Evmos Project Spotlight 001 — A Deep Dive into Tashi

Step into the Evmos ecosystem with the first edition of the Evmos Project Spotlight series! In this series, we’re shining a light on the thriving ecosystem of innovative projects and dApps building on Evmos. Kickstarting it, we’re excited to feature Tashi, an algorithmic money market protocol revolutionizing borrowing and lending.

Let’s dive in.

What is Tashi?

Tashi is a transformative money market allowing individuals to participate in pooled lending and borrowing assets. Using Tashi, individuals can supply their assets, earn yields on their contributions, and choose to borrow against their assets in an overcollateralized manner.

As Tashi operates autonomously through smart contracts, the protocol ensures transparency and enhanced reliability due to the battle-tested nature of the application and its smart contracts.

The Core Team and the Journey to Tashi

A team of industry experts lead Tashi with diverse backgrounds and expertise. Co-founder and CFO of Tashi, Lindsay Ironside, has a diverse background in chemical engineering, gold mining, and prospecting with Discovery Channel. Most recently, she participated in developing Rome Terminal within Rome Blockchain Labs. Her exceptional organizational skills and leadership qualities have aided Tashi’s growth and success.

Another key team member, co-founder Kristine Boulton, heads Business Development and Relationships. With a strong background as a trader in the DeFi space, Kristine brings a deep understanding of user experience, driving Tashi’s commitment to innovation and user-friendly solutions.

The inception of Tashi resulted from the team’s prior involvement with Rome Blockchain Labs (RBL) and their experience with successful projects like Benqi and Moonwell. They quickly saw the opportunity to leverage their skills and experience to bootstrap liquidity onto Evmos. The team is dedicated to creating a protocol that aligns with Evmos, enabling both the Evmos and Cosmos communities to reap the benefits.

By combining their existing network, novel ideas, and expertise, the Tashi team aims to build a protocol that caters specifically to the needs of the Evmos community.

Let’s go through some of the reasons why Tashi chose to build on Evmos — and how Evmos uniquely empowers their protocol.

The Advantages and Excitement of Evmos

As strong advocates of the Cosmos ecosystem, the team was initially captivated by the Evmos EVM compatibility, its proven reliability, and its impressive track record of scalability and composability. These factors played a significant role in Tashi’s decision to build on Evmos. Co-Founder Kristine further elaborates:

“The well-tested nature of the EVM implementation and the strong community has played a significant role in our decision to choose Evmos. Additionally, the Evmos core team has shown incredible consistency and perseverance in building unique DeFi technology.”

The Tashi team firmly believes that the EVM is the most robust and extensively tested developer framework for protocols like Tashi. Therefore, selecting Evmos, the first EVM-compatible network within the Cosmos ecosystem, was a natural decision. Additionally, the Tashi team’s deep understanding of Solidity and their experience launching multiple protocols in that language further solidified Evmos as the ideal choice for their project.

The Cosmos ecosystem, particularly the Inter-Blockchain Communication (IBC) protocol, opens up exciting liquidity and capital efficiency possibilities. This makes Cosmos a distinctive network, with Evmos serving as the gateway to the EVM. Tashi envisions expanding its reach to other chains while consolidating liquidity within Evmos.

Tashi Tokenomics & Technical Architecture

Tashi’s technical architecture relies on smart contracts and user interface displays to operate the lending protocol. Due to this, the core processes of the protocol are fully transparent and on-chain, ensuring maximum security and integrity.

With the front-end interface built privately for Evmos, extensive UX research has gone into its development, making it user-friendly and tailored to the specific needs of Tashi’s economic and tokenomic structure. The Evmos EVM compatibility is also vital in Tashi’s architecture. The Evmos EVM enables Tashi to benefit from composability, added security, and battle-tested smart contract standards.

Tashi utilizes an innovative interest rate pricing model to enhance capital efficiency and yield for lenders. With a bold and pioneering approach, Tashi aims to establish a new standard by rewarding long-term holders through its tokenomics strategy. To understand the TASHI token supply, let’s break it down. The total supply of TASHI is 720 million, distributed as follows:

The token allocations serve specific purposes within the Tashi ecosystem. For instance:

• Liquidity Incentives: 20% is designated for lenders and borrowers on Tashi over a span of 3–4 years.
• Core Contributors: 18% is awarded to Tashi’s main contributors over a 30-month vesting period.
• Initial DEX Liquidity: 15% is allocated to liquidity pools upon launch.
• Public Sale: 10% is distributed to participants as a combination of Tashi and xTashi tokens.
• Partnerships: 8% is set aside for supporting long-term partners.
• Liquidity Reserves: 8% is reserved for future liquidity requirements.

Starting with Tashi’s Genesis Pools on June 15th, users are incentivized to deposit EVMOS and ATOM with up to 2.5% of Tashi’s token supply. Following the public token sale, the pools will allow withdrawals alongside the full protocol launch, with the genesis yield shared pro rata among remaining depositors. Depositors can continue staking in the pool until September 14th.

Furthermore, Tashi reserves 7.5% for unexpected future needs, 4% for project runway and contractor payments, 3.5% for grants and programs supporting the Tashi ecosystem, 2.5% for genesis lenders paid in esTASHI over three months, and 2.5% for project advisors over a 30-month vesting period. Additionally, 1% is allocated to bug discovery and resolution. The tokenomics were designed in cooperation with Rome Blockchain Labs.

Tashi’s Token Sale is scheduled for July 24th, with 10% of the TASHI supply available. The valuation will be announced before the sale, and buyers will receive xTASHI tokens upon completion. At least 5% of the sale’s proceeds will contribute to the Rewards Fund, providing a base yield for xTASHI stakers in the first year.

The EVMOS token is also integral in the Tashi architecture. It is included in Tashi’s Genesis Pools, making it one of the first assets listed for deposits, collateralization, and borrowing on the platform. Tashi’s platform will later support the Liquid Staking solution developed by Rome Blockchain Labs for the EVMOS token and its sEVMOS counterpart. This integration benefits EVMOS token holders and contributes to the network’s overall security and validity.

Building Process and Challenges

The building process on Evmos has been remarkably smooth for Tashi, thanks to their familiarity with the coding language and the strong support provided by the Evmos team. While there were a few points of friction, as is common in new ecosystems, Tashi’s experience in similar environments mitigated any challenges they encountered. The Evmos team’s assistance and the dedication of their technical team were instrumental in overcoming hurdles related to validator operation, asset transfers, and establishing partnerships with key vendors in the ecosystem.

Interoperability and the Future Vision for Tashi

Tashi will leverage interoperability tooling, such as EVM Extensions provided by Evmos, to aggregate liquidity from various chains into Evmos, creating a robust and dynamic ecosystem for its users. Like many others, Tashi eagerly anticipates the potential tokenomics upgrade for the EVMOS token. They recognize the Evmos team’s in-depth understanding of what works and what doesn’t and believe such opportunities are pivotal for platforms to incorporate valuable learnings.

Tashi’s future partnerships and integrations with projects like Wormhole and Pyth will contribute to liquidity and growth while attracting a broader range of participants to the Evmos ecosystem. They are also committed to nurturing a strong and engaged community. Some other exciting future plans include the continued amplification of Genesis Pools, a community sale, full protocol deployment, risk dashboard deployment, CEX asset rails into Evmos, and the implementation of liquid staking.

Additionally, Tashi envisions introducing isolated pools for enhanced security, undercollateralized lending, on-chain and off-chain credit, added decentralization, and other innovative features that adapt to changing market needs.

Wrapping Up

Tashi is a unique, trailblazing project for Evmos and the entire Cosmos ecosystem. With a visionary team, a commitment to innovation, and a strong focus on community, Tashi is poised to become a foundational pillar of DeFi on Evmos.

Stay tuned for more Project Spotlights as we continue to showcase the diverse and groundbreaking projects thriving within the Evmos ecosystem!

About Evmos

Evmos is an EVM-compatible, IBC-enabled blockchain in the Cosmos ecosystem designed for cross-chain dApp development.

The Evmos Core Development Team is on a mission to create and ship the foundational tools necessary for building the cross-chain applications of the future. With groundbreaking roadmap features like EVM Extensions, the Evmos SDK, and the Evmos dApp Store, Evmos gives developers the freedom to take advantage of the IBC and connect their smart contracts to the Cosmos Ecosystem.

This revolutionary technology frees developers from the confines of today’s siloed blockchains.

The future is cross-chain.

Helpful Resources

💻 Developer Documentation: https://evmos.dev/

👾 Official Discord: https://discord.gg/evmos

🐙 GitHub: https://github.com/tharsis/evmos

🕊 Twitter: https://twitter.com/EvmosOrg

📯 Telegram: @EvmosOrg

📄 Medium: https://evmos.blog/

🖥 Evmos Website: https://evmos.org

🌋 Evmos Jobs Board: https://boards.eu.greenhouse.io/evmos

Evmos is the EVM stack for building natively cross-chain decentralized applications.

We encourage you to read the Evmos Manifesto and learn more about our plans to build a cross-chain future.

DISCLAIMER: None of this is financial advice. This content is strictly for educational purposes. It’s not investment advice or a solicitation to buy or sell any assets.