December Haven1 update Testnet paves the way for a new era of on-chain finance

15 min read

It’s been another whirlwind year for crypto and Web3, and alongside all the changes Yield App has been tirelessly building a new vision for what we think is the future of safe, reliable on-chain finance. That’s why today, we’re filling you in on some exciting developments regarding Haven1, our EVM-compatible Layer 1 blockchain that will drive the next phase of Web3 adoption.

ICYMI: Catch all the details about the Testnet, what’s next for H1 and YLD, and more in the December update video below.

Key highlights:

  • Earn rewards for Zealy quests by learning about Haven1

  • Big changes coming to YLD and H1 on 31 December 

  • Public testnet access rolling out to select users

  • Testnet waitlist registration now open for all users

  • Survey reveals a gap in Web3 engagement despite high interest

  • Priority access and perks for Diamond tier members

  • Haven1 (H1) airdrop to reward early participants

The Haven1 blockchain is designed for compatibility and ease-of-use, with the ecosystem emphasizing education, seamless integration, and robust security measures. And now we’re gearing up for the public launch of our Testnet, fostering partnerships for network validation, and aggressively growing the team. 

And we’re already seeing an overwhelming response, with over a thousand individuals already in the Haven1 waitlist via our Zealy campaign. A special nod will also go to our Diamond tier members, who will enjoy early access and unique perks on the Testnet – a token of appreciation for their unwavering support and an invitation for others to join this elite tier.

The vision for Haven1 will build on the existing ethos and success of Yield App, breaking down barriers that have prevented users from fully participating in on-chain finance, while removing most of the key risk factors. We’re creating the Haven1 blockchain and ecosystem based on your needs, and incentivizing those who participate early with airdrops and other rewards.

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Survey insights: the road to Web3 adoption

Recent feedback from our community has been enlightening. An impressive 91.9% of you have dabbled in DeFi, primarily driven by the allure of complete control over your crypto assets. While the use of crypto wallets and asset swaps on dexes remains high, with 98.9% and 92.5% respectively, only about half of you have ventured into borrowing or lending crypto assets (52.7%) or delved into the NFT space (53.8%).

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This data mirrors a larger trend in the crypto world. Despite the growing popularity of crypto, Centralized Finance (CeFi) products and exchanges continue to overshadow the decentralized promise of blockchain, capturing the majority market share. As of 2023, while there are over 300 million crypto holders globally, a mere 1.6% (less than 5 million) are actively engaged in Web3. Even more telling is that only around 3.5% of users on exchanges have an active Web3 wallet.

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The hesitance towards full-fledged Web3 adoption isn't unfounded. The vast majority of users find the Web3 ecosystem fragmented, stressful, risky, and confusing, marred by a subpar user experience. It lacks a clear starting point, leaving many feeling effectively 'homeless' in the digital space.

These insights underscore the necessity for platforms like Haven1 to simplify, secure, and streamline the transition from CeFi to a more decentralized, user-empowered Web3 world. Our aim is to dismantle these barriers, providing a welcoming and intuitive gateway into the full spectrum of Web3 opportunities.

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Haven1: a new vision for a changing landscape

Over the past year, the blockchain landscape has undergone significant changes. Haven1 recognizes these shifts and is adapting its strategies accordingly, ensuring relevance and efficiency in the evolving world of Web3.

Prioritizing safety 

Central to Haven1's vision is the establishment of a secure Web3 ecosystem. This safety-centric approach is designed to instill confidence in users, enabling them to engage with Web3 applications and services securely, free from the risk of scams and security breaches.

Overcoming fragmentation 

The current Web3 space is notably fragmented, creating entry barriers and confusion. Haven1 aims to unify this fragmented landscape, offering a streamlined, user-friendly platform that simplifies the Web3 experience for all users.

Transforming crypto holders to active users 

Haven1's goal extends beyond attracting crypto holders. It focuses on transforming them into active Web3 participants, empowering them to fully utilize and understand the potential of blockchain technology.

Employing a funnel approach 

To ease users into the complexities of Web3, Haven1 employs a strategic funnel approach. This method provides a guided, step-by-step experience, making the transition into Web3 straightforward and less daunting.

Creating a unified ecosystem 

Haven1 aspires to merge all its components into a single, cohesive ecosystem. This integration ensures users have access to a comprehensive suite of Web3 tools and services, all within the Haven1 platform.

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“This means the more you interact with our testnet, the more rewards you will accumulate,” said Akash Mahendra, Haven1’s Head of Developer Relations. “These can range from enhanced token rewards to exclusive access to our new features, so we’re incentivizing active participation.”

With a strong foundation and clear vision, Haven1 is in a position to unlock immense value for the Yield App community, Web 2.5 users, and beyond. 

Real-world assets: challenges and Haven1’s solutions

Tokenizing real-world assets (RWAs) on a blockchain presents a unique set of challenges. While digital assets are securely managed with cryptographic keys, RWAs require physical custody and face several other complexities:

Physical custody vs. digital security: RWAs need physical management, which can be at odds with the digital nature of blockchain.

Immutability vs. real-world changes: RWAs often undergo changes in value or ownership, requiring a more adaptable system than traditional on-chain storage.

Scalability concerns: As RWAs gain popularity, the high transaction volume could strain existing blockchain infrastructures, leading to congestion and delays.

Security risks: The DeFi space is prone to vulnerabilities, which can lead to substantial financial losses, particularly in the context of RWAs.

Price volatility: The fluctuation in the value of native blockchain currencies can affect the stability of tokenized assets.

Fragmented markets and liquidity issues: RWAs often face fragmented markets and lower liquidity on secondary platforms like L2 solutions and alternative Layer 1s. 

Haven1’s solutions for RWA tokenization

Haven1 addresses these challenges with a suite of innovative solutions designed to integrate RWAs securely and efficiently into the on-chain finance ecosystem:

Provable identity framework: This framework ensures that all parties involved in RWA transactions are verified and continually monitored for compliance with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations.

Top-tier security and safeguards: Haven1’s ecosystem is fortified with top-tier security measures, including comprehensive dispute resolution procedures. Safeguards are established to protect all participants in RWA transactions.

Adaptability to reflect real-world changes: Haven1 recognizes the dynamic nature of RWAs and can amend blockchain data to accurately reflect real-world changes, ensuring that the on-chain representation of assets remains current and reliable.

Through these measures, Haven1 is poised to overcome the hurdles associated with RWA tokenization, making it a viable and secure option for asset owners and investors alike. Our approach not only addresses the technical aspects of RWA tokenization but also ensures market stability.

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On-chain finance: navigating challenges and solutions with Haven1

Challenges in on-chain finance The adoption of on-chain finance introduces several complexities that need addressing:

  • Counterparty risk: The uncertainty regarding counterparties' regulatory compliance poses a significant risk in decentralized environments.

  • Scalability and data storage: As the volume of transactions increases, scalability and data storage become critical challenges, potentially impacting performance and efficiency.

  • Immutability vs. error rectification: Blockchain’s immutability, while a strength, complicates error correction, as data once entered cannot be easily altered.

  • Data protection and GDPR compliance: Regulations like GDPR grant consumers the right to be forgotten, conflicting with blockchain's permanent data storage.

  • Governance and regulatory compliance: The decentralized nature of public blockchains often clashes with the regulatory compliance required in traditional banking systems.

  • Speed and throughput: On-chain finance demands high-frequency operations, necessitating swift and efficient transaction processing capabilities.

  • Security vulnerabilities: Smart contract bugs or security loopholes can lead to significant financial losses, undermining user confidence.

As part of Haven1’s comprehensive solutions to address these challenges, we’ve developed a range of solutions:

  • Provable identity framework: All participants are thoroughly vetted and continually monitored for AML/CTF compliance. This framework enhances trust and mitigates the risk of regulatory non-compliance.

  • Safeguarded ecosystem: Haven1 implements top-tier security measures and dispute resolution procedures. Comprehensive legal safeguards ensure the protection of all parties involved.

  • Blockchain data amendment: In a novel approach, Haven1 allows for the amendment of blockchain data to correct errors, adapting to real-world needs and maintaining accuracy.

  • Centralized governance model: Haven1 introduces a form of centralized governance, managed by trusted validators. This structure ensures predictability and stability, aligning with regulatory compliance requirements while maintaining the advantages of a decentralized ecosystem.

Through these initiatives, Haven1 is tackling the inherent challenges of on-chain finance, ensuring a secure, compliant, and efficient platform for all users. These solutions collectively work towards creating an environment where on-chain finance can be embraced without compromising on security, safety, or user experience.

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Haven1 Testnet and developer support

As we continue to refine and expand the Haven1 ecosystem, we're excited to introduce our Testnet phase and a range of initiatives aimed at empowering developers. It’s all about incentivizing participation, showing a commitment to fostering innovation through our Grants Program and expanded developer resources.

Testnet: a sandbox for innovation 

Haven1's Testnet is a pivotal stage in our journey, offering a collaborative sandbox where your feedback and interaction shape the final outcome. This environment mirrors our main platform, but it's tailored for exploration, experimentation, and refining our features before broader public release.

Whitelisting and accessing the testnet 

Getting whitelisted is your first step. By filling out our onboarding form, you can apply for early access. Once approved, you'll receive an email with detailed instructions and a direct link to dive into the Testnet world. This process ensures a smooth and tailored experience for each participant, paving the way for constructive feedback and engagement.

“A special shout out to the Diamond Team members as your commitment definitely hasn't gone unnoticed,” Akash said. “You'll receive priority in the whitelisting process in addition to personal testnet access. So if you're not a Diamond Team member right now, it's a perfect time to upgrade and reap these benefits.”

Engagement and rewards 

Active participation in the Testnet is not just about testing—it's rewarded. Regular usage qualifies you for our multiplier rewards system, where your engagement translates into tangible benefits. These rewards range from enhanced token bonuses to exclusive access to new features. It's our way of saying 'thank you' for being an integral part of Haven1's development.

Airdrop mechanics 

In addition to daily rewards, participating in our Testnet makes you eligible for an exclusive airdrop. This event will distribute special tokens to our most active Testnet users. Stay tuned for more details on distribution dates and eligibility criteria. It's an excellent opportunity to contribute to Haven1's growth while earning rewards.

Empowering developers with grants and resources 

Our upcoming Grants Program marks a significant step in nurturing innovation within Haven1's ecosystem. This program aims to support projects that align with our vision and contribute meaningfully to our platform. It's not just about funding—it's about fostering a collaborative community of developers dedicated to pushing the boundaries of our technology.

Applying for grants 

To apply, developers will detail their project's alignment with Haven1’s goals of bridging the Web2.5 to Web3 gap and creating the next generation of secure on-chain finance. We're looking for innovative, impactful projects that resonate with Haven1's ethos. Each application will undergo thorough review, ensuring we support the most promising and aligned initiatives.

“We really want to empower people to experiment and use the unique aspects of Haven1,” says Akash. “We want to support projects that align with our ethos and overall vision and that can really contribute to this missing piece in the Web3 and blockchain space that other other platforms don't offer yet.” 

Expanding developer resources 

Alongside financial support, we're bolstering our range of developer resources. From comprehensive guides and API documentation to detailed instructions on Gitbook, we're committed to making development on Haven1 as intuitive and productive as possible. This wealth of resources will assist developers at every step.

An experienced team at the helm

Fulfilling the vision for a safe, user-friendly on-chain finance ecosystem can’t be done without some of the best and brightest minds leading the charge. The Haven1 team consists of a well-rounded, creative, and crypto-native group of individuals spanning decades across fintech and Web3. 

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As we close out another eventful year in the dynamic world of Web3, it's clear that the journey ahead for Haven1 is both exciting and crucial for mass adoption. With a comprehensive ecosystem that bridges traditional finance and the latest in on-chain finance, Haven1 is ready to bring the benefits of on-chain finance to every Web2.5 and crypto-curious user.

From the practical steps of launching our Testnet to empowering developers through our Grants Program, every move is calculated to foster a secure, inclusive, and innovative environment. Our efforts are squarely aimed at not just meeting, but exceeding the expectations of our community, partners, and the broader Web3 world.

Thank you for being a part of this journey with Haven1 and Yield App. Your engagement, feedback, and support are what drive us to push boundaries and innovate relentlessly. As we step into the new year, we look forward to continuing this journey together, unlocking the full potential of Web3 and on-chain finance.

Stay tuned for more updates, and don't forget to join our community on Telegram and Discord to keep up with the latest news and participate in our growing ecosystem. Together, let's shape the future of finance.

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"Building an entire ecosystem requires a talented, global team, and we're tirelessly expanding to meet the challenges head-on,” explained Tim Frost, co-founder of Haven1. “Our goal is to bring crypto holders into the fold as active crypto users, bridging the gap with a comprehensive approach. And we want to give you a little clarity on what to expect and how to get access.”

Ready to join the secure on-chain finance movement with Haven1? Stay up to date with the latest on the official Haven1 Blog.


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