Explore Helio Protocol's recent updates, key partnerships, and 0% borrowing interest for HAY as it expands its reach in the DeFi ecosystem.
Helio Protocol, a leading decentralized over-collateralized lending and liquid staking platform, has recently announced several key partnerships and updates aimed at enhancing its offerings and expanding its reach in the DeFi ecosystem. Helio Protocol is a liquidity protocol designed for borrowing and earning yield on HAY, a new type of stablecoin that is over-collateralized with liquid-staked asset BNB.
Through leveraging Proof-of-Stake (PoS) rewards, liquid staking, and yield-bearing assets, the protocol seeks to establish HAY as the premier stablecoin in the BNB Chain ecosystem. Helio Protocol operates as a DAO, where the community has the authority to govern the protocol’s treasury, revenue pool, and future direction.
0% Borrowing Interest for $HAY
One of the most significant updates is the temporary reduction of borrowing interest rates to 0%, which the platform hopes will encourage more users to try out its borrowing services. Helio Protocol believes that it is a great time for users to borrow on the platform.
In a statement on Twitter, it stated: “The advantage of Helio Protocol lies in our use of liquid staking derivatives in BNB. This allows us to earn real yield on BNB collaterals and distribute the rewards to HAY stakers & LP providers. Therefore, we have the flexibility to reduce borrowing interest to 0% and still be able to incentivize HAY staking & LP provision in a sustainable manner.”
USDFi’s Foundational Launch Partner
Another exciting development is Helio Protocol’s partnership with USDFi, a new DeFi platform that will allow users to borrow, lend, and trade HAY, Helio Protocol’s native token. The platform is an official launch partner of USDFi and is expected to offer enhanced liquidity and trading options for HAY users.While announcing it on Twitter, USDFi stated: “We are incredibly excited to announce Helio Protocol as a foundational launch partner of USDFi. Soon, you’ll be able to trade, stake, or earn fees/bribes/emissions with various $HAY pools on the USDFi DEX. We are thrilled to announce that $HAY will be available on the USDFi Money Markets for borrowing and lending as well. Get ready for the next level of super-boosted $HAY utility!”
Strategic Partnership with Frax Finance
In a bid to strengthen its position in the decentralized stablecoin space, Helio Protocol has also announced a strategic partnership with Frax Finance. Under the partnership, the two platforms will co-incentivize various HAY and FRAX liquidity pools on Wombat Exchange and Thena Fi, in addition to other co-marketing and partnership activities.
The #VERIFIEDGUARDIAN Campaign
In terms of marketing efforts, Helio Protocol has launched a new campaign called #VERIFIEDGUARDIAN, aimed at promoting its lowered borrowing interest rate and encouraging users to borrow more HAY.
This evergreen campaign model is set to be launched with unique features and additional utility for NFT holders. While Helio Protocol is yet to reveal the exact plans, it will be teasing potential additional rewards and benefits for NFT holders in the future.
The budget for Phase I of the campaign, which runs from 3rd to 18th May, is set at 10,000 HAY. A total of 215 winners will be selected, with prizes structured as follows: 1 x 2000 HAY winner, 1 x 1000 HAY winner, 3 x 500 HAY winners, 10 x 150 HAY winners, and 200 x 20 HAY winners.
As Helio Protocol continues to expand its offerings and partnerships, it is poised to become a major player in the rapidly growing DeFi space.