supply Adapter, serving as a first Adapter MVP, and additionally refine, if necessary, the Blend Adapter template to support more complex business logic.
End-to-end functionality tested on testnet, including allocation to the Supply Optimizer strategy and vault share issuance, confirmed via transaction logs.
March 31, 2026
$13,200
Deliverable 3
Build a basic full-stack web application allowing users to connect a Stellar wallet, deposit USDC into the Core Vault, view their vault share balance and estimated yield, and withdraw funds (including share burning).
Application deployed with deposit, withdraw, and balance view features, accessible and functional on testnet without errors in core user flows.
April 7, 2026
$12,200
Deliverable 4
Develop and operate a Keeper Bot (off-chain service) responsible for automatically executing leverage loops when needed, monitoring and deleveraging risky positions, renewing Soroban storage TTLs to prevent data loss, and compounding yields where permitted by vault parameters.
Bot operational on testnet, executing leverage loops, deleveraging actions, and TTL renewals; DEX (e.g., Soroswap, Aquarius) and oracle (e.g., Reflector) integrations verified through simulated transactions.
April 21, 2026
$20,500
Research, design, development, and implementation of more advanced strategies using dedicated Blend Adapters and DEX execution, such as leveraged long/short positions, multiply strategies, and liquidity provision.
Strategies (e.g., Long/Short, Stable Fee Harvester) and additional vaults deployed on testnet, with isolated allocations and risk parameters enforceable via smart contract calls.
May 31, 2026
$27,400
Deliverable 2
Expand the full-stack application and conduct integration testing for all integrated smart contracts and strategies.
Application updated with all vault and strategy views; integration tests passing for user flows, strategy execution, and parameter enforcement.
June 30, 2026
$18,300
Execute comprehensive QA activities, including functional testing, load testing, stress scenario testing, and manual security reviews; produce full technical documentation (architecture, flows, risk parameters, keeper procedures); and prepare the complete audit package (100% test coverage, reproducible builds, documented invariants, and security considerations).
Completion of test coverage reports, technical documentation, and reproducible builds; QA checklists validated for all components with no critical issues identified.
July 7, 2026
$5,300
Deliverable 2
Implement all audit fixes, perform full regression testing and re-testing after fixes, deploy the final versions of all contracts (Vaults and Adapters) and the web application to Stellar mainnet, and set up production monitoring (on-chain monitoring, TTL expiration risks, yield deviations, etc.).
Audit fixes implemented and validated; contracts and application live on mainnet, with successful initial transactions and no deployment failures.
July 21, 2026
$10,600
Perform the official product launch (technical announcement and opening vaults to the public), closely monitor the first days of live usage (real user deposits and keeper executions), and collect and document initial real-world feedback and observed behavior.
Monitoring tools operational, tracking key metrics such as allocations and yields; mainnet launch confirmed through public accessibility and initial user interactions.
July 31, 2026
$7,900
Hatom Protocol — GitHub
The team previously built and scaled Hatom Protocol, a production-grade DeFi lending and liquid staking protocol, and also built Soul Protocol, a cross-chain lending and liquidity aggregation infrastructure.
Our team combines deep experience in protocol engineering, blockchain infrastructure, product design, and execution across multiple live DeFi systems.
Ahmed Serghini — CEO
Seasoned entrepreneur focused on taking complex on-chain products from launch to sustained growth, with experience in protocol management, ecosystem development, and execution at scale.
LinkedIn
Franco Scucchiero — CIO
Blockchain entrepreneur with 7+ years of experience in DeFi and software development. Creator of the NRC-721 NFT standard on Nervos Network.
LinkedIn
Oussa Guennouni — CMO
Serial entrepreneur with experience in building and scaling fintech products, focusing on marketing strategy and long-term vision.
LinkedIn
Soufiane Mouatassim — CDO
Entrepreneur with experience delivering innovative products across railways, IT, education, and DeFi.
LinkedIn
Ariel Chang — Head Developer
Senior engineering lead with a background in nuclear engineering and applied mathematics, focused on robust protocol architecture and production-grade execution.
LinkedIn · GitHub
Franco Mangusi — Principal Engineer & Project Manager
PhD-level engineer combining deep technical execution with product-oriented thinking.
LinkedIn · GitHub
Oussa
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