Helio Protocol, a decentralized finance ecosystem behind unique soft-pegged "destablecoin" HAY, shares the details of its next phases of partnership with Wombat Exchange. With new liquidity machines, more and more traders will be able to benefit from operations with HAY.
Helio Protocol will be phasing out HAY single staking and instead be migrating the liquidity from HAY single staking to HAY pools on Wombat Exchange.
In this phase, Helio Protocol has opened 2 new pools on Wombat Exchange and migrated the first batch of the HAY single staking liquidity (total $3,5 million in HAY) to these new pools. Further liquidity will be transferred in the coming days until the single staking is completely phased out.
Helio Protocol launches Stable Guild Pool on Wombat Exchange
According to the official announcement shared by Helio Protocol and Wombat Exchange, two novel liquidity pools started operating on May 10, 2023. The first one is dubbed "Stable Guild" and boasts stablecoins supported by top-tier DeFi products.
More and more new pools are live on Wombat this week👀...introducing the Stable Guild Pool & Smart $HAY Pool which are taking the stage together!— Wombat Exchange 🐻🔁 (@WombatExchange) May 8, 2023
Brace yourself for the thrill as the pools and bribes will be launched on the @BNBCHAIN on 10th May 2023 at 6am UTC 🧵 pic.twitter.com/t49zV0zIGZ
Namely, HAY by Helio Protocol will be accompanied here by Frax Finance's FRAX, Coin98's CUSD, OvernightFi's USD+ and USDT+. All of these assets are pegged to the U.S. Dollar, the largest global reserve currency.
To support the operations of the new liquidity pool, the team of Helio Protocol injected $500,000 in HAY equivalent as an initial liquidity batch for Stable Guild. Other projects will also support fresh mechanisms with liquidity.
Stable Guild is poised to be the largest DeFi stablecoin pool across multiple EVM-compatible blockchains. Also, four team-contributors will be focused on providing the highest APR for all liquidity providers.
Smart HAY Pool goes live with $3 million in bootstrapped liquidity
Helio Protocol's team will leverage the impressive capital efficiency of Wombat Exchange to improve the APR of HAY products such as single staking; more details will be revealed in the coming weeks.
Besides Stable Guild, Helio Protocol launches one more mechanism, Smart HAY Pool. As a more conservative instrument, it works with HAY, USDT and USDC. With Smart HAY Pool, every liquidity provider will be able to access low-slippage and resource-efficient hubs for users to swap and trade HAY on USDC and USDT via BNB Chain, the cheapest blockchain in the EVM ecosystem.
Not unlike Stable Guild Pool, this liquidity machine will be supported by the Helio Protocol team. In total, $3,000,000 in HAY, USDC and USDT will be injected to this pool As such, the best possible prices will be available for DEX traders on BNB Chain.
VerifiedGuardian NFT campaign gains traction in May 2023
Both liquidity pools are designed to introduce Helio Protocol and its flagship product, HAY, to the next generation of DeFi users. Thanks to the large and passionate community of Wombat Exchange and its technical supremacy, new pools will protect liquidity providers from price slippage and impermanent loss.
Besides these liquidity initiatives, Helio Protocol continues its NFT-centric campaign VerifiedGuardian.
As covered by U.Today previously, this campaign that is up and running on Galxe platform is designed to allow users who complete the campaign steps to claim an exclusive NFT. Also, Helio Protocol community enthusiasts can join a lucky draw to share a 10,000 HAY prize pool.
Helio Protocol is an ecosystem of DeFi products supercharged with HAY "destablecoin," a revolutionary asset soft-pegged to the U.S. Dollar. It is designed to address major centralization roadblocks that slow down the progress of the global DeFi scene.