Hector Finance Launches Its Much-Awaited Hector Bank Amid the Growing Popularity
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Bristol, United Kingdom--(Newsfile Corp. - February 4, 2022) - Hector Finance, a Fantom Opera Chain-inspired project which received a lot of success in a short span of its launch in 2021 has launched Hector Bank, its first major product for 2022. Hector Bank opened its doors on Monday, January 24th. The bank helps serve the project's aims to become deflationary as per the project's 2022 strategy. Hector Finance's main goal is to provide value to users by creating a variety of use cases within the Hector Ecosystem. A portion of the proceeds from these use cases will be utilized to purchase and burn Hector tokens on the exchange. Over the course of 2022, Hector will become multi-chain.
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Hector Bank is a Fantom Opera Chain-based decentralized lending and borrowing platform built in partnership with Ola Finance. Users can lend and borrow a wide range of crypto assets. By lending out stable coins, lenders can earn a competitive APY while avoiding the danger of HEC price volatility. Borrowers can use wsHEC as collateral to borrow stable currencies to use in various projects without having to unwrap or unstake their tokens. On borrowed positions, the protocol levies a small amount of interest. A portion of this profit will be used to buy and burn tokens in order to achieve the goal of becoming deflationary over time.
Hector Bank is the first of many steps Hector Finance will take toward full utility. Each subproject will evolve in its own way, according to the 2022 plans. While they will all be under the Hector Ecosystem's roof, they will each have some autonomy to evolve as they see fit. Hector Bank, like all of the other subprojects, will continue to develop and expand over time in order to become a big project in its own right.
What Separates Hector Bank from Traditional Banks?
Aave, Compound, and MakerDAO are just a handful of the major lending/borrowing networks. These networks pool all of their tokens, allowing massive quantities of liquidity to be available at any time. Hector Bank is unique in that it employs segregated pools of tokens that may be lent and borrowed in a variety of ways. This gives more control over the individual tokens issued, which is beneficial for risk mitigation and expansion. Each token can have its own collateral factor, liquidation factor, and other specifications.
There is a very common saying in the markets "Never risk more money than you can afford to lose." This is equally true for lending and borrowing platforms like Hector Bank. Hector Finance has three main aims going forward:
- To become a major financial center in the Fantom space and beyond
- To aid the growth of the Fantom Opera Chain by producing high-quality products and providing value
- To bring value to people, to make the space knowledgeable and safe
Hector is also working on its own stablecoin. The team is currently running large-scale community trials of their TOR coin - something which will work in a way not too dissimilar from Terra's UST.
Why Hector Finance is the Future
Hector is a DAO at heart (Decentralised Autonomous Organisation). As a result, the community has a significant influence on the project's destiny. HEC, sHEC, and wsHEC holders have the ability to vote on crucial community choices such as audits, listings, and fund management. Hector Improvement Proposals are a type of proposal (HIPs). The development team will first steer the project toward long-term viability, but over time, the community will gain more authority through the DAO voting system. The company also intends to build an open forum where members of the community can propose their own suggestions, which will be put to a full DAO vote if they receive enough support.
Hector has a growing portfolio of DAI, USDC, FTM, and other assets worth upwards of $100,000,000.
To learn more about Hector Finance visit Hectordao.com
Buy HEC on FTMScan: https://ftmscan.com/token/0x5C4FDfc5233f935f20D2aDbA572F770c2E377Ab0
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/112789
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