Helio Protocol (HAY) Reduces Borrowing Interest to Zero, Scores Partnership with Frax Finance (FRAX)
Helio Protocol, a multi-product decentralized lending/borrowing protocol, scores crucial partnerships and invites its users to take part in an NFT promo and release of a new stablecoin.
Helio Protocol (HAY) reduces borrowing interest rates to zero
According to the official announcement shared by representatives of Helio Protocol, it temporarily reduced borrowing rates for all users who collateralize Binance Coin (BNB) to zero. Starting from April 22, 2023, they can borrow HAY stablecoins soft-pegged to the U.S. Dollar, paying zero commissions.
This offering becomes possible thanks to the specifics of liquid staking for Binance Coin (BNB) by Helio Protocol (HAY) users. The platform earns real yield on all BNB collateral and distributes rewards to HAY stakers and liquidity providers.
That is why, even with zero interest on collateral, Helio Protocol (HAY) is able to incentivize its customers and liquidity providers in a sustainable manner. With more liquidity injected, this mechanism becomes even more attractive and profitable for the average investor.
Helio Protocol (HAY) collaborates with Frax Finance and becomes USDFi launch partner
Besides the new liquidity program, the team of Helio Protocol (HAY) announced the start of a partnership with Frax Finance (FXS), one of the most popular DeFi ecosystems, and a protocol with FRAX, the first-ever fractional stablecoin that became fully collateralized last February.
The partnership program will include various massive technical and marketing activities, joint promo campaigns and so on. However, the joint liquidity initiatives of the two teams will be in focus for Helio Protocol (HAY) and Frax Finance (FXS) — namely, on mainstream multi-chain DeFi protocols Wombat Exchange (WOM) and Thena Fi (THE). More details of this integrations will be confirmed shortly.
Also, Helio Protocol becomes the launch partner of high-performance DeFi platform USDFi. This service promotes itself as a decentralized banking protocol with liquidity-providing tools, a native decentralized stablecoin and lending/borrowing module.
1/ 📢 In this together: We are incredibly excited to announce @Helio_Money as a foundational launch partner of #USDFI 🤜🤛
— usdfi.com (@stable_usdfi) April 26, 2023
Soon, you'll be able to trade, stake or earn fees/bribes/emissions with various $HAY pools on the USDFI DEX. 🌞 🚨 pic.twitter.com/m1bMMczp25
Very soon, HAY destablecoin will be available on USDFi markets. Users will be able to trade it, stake it and inject it in earning programs. Also, HAY will be available for both borrowing and lending operations on USDFi.
USDFi team is excited about the prospects of collaboration and technical supremacy of Helio Protocol's products:
The protocol offers $HAY, a true destablecoin. Destablecoins are fully decentralized. Crypto-backed stablecoins such as DAI leverage on centralized crypto assets such as USDC while destablecoins such as HAY will use decentralized assets such as BNB as collateral - the perfect fit for a novel cryptoeconomy. Together, Helio Money and USDFi are building a new, open and composable financial system.
As covered by U.Today previously, Helio Protocol (HAY) introduced a couple of liquidity initiatives in April 2023. It upgraded the details of staking for HAY-based pools on PancakeSwap (CAKE) exchange and scored a partnership with Meuna DEX.
Vladislav SopovIn addition, it supported HAY and USDT pools on PancakeSwap (CAKE) with an additional $800,000 liquidity.
#VerifiedGuardian campaign kicks off
In order to spread the word about new unique earning opportunities created by zero borrowing fees on HAY for BNB collateral, Helio Protocol has begun a massive Mystery Box campaign on Galxe dubbed Verified Guardian.
Between 3rd May - 18th May, first 2000 users who complete the campaign steps will be able to claim a limited-edition NFT and enter to win from a prize pool of 10,000 HAY.
In order to be eligible for the lucky draw, crypto users should borrow money on Helio Protocol, retweet its announcement and visit the application. A total of 10,000 HAY has been allocated for the prize pool of this campaign.
Two hundred fifteen winners holding promo NFTs will share the rewards pool. To reward its most passionate liquidity providers, Helio Protocol introduced the following prizes:
- 1 x 2000 HAY;
- 1 x 1000 HAY;
- 3 x 500 HAY;
- 10 x 150 HAY;
- 200 x 20 HAY.
More rounds will be announced soon.
This is the first ever mystery box NFT campaign organized by Helio Protocol on Galxe. The project teases potential community benefits as part of additional incentives. However, the exact plans of NFT milestones for Helio Protocols are yet to be announced.
Launched in early Q2, 2022, Helio Protocol pioneered the concept of the destablecoin, a 100% on-chain soft-pegged stablecoin collateralized with Binance Coin (BNB).
Alex Dovbnya
Arman Shirinyan