The multi-product decentralized lending and borrowing protocol Helio is inviting its users to take part in a new NFT promo by temporarily reducing borrowing fees to zero. This campaign model is currently one of its offers to help people better understand the destablecoin ecosystem.
Product update ????$HAY's borrowing interest has been set to 0% when using BNB as collateral.
Here's why ???? pic.twitter.com/GiDEyIJn2F
— Helio Protocol ($HAY) ???? (@Helio_Money) April 22, 2023
Helio Protocol’s 10,000 HAY Mystery Box Campaign
Helio Protocol is working to market its new lowered borrowing interest rate and to encourage its users to start borrowing more of its native destablecoin, HAY.
As such, a new limited NFT collection will be marketed to be extremely unique with additional utility for holding the NFT alongside a winning prize pool of 10,000 HAY.
In partnership with the Web3 platform Galxe, starting from 3rd to 18th May, users from the Galxe community can borrow APR with zero commissions and purchase the #VerifiedGuardian collection.
The Helio-verse consists of 4 guardians, including Space/time rules being the laws of physics and space, Nature governing all things green and living, and Helius, which is the light that shines on the rules and binds all that’s living together.
Users will have to verify their contribution to the Helio-verse by owning a badge issued by 1 of the 4 guardians. There will be only 2,000 badges available.
As such, only the first 2000 wallet addresses can mint an NFT after doing all the tasks. Each wallet address will be able to mint 1 of 4 NFTs in the collection with different rarities.
To be eligible for the NFT mining, you have to be a current HAY borrower and have to retweet the announcement on reduced borrowing in Apr as well as this campaign announcement.
There will be 215 winners selected from the NFT list of minters and they will be distributed prizes as follows:
- 1 x 2000 HAY winner
- 1 x 1000 HAY winner
- 3 x 500 HAY winners
- 10 x 150 HAY winners
- 200 x 20 HAY winners
Destablecoins Will Be A New Asset Class
A destablecoin is a new type of asset in the crypto world. The prefix “de-” is to stand for decentralized, which differs from products like HAY from stablecoins like USDC, which are governed by a centralized custodian.
Helio Protocol introduces the concept of a new asset class inside the crypto space, HAY destablecoin to seek a new model in the existing stablecoin environment.
Destablecoins use decentralized, liquid staked, crypto assets only as collateral.
As regular fiat currencies would experience varying reference rates and interest rate parities as defined by the open market, destablecoins strive to establish widespread stability without absolute reliance on fiat currencies.
While stablecoins are getting criticism since many retail investors are exposed to considerable financial loss over-invest in the promise of constant stability, destablecoins are encouraging users to invest more responsibly, making a healthier and more sustainable environment.
Like other crypto-backed stablecoins, destablecoins will use the overcollateralized model backed by crypto assets but are fully decentralized. Destablecoins such as HAY will use decentralized assets such as BNB as collateral and leverage on liquid-staked assets.
The advantage of the Helio Protocol lies in the use of liquid staking derivatives in BNB. Therefore, the platform is able to either earn a real yield on all BNB collateral or distribute rewards to HAY stakers and liquidity providers.
Not only that, but this is also why even with zero interest on collateral, the platform can incentivize its customers and liquidity providers sustainably.
About Helio Protocol
Helio Protocol is a BNB Chain-based borrowing and earning liquidity protocol with HAY, its own new BNB-backed collateralized destablecoin. With the advent of destablecoins, crypto investors have more options.
The protocol is designed to include a set of dual-token models and mechanisms, therefore, users can enjoy services like instant conversions, asset collateralization, borrowing, yield farming, and destablecoin staking.