KEY POINTS
- The integration will allow developers to create more sophisticated, innovative dApps
- The partnership fosters seamless communication to unlock DeFi's full potential within the HAQQ ecosystem
- HAQQ's ethics-first standards and evmOS' interoperability expertise ensures smart contracts adhere to ethical principles
Leading ethics-first Web3 decentralized finance (DeFi) ecosystem HAQQ Network has partnered with EVM-compatible tech stack evmOS to broaden the access of HAQQ users and developers to more DeFi functionalities by enabling cross-chain compatibility with blockchain platform Cosmos and Ethereum networks. The partnership breaks the technical barriers that block the potential of DeFi functionalities.
HAQQ Network has empowered developers to build smart contracts aligned with Islamic principles, giving them access to the massive Muslim population. With over two million HAQQ wallet downloads across the Google PlayStore and the Apple App Store, users engage through the network's native currency, the Islamic Coin ($ISLM), the digital asset that not only upholds Islamic conventions but also supports sustainable practices.
While HAQQ has played a key role in facilitating a unique approach to blockchain development through its incorporation of Islamic finance principles into the modern financial framework, it did face limitations due to siloed communication between its EVM (Ethereum Virtual Machine) and Cosmos layers.
Among the challenges faced by HAQQ prior to the evmOS integration were issues related to on-chain governance and the prevention of integrating Cosmos-based assets. However, evmOS enters the picture with a world-popular framework for building application-specific blockchains, the Cosmos SDK, and the consensus algorithm of distributed, fault-tolerant state machine replication engine CometBFT.
⚡️ The new #HAQQnetwork website is now live ⚡️
— HAQQ Network (@The_HaqqNetwork) January 25, 2023
A fully updated portal of an ethics-first network that values the sustainability-centered approach.
Explore all about our vision, and check out the advanced features for web3 builders and developers now ➡️ https://t.co/xy0XPR3E22 pic.twitter.com/FnFoymG80O
The integration will not only provide developers with a platform that "feels like" Ethereum's EVM, but also enable direct interaction between Solidity smart contracts and Cosmos modules, ensuring that communication is seamless within the HAQQ ecosystem.
"This partnership with evmOS is a game-changer for HAQQ. By integrating evmOS, we overcome previous limitations and unlock new possibilities for our developers and users. This collaboration enhances our DeFi functionalities and strengthens our commitment to providing an ethics-first financial ecosystem," HAQQ Network co-founder and CTO Andrey Kuznetsov told International Business Times in a statement.
Under the HAQQ-evmOS partnership, developers can create sophisticated smart contracts and decentralized applications (dApps) without the concerns most developers have such as scalability, performance, and connectivity – all while adhering to ethical dApp development standards.
More specifically, Solidity developers can create smart contracts that feature advanced governance, real-time trading, asset swaps, liquid staking, and algorithmic trading strategies. They will also be able to utilize the EVM side of the inter-blockchain communication (IBC) protocol, which is expected to boost the HAQQ ecosystem's total value locked (TVL) since developers now have the power to provide the community with innovative Shariah-compliant functionality.
$ISLM holders can also benefit from HAQQ-evmOS integration features, including yield optimization and algorithmic vaults. By making a broader range of dApps and DeFi services available to users, the collaboration significantly improves the overall user experience.
