Hector is a decentralised system built around the $HEC token, which is backed and collateralised by the Hector DAO. The backing per HEC is derived using the market value of Treasury assets, not the risk-free value. The distinction is that the market value includes non-stable assets like FTM and FRAX, thus backing per HEC will decrease if those non-stable assets fall in value.
If more HEC are emitted while the treasury’s market value remains unchanged, the backing per HEC will also reduce. If the price of HEC falls below the backing price, a repurchase and burn scheme will be initiated. Hector DAO also became the proud recipient of the Fantom Foundation Incentives Grant and will begin receiving rewards in February this year. The native token $HEC will also be listed on Digifinex and MEXC.
Hector DAO isn’t any your typical fork; it’s a spoon that contributes to OHM’s existing contracts and foundation in a constructive way. A fork of Olympus DAO (OHM) is typically thought of as a clone of OHM on another Layer-1 blockchain, such as Ethereum. The nature and purpose of a spoon varies from that of a fork. The majority of forks are divisive, but spoons encourage teamwork. Forks are used to take away a project’s market share and supremacy, whereas spoons are used to complement the technological prowess of the projects they are inspired by.
Hector DAO is collaborating with OHM contributors and plans to deepen his connection to the project, which will help both projects. While it certainly takes a lot of inspiration from OHM, Hector DAO is dedicated to becoming a spoon of OHM, ‘coopetetioning’ with OHM, and developing on top of what OHM has developed in order to build a financial system that benefits everyone!
Staking, Bonding, and Rebasing were critical to Hector’s meteoric success in the fourth quarter of 2021. However, these three factors are insufficient for a project with the ambitions to prosper over the long term. The community recently approved a $7,200,000 treasury allocation (7 percent of the treasury) to fund the development of several subprojects:
- Hector Rebase: Hector rebase is what everyone who uses Hector is already aware of: rebasing, bonding, staking. Very few changes here for now.
- Hector Crosschain: Hector Crosschain will be the team/subproject responsible for managing Hector’s presence and offerings across multiple chains.
- Hector Bank: Hector bank will allow users to lend/borrow their crypto tokens and receive APR/APY rewards for doing so.
- Hector Game: Some of Hector’s bespoke NFTs will be used in the DeFi game that is being developed. Players will be able to earn rewards just by playing the game.
- Hector Launch: Hector Launch will provide the resources and knowledge needed to help new projects on the Fantom Opera Chain have the best launch that they can. HEC stakers will gain access to exclusive whitelist spaces, and developers will gain access to the Hector audience and launch incubation services.
- Hector Swap: Hector Swap will be a DEX aggregator which will allow users to swap tokens and get the best possible rates.
- Hector University: Hector University will be an education centre where users will be able to learn about Crypto and Hector in a safe test environment. This helps Hector DAO serve the aim of helping the Fantom Opera Chain grow to become the safest, most knowledgeable chain in the space.
- Hector Pay: The Hector Pay project aims to create a payment system wherein users will be able to send and receive crypto assets to and from friends and family across multiple networks. Users will also be able to pay for real-world items using Crypto balances.
Hector DAO has one of the best RFV/Market Cap ratios in the market. The project had weeks where it outperformed Olympus DAO’s best weekly RFV performance by 3.6 million RFV growth per day. 4,4 has proven critical to the project’s success.
The demand for the HEC token will rise as the token’s utility grows. Increased demand leads to increased buying pressure, which drives up the price of the token. Because the value of buying the token is now a combination of APY incentives and price increases due to demand and burns, APY becomes less essential as they add use to the token.
To learn more about The Hector DAO visit Hectordao.com
Buy HEC on Fantom: https://docs.hectordao.com/how-to-buy/for-users-already-on-the-fantom-network
Buy HEC on FTMScan: https://ftmscan.com/token/0x5C4FDfc5233f935f20D2aDbA572F770c2E377Ab0