KETJU Research

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staking

HashKing

Rejected
Max sleeve
—
Reviewed
2026-08-16 · v1
Next review
2026-11-16
Research basis
Deployed only on a rejected chain · v1
Chains
Filecoin

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

This survey record is limited to HashKing’s Filecoin liquid-staking product, whose adapter routes FIL among beneficiary storage-provider actors and accounts for a wrapped-FIL receipt. HashKing’s current landing page separately emphasizes Ethereum nETH and NodeDAO but still links the FIL product; those identities must not be combined. The 2026-08-16 survey measured about $0.30M entirely on Filecoin. Because every observed stake, reward and redemption path depends on a chain without an approved Ketju review, the version-1 rejected-chain dossier controls before size or validator quality.

The research file

Mechanism and identity applicability

HashKing’s current site links a distinct “Stake FIL” application while describing its newer Ethereum nETH and validator-NFT offering separately. The Filecoin survey adapter does not measure nETH: it queries a Filecoin staking contract, its listed beneficiary validators, their staked FIL and a wrapped-FIL supply. This application is therefore narrowly the legacy/currently measured FIL liquid-staking sleeve, not HashKing’s Ethereum product family.

Control and loss boundary

Filecoin assigns storage-provider owner, worker, control and beneficiary roles. A beneficiary receives financial withdrawal control for a quota and term without taking the owner’s operating privileges. The adapter proves that HashKing uses beneficiary-validator accounting, but public HashKing materials do not presently map operator selection, quotas, slashing or fault allocation, upgrade authority, audits or incident history to the exact FIL contracts. Those are deferred deficiencies, not assumptions of safety.

Current observation and lifecycle

The DefiLlama API read on 2026-08-16 classified HashKing as Liquid Staking and reported approximately $0.30M entirely on Filecoin. HashKing’s live landing page still links its FIL staking endpoint but displays a 0% FIL APR while presenting Ethereum as the main offering. The adapter remains active, so the record preserves coverage and flags the product transition rather than declaring the FIL sleeve closed.

Why the chain dossier decides

Every measured deposit, beneficiary assignment, storage-provider reward and withdrawal is a Filecoin state transition; no approved-chain instance offers the same FIL staking claim. The shared version-1 rejected-chain dossier is therefore dispositive before the independent subscale and evidence gaps. Reopen if Filecoin passes a versioned Ketju chain review or a separately accounted HashKing product with meaningful liquidity launches on an approved chain, followed by full contract, operator, loss and proposed-size exit diligence.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

Inherited controls

The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.

ChainVerdictGradeControl constraint
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