ApolloX is excited to announce a strategic partnership with Helio Protocol (HAY), a destablecoin lending and liquid staking protocol on BNB Chain.To maximise capital efficiency for HAY holders and ApolloX users, ApolloX DEX has added destablecoin HAY as collateral under <a href="https://apollox.zendesk.com/hc/en-us/articles/11712698849945" rel="noopener noreferrer nofollow">Multi-Assets Mode</a>. Users will now be able to use HAY to trade crypto futures on ApolloX DEX.HAY is a <a href="https://docs.helio.money/" rel="noopener noreferrer nofollow">USD over-collateralized destablecoin</a> backed by BNB. By creating a collateral debt position (CDP) with BNB on Helio Protocol, users can borrow HAY in return for use in earning staking APY and in yield farming. Destablecoin stands for “decentralized stablecoin” and does not guarantee an absolute 1 to 1 peg with fiat currencies. Instead, HAY embraces slight price fluctuations as fiat currencies would with changing interest rate parity and reference rates in the open market.“We believe HAY proposes a solution to the capital efficiency problem that over-collateralized stablecoins experience. By expanding HAY’s range of use cases with ApolloX’s help, we move closer toward our goal of making it the most widely used destablecoin,” said Adelia, Marketing Lead at Helio Protocol.“HAY is the first of its kind to be added as collateral under Multi-Assets Mode on ApolloX DEX. Users can now diversify across HAY and eight other stablecoins and tokens to maximise capital efficiency when they trade,” said the core team at ApolloX.ApolloX Multi-Assets Mode supports:<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/f7c16b8bde1045c38eac24a31e7f56f3.png">Note:<ul><li>The Single-Asset Mode will be enabled by default and users will have to enable Multi-Assets Mode manually.</li><li>5% of HAY will be burned during <a href="https://apollox.zendesk.com/hc/en-us/articles/4408166582041" rel="noopener noreferrer nofollow">auto-exchange</a>.</li><li>For BNB assets, Apollox supports deposits and withdrawals for BEP20 network.</li></ul>ApolloX will hold an AMA and a HAY futures trading campaign with Helio Protocol in the near future — stay tuned to our official channels!About Helio ProtocolDeveloped on the BNB Chain, Helio Protocol is an open-source liquidity protocol for borrowing and earning yield on “destablecoin” HAY. HAY is an over-collateralized destablecoin, where 1 HAY is always redeemable at $1 of cryptocurrency, and over-collateralized by BNB.Users can mint and borrow HAY by providing BNB as collateral, which can then be used to stake for yield, liquidity mining and as a means to transfer value.

ApolloX and Helio Protocol announce strategic partnership to bring HAY into crypto futures trading

APX

Other articles published on Oct 21, 2022

#WorldFoodDay in the Foodverse

HBIT to HashBit-Peg HBIT Token

P-ratio Adjustments ℓIP: To be Implemented on 24/10/2022

European Innovation Incubator Deadline Extension: Strengthen Your Application Today

A strong dollar is crushing the appetite for BTC and crypto - when will this end?

Ver. 0.2.6 Patch Notes — Basic apartments & new graphics, Daily ratings added, New resource drops!

Join our free newsletter for daily crypto updates!