Yield App has announced its roadmap to incubate Haven1, a Layer 1 and EVM-compatible blockchain that addresses the industry’s growing demand for secure, on-chain finance through its proof of authority (PoA) consensus mechanism. Set to launch in 2024, the network is developed by the highly experienced team behind Yield App Labs, the Web3 research and development arm of Yield App.
Regulated institutions often find it difficult to use decentralized finance (DeFi) in its current form due to a lack of regulatory clarity on the security of decentralized networks. The Haven1 network tackles these issues directly with a provable identity framework that allows users to engage securely and compliantly in on-chain finance, all without storing sensitive data on the blockchain. All validators on Haven1 will be publicly verifiable, which allows anyone to corroborate their identity and track their performance on the network.
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Designed to be complementary to Ethereum, the move is expected to attract billions to the Web3 arena as the industry seeks out new ways to address some of the primary deficiencies of on-chain finance. Haven1 overcomes this by installing dispute resolution mechanisms and partnering with reputable entities to ensure every asset on Haven1 is backed 1:1 by the corresponding underlying asset. Redeemable at all times, it allows users to securely and transparently store their assets on Haven1 in cold storage, providing an additional layer of security.
Tying this together will be Haven1’s native token, H1. The development of the network will allow an estimated 40,000 YLD token holders to become early stakeholders in one of the most exciting Layer 1 developments to come to market. Upon Haven1’s official launch, YLD will be swapped 1:1 with the H1 token.
Tim Frost, CEO of Yield App, says: “We’re excited for the highly-experienced team at Yield App Labs to launch Haven1 and play a part in steering on-chain finance at a critical point in its development.“
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“Haven1’s impending arrival is the next iteration of on-chain finance, and meets the needs of those that simply want to access DeFi in a safe and secure manner.”
Justin Wright, COO of Yield App, says: “As demand for DeFi outpaces the industry’s current capacity to provide a fit-for-purpose, consistently secure user experience, Haven1 serves as a middle ground for those that want safe access to on-chain services.”
“The proposed roadmap for Haven1 tackles some of the most pressing issues facing the Web3 industry today. We’re excited to address these challenges head on with Haven1’s provable identity framework, while adhering to ever-changing security and compliance standards.”
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