What is Hashlock Markets?

Hashlock Markets is a universal asset exchange protocol built by Hashlock-Tech. Counterparties submit private sealed bids for each swap intent — no one sees competing bids — so trades settle at the best price without front-running, MEV extraction, or slippage. It supports cryptocurrencies, tokenized real-world assets (RWA), and stablecoins across Ethereum, Bitcoin, and SUI, with atomic settlement via Hash Time-Locked Contracts (HTLCs).

Is Hashlock Markets the same as the cryptographic "hashlock" used in HTLCs?

No. The cryptographic "hashlock" is a primitive used inside Hash Time-Locked Contracts. Hashlock Markets (hashlock.markets, built by Hashlock-Tech) is a complete trading platform and protocol. The name references the cryptographic heritage, but the product is an exchange — not a primitive. Think "Java the language" versus "java the beverage".

What assets can I trade on Hashlock Markets?

Any supported asset on any supported chain: major cryptocurrencies (ETH, BTC, SUI), ERC-20 tokens, stablecoins (USDC, USDT, DAI), and tokenized real-world assets including bonds, real estate, and commodities. Cross-chain pairs are supported natively.

How does sealed-bid swap execution work?

When you create a swap intent, verified counterparties submit private bids that neither you nor other bidders can see. The protocol selects the winning bid based on price and counterparty reliability. Because bids are sealed, there is no front-running, no MEV sandwiching, and zero slippage — the agreed price is the final settlement price.

Which blockchains does Hashlock Markets support?

Ethereum mainnet, Bitcoin (via HTLC), and SUI are live today. Cross-chain swaps settle atomically through time-locked contracts on each chain, so either both legs complete or neither does.

How do AI agents integrate with Hashlock Markets?

Two first-class integration paths: (1) an MCP server (@hashlock-tech/mcp on npm) compatible with Claude, Cursor, Windsurf, and any MCP client — use either remote streamable-http at https://hashlock.markets/mcp or local stdio via npx; (2) a Vercel AI SDK toolkit (hashlock-ai-sdk on npm) for TypeScript agents. Agents can create, validate, and commit swap intents autonomously.

Is Hashlock Markets custodial?

No. Settlement is non-custodial via HTLC atomic swaps — funds move directly between counterparties wallets on-chain. Hashlock-Tech never holds user assets.

How are counterparties on Hashlock Markets verified?

Institutional counterparties complete KYC and institutional verification before joining the network. Trade history and reputation are tracked per verified entity, and sealed bids are only accepted from verified parties.

Volume methodology

How we report Hashlock Markets trading volume to DefiLlama and how to reproduce the numbers from public chain data.

What Hashlock Markets is

Hashlock Markets is a cross-chain over-the-counter (OTC) trading venue. Takers post sealed-bid Request-for-Quote (RFQ) orders; market makers respond privately. When a quote is selected, both sides lock funds in Hash Time-Locked Contracts (HTLCs) on their respective chains using a shared sha256 hash. When the taker reveals the preimage on one leg, the maker can claim the other leg using the now-public preimage. Either both legs settle atomically or both refund after the timelock — no bridge, no liquidity pool, no relayer with custody.

Live chains: Ethereum mainnet (since 2026-04-09) and Sui mainnet (since 2026-05-01). Bitcoin support is in testing on signet; mainnet BTC trades will be added to the adapter in v2.

Volume definition

A unit of volume is the USD notional of a settled HTLC withdraw on a given chain. “Settled” means the HTLC’s Withdraw event (EVM) or HTLCClaimed event (Sui) was emitted — i.e. the preimage was successfully revealed and the funds were transferred to the receiver. HTLCs that ended in refund (timelock expiry) are excluded from volume.

Volume per leg is denominated in the underlying token at observation time and converted to USD via DefiLlama’s price oracle for that token on that chain.

Per-chain accounting

Each cross-chain trade emits one withdraw event per leg — one on each chain. The DefiLlama adapter reports per-chain dailyVolume as the sum of withdraw notional on that chain in the day window. Because each cross-chain trade contributes a withdraw to two chains, the protocol-level total is approximately 2× the unique-trade USD value.

The adapter sets doublecounted: trueso DefiLlama can deduplicate at the protocol level. Per-chain views remain accurate as “value transferred via Hashlock HTLCs on this chain”.

Ethereum implementation

Three HTLC contracts, deployed 2026-04-09, all verified on Etherscan:

HashedTimelockEther — 0x0CEDC56b17d714dA044954EE26F38e90eC10434A
HashedTimelockEtherFee — 0xfBAEA1423b5FBeCE89998da6820902fD8f159014
HashedTimelockERC20Fee — 0x4B65490D140Bab3DB828C2386e21646Ed8c4D072

Volume sources are the HTLCETH_Withdraw event (both Ether contracts) and the HTLCERC20_Withdraw event (ERC-20 contract). Amount and token are read directly from the event; no back-join is required. Refunded HTLCs emit HTLCETH_Refund / HTLCERC20_Refund and are excluded from volume.

Sui implementation

HTLC package 0xd0f016aaec58d79c9108866b35e59412e3e95d7252464858c8141345f44bad0e, module htlc, published 2026-05-01.

Three event types live in the same module:

HTLCLocked — carries htlc_id, sender, receiver, hashlock, timelock_ms, amount, coin_type, ...
HTLCClaimed — carries htlc_id, preimage, hashlock
HTLCRefunded — carries htlc_id

Sui’s HTLCClaimed event does not carry the amount or coin type. The adapter joins each HTLCClaimed to its corresponding HTLCLocked event by htlc_id, reads amount + coin_type from the lock side, and counts only locks whose htlc_id also appears in a HTLCClaimed event in the same day window. HTLCRefunded excludes the lock from volume.

Bitcoin (planned, v2)

Bitcoin HTLCs use P2WSH (Pay-to-Witness-Script-Hash) outputs. There is no event log; settle vs. refund classification requires parsing the spending transaction’s witness stack. The v2 adapter will identify settled BTC HTLCs by joining each P2WSH output to its EVM/Sui counterpart leg via the shared sha256 hashlock — recoverable from the EVM/Sui side as sha256(preimage) for EVM, or read directly from HTLCClaimed.hashlock on Sui.

BTC mainnet HTLC infrastructure is currently in testing on signet. The v2 adapter will be submitted as a follow-up PR once mainnet BTC trades are observable.

Cross-chain hash convention

Both EVM and Sui HTLCs use sha256(preimage) as the hashlock function. This is a deliberate spec decision — it allows the cross-chain hashlock match to be computed purely from on-chain data on either side, with no off-chain coordination. Bitcoin HTLC scripts also use sha256 so the v2 BTC join works the same way.

What is not counted

Refunded HTLCs (timelock expiry without preimage reveal).
HTLCs that have been locked but not yet claimed — volume is recognized only at withdraw/claim time.
Off-chain RFQ activity (quotes, bids) — only on-chain settlements count.
Internal protocol fee transfers — counted as fees, not volume.

Reproducibility

Three independent verification surfaces, all public:

Live on-chain data (Dune): hashlock-markets-volume-settlement — settled-trade counter, daily volume, and a recent-trades table backed by the Dune queries below.
Open-source Dune queries: ETH events, Sui events, unified cross-chain trades. SQL also mirrored at GitHub.
DefiLlama adapter source: DefiLlama/dimension-adapters/dexs/hashlock-markets.

As of 2026-05-01, the inaugural mainnet smoke trade (1 SUI lock + claim, tx 77ZuonuPy9im7hCR21YEMdm5HhBYLVciwjNk7Gp92PYM) is visible in the Sui events query. This same trade is what the DefiLlama adapter reports as $1.00 daily volume on 2026-05-01.

Disambiguation

Hashlock Markets (hashlock.markets, Hashlock Corp., Delaware C-Corp) is a different organization from Hashlock Pty Ltd (hashlock.com, an Australian smart contract auditing firm). Names are similar by coincidence; the two organizations are unrelated.

Contact

Methodology questions, adapter discrepancies: data@hashlock.markets.