HashKing

HashKing is not on the current firm shelf because its structure falls within the rejected-chain policy class. This is a firm-policy classification, not a negative quality rating or a client trade instruction. The facts about its mechanism, control, losses, and exits remain below.

Review triggers: events that reopen the verdict
• Filecoin passes a versioned Ketju chain review with no active chain review trigger
• A separately accounted HashKing staking product develops meaningful liquidity on an approved chain

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-16.

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 review therefore covers only 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 yet map operator selection, quotas, slashing or fault allocation, upgrade authority, audits, or incident history to the exact FIL contracts. Those gaps still need review and do not mean the product is safe.

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 this record keeps coverage and flags the product transition instead of 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 therefore sets the outcome before the separate subscale and evidence gaps. Reopen if Filecoin passes a versioned Ketju chain review, or if a separately accounted HashKing product with meaningful liquidity launches on an approved chain, followed by a full review of its contracts, operators, losses, and proposed-size exit.

Class rule

The rejected chain class is outside the approved structures, so every protocol in it is not approved until the rule changes. The rule is about the structure, not an adverse finding about this protocol, and it is not a client instruction. The events that would reopen it are listed with the memo.

Sources

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

• HashKing — current product landing page · primary · accessed 2026-08-16
  Supports: Stake FIL link, 0% FIL APR, Ethereum nETH separation, NodeDAO transition
• HashKing — Filecoin staking application · primary · accessed 2026-08-16
  Supports: Filecoin product endpoint, current reachability
• Lotus Docs — storage-provider addresses · primary · accessed 2026-08-16
  Supports: beneficiary role, owner role, quota, expiration, financial control
• Filecoin — beneficiary-address upgrade · primary · accessed 2026-08-16
  Supports: FIP-0029, beneficiary withdrawal control, storage-provider financing
• DefiLlama adapter — HashKing Filecoin accounting · secondary · accessed 2026-08-16
  Supports: Filecoin contract, beneficiary validators, staked FIL, wrapped FIL
• DefiLlama — HashKing survey record · secondary · accessed 2026-08-16
  Supports: current TVL, Filecoin-only perimeter, Liquid Staking category

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.