Overview
Tashi is a Compound-style lending protocol deployed on Evmos, the blockchain that combines EVM compatibility with the Cosmos IBC ecosystem. The protocol offers standard money market functionality — supply assets to earn interest, borrow against collateral, with algorithmically determined interest rates.
The fundamental challenge is Evmos itself. Despite an innovative concept (EVM + IBC), Evmos has struggled with team instability, a controversial token distribution, and declining ecosystem activity. Tashi, as the chain's primary lending protocol, is constrained by Evmos's limited TVL and user base.
Smart Contracts
Tashi's contracts follow the Compound model, a well-understood lending architecture. Supply and borrow markets with algorithmic interest rates, collateral factors, and liquidation mechanisms. The implementation is straightforward and functional.
The Evmos EVM environment is compatible but has quirks related to the Cosmos SDK integration. Gas dynamics and block times differ from pure EVM chains.
Security
The protocol has been audited, but the small TVL and limited usage mean less real-world security testing. Evmos itself has experienced chain-level issues in the past, adding a layer of risk beyond the protocol's own contracts.
Risk Management
Standard Compound-style risk parameters — collateral factors, liquidation thresholds, and interest rate curves. The limited asset selection on Evmos simplifies risk management but also limits utility.
Adoption
Very limited adoption. Evmos's overall DeFi TVL is minimal, and Tashi captures a portion of that small amount. User counts are low. The protocol functions correctly but has no meaningful user base.
Tokenomics
Tashi's token model provides governance and potential fee sharing. However, with minimal TVL and fee generation, the token has limited value accrual. Emission incentives may be necessary to maintain any activity.
Risk Factors
- Evmos ecosystem risk: Chain has struggled with adoption, team issues, and declining activity
- Minimal TVL: Very little collateral securing the protocol
- Limited asset selection: Few assets available on Evmos for lending
- Chain stability concerns: Evmos has experienced technical issues
- No meaningful user base: Protocol functions but lacks users
- IBC risk: Cross-chain assets introduce bridge-related risks
Conclusion
Tashi is a competent lending protocol on a struggling chain. The 3.1 score reflects functional smart contracts and reasonable design, heavily discounted by Evmos's failure to gain ecosystem traction. The protocol's fate is entirely dependent on Evmos's revival prospects, which are dim.