PR With Payload:
Summary:
Hinkal is a Shared Privacy Layer enabling Anonymity Staking of ETH to increase the privacy coverage for protocol users.
hETH is a Liquid Privacy Token and a receipt token for Anonymity Staking. hETH accrues yield from private transactions on Hinkal and can be used in the broader DeFi ecosystem.
To make secondary liquidity of hETH more accessible in larger volumes, an hETH/wstETH pool was created. Hinkal proposes to enable a gauge for the hETH/wstETH pool on Ethereum.
References/Useful links:
• Website
• Discord
Protocol Description:
Hinkal is an institutional-grade Shared Privacy Layer enabling Anonymity Staking and confidential transactions on major EVM chains. The protocol’s hETH (Hinkal staked ETH) is a yield-bearing Liquid Privacy Token, representing users’ ETH staked to the Hinkal smart contract. ETH staked on Hinkal increases the Shared Privacy Pool which extends the privacy capabilities of the protocol. Anonymity Staking is self-custodial - staked ETH is deposited to a non-upgradable smart contract and can only be moved by holders of hETH.
hETH generates yield from private transactions on Hinkal and increases in value to reflect the base rewards in ETH. Additionally, users earn Hinkal Points for holding hETH and swapping hETH with other assets.
The hETH contract went live on September 15th, 2024, and has accumulated approximately $2.9M worth of ETH. The price of hETH is aligned with the total amount of ETH held inside the contract.
Motivation:
Hinkal is seeking to establish the hETH/wstETH pool [Ethereum] on Balancer to further enrich the liquidity of hETH. This move aims to enhance the trading experience of users, making it more accessible while generating additional value for the Hinkal community.
Specifications:
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Governance: The core smart contract that holds the assets is non-upgradable.
The protocol utilizes cold wallets to change complementary functions. -
Oracles: The protocol does not use oracles since it provides smart contract privacy and assets are monitored inside the smart contract.
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Audits: Audit reports for Hinkal can be found on the Whitepaper page - Integrity Check & Security. The audits have been carried out by reputable firms such as zkSecurity, Zokyo, Quantstamp, and Secure3 to ensure the security of the protocol. A bug bounty was also recently completed through Immunefi. Hinkal also uses Hexagate for Real-Time Protection and wallet screening.
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Centralization vectors: The centralization vector primarily relates to developers in relation to upgrading the non-core functionality of the smart contract such as ZK verifiers.
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Market History: hETH has accumulated approximately $2.7M worth of ETH staked within the protocol since launching in the middle of September 2024. The Balancer pool went live on October 16, 2024.
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Value: Our goal is to align the majority yield pool with where most users are providing liquidity. If the Balancer pool gains significant popularity within our community and maintains significant APR values, we are highly inclined to back it as the primary liquidity source.
Specification
Transaction: The Balancer Maxi LM Multisig
eth:0xc38c5f97B34E175FFd35407fc91a937300E33860will interact with the GaugeAdderv4 at0x5DbAd78818D4c8958EfF2d5b95b28385A22113Cdand call theaddGaugefunction with the following arguments:gauge(address):
0x60adB6A1D73b16F47EA3CCBa94f79cc95D2ba73B
gaugeType(string):Ethereum