HAQQ Community Call Recap - August 2024

Haqqers! Here’s a detailed recap of our community-hosted AMA for those who missed it. Thank you to everyone who joined the HAQQ Network Community Call on 28/08/2024. To those who couldn’t make it, we hope to see you there next time!

By way of summary, the following was discussed on the call:

Key milestones

Since launch, HAQQ Network has gained over 5,000,000 accounts, a brilliant achievement that pays testament to the network's vision and continued growth. We hope for continued growth in the future, and to those who have active accounts, exciting products are coming soon!

Another positive note highlighted was the 2,700,000,000 $ISLM ($201,150,000 at the time of writing) that has been staked on mainnet. Stakers earn around 7% annually while contributing to the network's financial and digital security. They also actively participate in governance and help shape the future of HAQQ Network.

A huge thank you to our beloved and loyal community for your efforts. Brighter days lie ahead, and we are privileged to embark on this journey with you!

Launch of Deenar

Deenar, or $DEEN, is a gold-backed stablecoin that is the initial foray into tokenized assets on the HAQQ blockchain. It is a market first in the Cosmos ecosystem and will soon be listed on Osmosis Dex. Additionally, it will be tradeable on CEX—watch this space for more information!

$DEEN represents gold held in a vault at Brinks, with each $DEEN equating to 1 gram of gold. As seen on Sushiswap (deployed on HAQQ), the value peg is dynamically adjusted to market rates to ensure its value. $DEEN is intended to be a “safe” value-holding currency compared to its more volatile sister token, $ISLM. The intention is to create a balance natively on HAQQ Network, allowing our community to easily trade between the assets or hold their assets in whichever balance mode they choose.

Furthermore, $DEEN and similar tokens are intended to underpin all DeFi-related activities on HAQQ in due course. This provides security, stability, and safety to protocols and partners interacting on-chain, likely leading to a natural value-accretive impact for $ISLM holders and stakers. Our goal is to make this accessible to everyone, including a significant portion of the unbanked cohort globally. With $DEEN, we hope to open the door to frictionless asset holding and real-world usage.

Atlas Launch

Atlas is a prepaid debit card system that allows users to make real-world payments using Visa and Mastercard networks and a broad selection of retailer gift cards. Users can load the card with ISLM and make payments equivalent to the dollar value on the card. Seamless integration with Apple Pay and Google Pay makes it a simple solution for everyday needs.

We are currently streamlining this process further, and the goal is to optimize it to be user-friendly. At HAQQ Network, we are building something to last, and we want to ensure that products are given permanence not only from functionality but also from ease of use. With simplified KYC, we aim to enfranchise one and all, whether you are privacy-positive or unbanked and unable to access traditional banking mechanics.

We plan to expand this offering to more users and vendors in the coming weeks and months while broadening payment rails. We expect Atlas to become a globally suitable payment mechanism.

Firoza Finance

Firoza is the ultimate credit liquidity platform, serving budding entrepreneurs and seasoned giants. It marries Web3 technology with the Islamic financial principle of Mudarabah, bringing this feature on-chain. Mudarabah involves an investor providing capital for a recipient to build their business according to agreed-upon terms.

This type of project has yet to be attempted on the scale envisioned for HAQQ. Currently, there’s around $150,000 in liquidity in Firoza Finance's Alpha test. We expect significant growth as we welcome the Beta launch up to the close of this quarter.

During this phase, our community will be able to observe the platform’s growth and functionality. The plan is to grow initially using natural liquidity, with a mass rollout once the platform is refined for wider community and global use.

Development carries great responsibility, and we take it seriously. The phased launch ensures thorough testing to safeguard community/user funds. The assets used in Firoza and other vital protocols are an Amanah “trust” from liquidity providers, and we are committed to providing a safe user experience. We anticipate a soft launch in the coming weeks and a full launch in Q1 2025. Exciting times indeed!

Future Plans

We have numerous plans in the pipeline, including but not limited to:

1. P2P lending platform
2. Decentralized Identity
3. Further tokenized assets
4. Muslim SuperApp
5. Expansion of trading venues In the coming weeks and months, we’ll share more details, and we hope you’ll join us on this journey.

On Point 5… Perhaps we will see a top 5 global exchange and a top 2 Indonesian exchange in the next three weeks… Watch this space!

Jazakallah Khair, thank you for taking the time to read this recap!

Build on HAQQ

Are you passionate about building ethical DeFi solutions? We invite builders to join the HAQQ ecosystem, which offers hands-on support and funding opportunities from our $40 million ecosystem fund. Connect with us and be a part of shaping the future of ethical finance. Stay connected for more updates: Follow us on Twitter and Discord.