Learn about Haven Protocol

Haven (XHV) is the world's first network of private stable assets.

It enables holding wealth as crypto, in private, without volatility. It's like having your own bank.

Download or try online.

Users convert from XHV, a form of private treasury note, to xUSD, the world's first private algorithmic stablecoin. xUSD is converted to other private assets (xAssets) like xAG (Silver), xAU (Gold), xBTC (Bitcoin), xCNY (Yuan), xEUR (Euro), etc.

Haven ensures 1 xUSD can always be converted to $1 worth of XHV on the blockchain regardless of the price of xUSD on public exchanges.

How it works

Haven has elastic supply of XHV, xUSD, and xAssets. It's a fork of Monero, adds Proof-of-Value to ensure converted value is equal between assets during conversions, adds Vault Backed Shoring (VBS) to balance inflation of XHV and xUSD, and plans to simulate slippage like real world exchanges. VBS currently targets an XHV:xUSD market cap ratio of 10:1 to support xUSD pegged at $1 on public exchanges.

18.4 million XHV will be created by mining. Demand for xUSD can mint an unlimited number of xUSD by burning XHV. Demand for XHV can mint an unlimited number of XHV by burning xUSD.

Converting XHV to xUSD (going offshore) and converting xUSD to XHV (coming back onshore) requires holding XHV as collateral equal to the converted amount multiplied by VBS. The collateral is locked for 14 days during the conversion to prevent excessive and rapid minting of XHV that would cause a death spiral but the converted amount unlocks in 1 day. When the conversion completes the collateral is unlocked and returned to the user.

Transactions are private. Transaction addresses and amounts are hidden like Monero.

Conversions are less private. Conversion addresses are hidden but amounts are public to keep track of the total supply.

Converting XHV to xUSD unlocks the converted amount in 1 day and the collateral in 14 days.

Converting xUSD to XHV unlocks the converted amount in 1 day and the collateral in 14 days.

Converting xUSD to xAssets unlocks the converted amount in 2 days and does not require collateral.

Converting xAssets to xUSD unlocks the converted amount in 2 days and does not require collateral.

Converting from XHV directly to xAssets in one step isn't allowed.


Haven's hypothesis is:
  • You can't back something with a real world asset. It's impossible to do accurately, impossible to audit, and impossible to do without counterparty risk.

  • Exchanging assets on the blockchain with burn and mint is the only way to ensure you can always convert a stablecoin for another asset at a known and fixed peg. All other pegs can fail because of counterparty risk. As long as the blockchain runs, exchanging on the blockchain cannot fail because the protocol defines you will always get $1 worth of XHV back for your xUSD.

  • If Monero is digital gold, xUSD is digital cash. Monero never can be because it's volatile and hoarded instead of spent. If Monero is the future Bitcoin, Haven is the future competition to CBDCs.
Satoshi Nakamoto didn't know of a way for software to know the real world value of things. If there was a way, Bitcoin's rules could have been programmed to peg it to something and manage the supply.

Frequently Asked Questions

Is burn and mint similar to redeeming gold for fiat?

No. It's very very different. You're converting, not redeeming. If XHV were stored away waiting for you to redeem your xUSD then XHV would be "backing" xUSD. But that's not the case.

Is xUSD backed by XHV?

No. The market cap for XHV could be $1 while the market cap for xAssets could be billions and the system would still work.

What is xUSD backed by?

xUSD is backed by the ability to convert to $1 worth of XHV. This is defined in the protocol and is available as long as the blockchain runs.

Does XHV lose value when xUSD is converted to XHV?

No. When xUSD is converted to XHV the XHV supply increases but so does XHV's market cap. In the math the XHV price stays the same.

Buying and selling on markets has nothing to do with Haven's protocol.

Is Haven like Luna?

No. Luna burned LUNA to mint TUST but it offered unsustainable yield rates backed by crypto held in company wallets. When large amounts of TUST were unstaked and TUST depegged the company sold BTC removing much of the backing and driving LUNA and TUST to zero.

In Haven XHV is burned to mint xUSD but XHV isn't held by a company and xUSD is backed by the ability to convert to XHV, not by XHV itself. Haven also has VBS and plans to simulate slippage.

Is Haven an L2 (layer two) solution for Monero?

No. Haven has it's own blockchain. It's an L1 (layer one).

Does Haven use only Proof-Of-Work (PoW) or is it a hybrid?

Haven uses only Proof-Of-Work (PoW) to mine coins.

Haven uses Proof-Of-Value (PoV) to convert value between assets. This can burn XHV to mint xUSD, burn xUSD to mint XHV, burn xUSD to mint xAssets, and burn xAssets to mint xUSD. The purpose of all these PoV conversions is to transfer value between assets, not to mine new coins.

How secure is Haven?

Security in a Proof-of-Work (PoW) network is measured by its hashrate cost. Haven uses a different version of Monero's CryptoNote hashing algorithm. Haven's hashrate is 4.6 MH/s and Monero's 2.6 GH/s. If these algorithms are equally fast Haven is 0.002x as secure as Monero.

Why not do atomic swaps of Monero with a stablecoin?

Stablecoins with reserves can lose their peg. Reserves can turn out to be missing when audited. Reserves held in a bank can be lost if the bank mismanages the reserves or goes bankrupt.

Most stablecoins aren't private. xUSD is private.

What does Haven's oracle do?

It reports the market price of XHV, xUSD, and xAssets. These prices are used by the blockchain to convert between assets.

The oracle's goal isn't to keep the price of the stablecoins stable.

How is the price of Haven's stablecoins kept stable?

By making it easy to arbitrage stablecoin prices. xUSD is bought for less than $1 on TradeOgre and converted to XHV in Haven's vault for $1.

Does Haven recognize xAG (Silver) as collateral when converting from xUSD to XHV?

The only collateral used in Haven is XHV. XHV is used as collateral only when converting from XHV to xUSD and from xUSD to XHV.

Has xAG (Silver) been maintaining its peg to the oracle price?

Yes. All xAssets have always maintained their peg within the vault.

The only exception is xUSD because it's the only xAsset trading in the real world (outside the vault). xUSD lost its peg outside the vault.

It's reasonable to assume that if or when other xAssets besides xUSD are trading outside the vault then they would lose their peg too when xUSD loses its peg and would restore it when xUSD restores its peg.

Did Haven have a premine?

No. It is believed the initial developers solo mined about 95,000 XHV coins that were sold on the market by January 7th 2019. Since then a new team of developers took over the project.

In comparison it is believed Satoshi Nakamoto solo mined 1.1m BTC. About 500,000 LTC were mined at launch because of high demand and the difficulty adjustment capped at 4x by the LTC/BTC protocol.


The mining pool hashvault.pro controls about 70% of Haven's hashrate.

Conversions depend on a price feed from a Chainlink oracle that charges the Haven dev team $2,000 per month. The price feed is provided by an API hosted on centralized servers. Haven doesn't know of a secure way to have decentralized miners verify asset prices.