Hashflow is a decentralized trading protocol that uses request-for-quote (RFQ) pricing. Instead of setting prices only with an automated market maker (AMM) pool formula, it requests quotes from market makers, who can price trades using their liquidity and market information. Hashflow documents signed quotes for both single-chain and cross-chain trades.
How the RFQ flow works
A trader or integrating application requests prices for a token pair and trade size. Available market makers can return price levels, after which the taker requests a signed quote and decides whether to submit the trade. The quote records the trade parameters and is checked by Hashflow’s contracts during execution. This design can make the quoted output predictable while the quote remains valid, but it does not mean every request receives a quote or every transaction succeeds.
Hashflow’s RFQ structure differs from an AMM: the liquidity source is a market maker responding to a request, rather than a trader swapping against a constant-product pool. Available makers, pairs, and quote sizes vary. The final trade can still be affected by an expired quote, transaction failure, gas costs, asset availability, or changes in the market before a new quote is obtained.
Cross-chain trades
Hashflow also documents trades with a source chain and a destination chain in the same quote request. These trades rely on a cross-chain messenger that carries the instruction between networks. The messenger and the participating contracts have their own security assumptions, and the route may include additional fees or delay. A single user-facing trade does not remove the underlying bridge or settlement risks.
HFT and protocol fees
HFT is the governance token associated with Hashflow. The project’s documentation describes staking and governance mechanisms, while its fee documentation describes a protocol fee included in quotes and a revenue-sharing program for eligible HFT stakers. Governance decisions, fee parameters, eligibility, and reward terms can change; the token itself does not guarantee voting influence or income for every holder.
Risks and limits
RFQ execution depends on market makers choosing to quote the requested pair and size. A quote is a time-limited offer, not a general promise that the same price will remain available. Users also rely on the protocol’s contracts, market-maker systems, and, for cross-chain routes, the selected messenger. Compare the received quote and transaction details with other available routes before trading.
Related Terms
See Also
- What Is MEV — And Why Every Ethereum Transaction Is a Game
- How Do Crypto Bridges Work — And Why Are They Such a Hack Target?
- Why Smart Contract Audits Fail: What Post-Mortems Reveal About the Limits of Security Reviews
Sources
- Hashflow Protocol Introduction — Explains the RFQ model, off-chain quote pricing, and cryptographically signed quotes used in on-chain trade execution.
- Hashflow Taker API v3 — Documents price discovery, signed quote requests, trade submission, and the extra messenger assumptions used for cross-chain quotes.
- HFT and Governance Background — Describes HFT’s stated governance role and the project’s vote-escrow design.
- Protocol Fees and Revenue Share — Describes fees incorporated into Hashflow quotes and the documented revenue-sharing program for HFT stakers.