 | Destablecoin (HAY)Destablecoin (HAY) aims to become the leading destablecoin and trusted reference rate enabler in the BNB Chain ecosystem. The yield-generating function is the first step toward incentivizing liquidity provision, which enables further growth of Helio Protocol’s functionality. In holding and borrowing HAY, users will be investing in the broader Helio ecosystem with the goal of making it the go-to settlement layer across the broader crypto space. IMPORTANT: By investing in this business you agree to ourDisclaimer. All information including our rating, is provided merely for informational purposes. CryptoTotem does not provide investment advice. |
Overview
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OpenWhat is Destablecoin
Developed on the BNB Chain, Helio Protocol is an open-source liquidity protocol for borrowing and earning yield on HAY, which is a “destablecoin”.
Destablecoin a new asset class that is over-collateralized with liquid staked assets. In other words, HAY is an over-collateralized destablecoin, where 1 HAY is always redeemable at $1 of cryptocurrency, and over-collateralized by BNB/BUSD. Users can mint and borrow HAY by providing BNB/BUSD as collateral, which can then be used to stake for yield, liquidity mining and as a means to transfer value.
Following the launch of our governance token, HELIO, Helio Protocol will operate as a DAO, where the community will govern the protocol’s treasury, revenue pool and future direction.
DetailsToken supply: 44,000,000 HAYLegalBlockchain Platform: Binance Smart ChainRegistration year: 2022 | Token infoTicker: HAYType: Utility-token Token standard: BEP-20 Token distribution: Community - 60% Ecosystem - 17% Treasury - 10% Liquidity Provision - 5% Strategic sale - 6% Team - 1% Early Adopters - 1% |
Destablecoin Roadmap
Phase 1 will be implemented by introducing a new asset class of destablecoins, and becoming the dominant provider within the BNB ecosystem, overtaking the traditional stablecoin market.
During Phase 1, we will start and launch our over-collateralization model where liquid staked BNB tokens will be used as collateral for borrowing HAY.
To increase HAY adoption, the team is planning to partner up with various DeFi protocols running on BSC, such as DEXs and AMMs. At the same time, we also plan to own and utilize the native tokens of these DeFi protocols to influence (through voting and governance) rewards emission on their platforms, similar to that of Curve finance’s CRV tokens. At the same time, we will also be actively incentivizing liquidity pools across DEXs to generate further incentives and revenue for users.
Towards the end of phase 1, we are also aiming to provide different forms of collateral other than just BNB.
By the end of phase 1, we aim to increase the market cap of HAY to $1B, and that will also mean having ~$1.51B worth of BNB in collateral on Helio.
By phase 2, we will be aiming to be the top and largest provider of destablecoin within the BNB ecosystem.
After which, we will begin exploring cross-chain opportunities as well to further our reach, starting with EVM chains, followed by non-EVM chains.
At the same time, we will be launching our community governance on Helio by utilizing our native token, HELIO as well as further exploring new opportunities for HELIO to increase the token’s value and utility.
By phase 3, we aim to have already established ourselves as one of the key providers in the destablecoin market across all chains with a size-able outreach and adoption in HAY.
By this time, we will be focusing on mass adoption by getting listed on Centralized Exchanges as base pairs with other crypto assets as well as integrations with mainstream FinTech applications to provide and boost day-to-day usage, bridging the gap between web2.0 and web3.0 through the use of our HAY destablecoin.
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