October 27, 2020 — We are excited to announce the creation and launch of HBAR Labs (hbarlabs.com) to the Hedera community and the broader crypto ecosystem.
Hedera Hashgraph serves as the most secure, performant, and stable network for distributed economic activity. Our mission is to bring HBAR and the value of the Hedera Hashgraph Network to every person on planet earth.
We plan on achieving our mission by building companies & products that are focused on increasing awareness, access, and accelerated adoption of HBAR.
Our first product will be the creation of a new wallet for holding, transacting, and wrapping HBAR. Any HBAR holder will be able to access their Hedera Account through wallet.hbar.com. This wallet will be the gateway to accessing new and productive uses of HBAR. New ways to use HBAR will be integrated into the wallet as they emerge.
Next, we will also be supporting the creation of an Ethereum instantiation of HBAR, named wrapped HBAR (“wHBAR”), in order to support the usage of HBAR in the DeFi ecosystem. The beta launch of wHBAR will support a HBAR holder sending their HBAR to a validator who will then issue wHBAR to the holder with a corresponding Ethereum account. Wallet.hbar will enable direct integration with MetaMask for a simple experience.
Once in the Ethereum ecosystem, users will be able to use their wHBAR to interact with a variety of return generating DeFi products. Over the past year, DeFi has seen rapid growth, from ~$600mm in January 2020, to well over $11b in October 2020. We believe that by building this new token bridge, $HBAR holders will be able to stake and earn interest on their holdings much like in the traditional banking system.
Over time, HBAR Labs will support the use of community developed and maintained decentralized token bridge options that enable multiple validators to approve HBAR wrapping.
We are excited to start this journey to help accelerate the growth of the Hedera ecosystem and extend the utility of HBAR to the mainstream.
To share your feedback, and stay up to date with the latest and greatest from HBAR Labs, don’t hesitate to reach out to info@hbarlabs.com, kyle@hbar.com or sign up to our listserv at hbarlabs.com.
—Kyle Armour & The HBAR Labs Team
Note: HBAR Labs is an independent company dedicated to building products in the Hedera Hashgraph ecosystem. We are not affiliated with Hedera Hashgraph LLC.
Web: https://hbarlabs.com/
Twitter: https://twitter.com/hbarofficial
Facebook Page: https://facebook.com/hbarofficial/
Facebook Group: https://facebook.com/groups/hbarofficial/
Telegram: https://t.me/hashgraph
Medium: https://medium.com/@hbarofficial
LinkedIn: https://www.linkedin.com/company/hbar-official/
Instagram: https://www.instagram.com/hbarofficial/
