Hector is a Fantom Opera Chain-based project aiming to create a financial center for the chain. Hector is supported by a growing portfolio of DAI, USDC, wFTM, and other assets. Hector was the first Ohm fork to add USDC and wFTM bonds. Because HEC’s supply is dynamic, a supply-induced price ceiling can be avoided, allowing the project to continue to grow.
The platform managed to grab the attention of many within two months of its launch in November 2021 and plans to continue its endeavors in 2022. From February onwards Hector will be receiving the Fantom Foundation Incentives Grant. The team is hopeful to continue working towards helping the Fantom chain to reach its full potential. Currently, Hector DAO has a TVL of $267M on DeFiLlama, putting it in the ‘Tier 3’ category. This means Hector DAO will receive 208,333 $FTM per month, equating to ~$480,000 USD a month, and $5.75M total based on the current FTM token prices.
Hector DAO aspires to be Fantom’s number one OHM fork. The benefit is obvious when considering the value of Ohm (Ethereum) and TIME (AVAX). They believe that by being the one of the most innovative projects on the chain, they may realize the aim of becoming the undeniable victor on/of Fantom. Both through technological advancements and aggressive marketing. They do not, however, undervalue the importance of community. Collaborations are another technique to achieve greater traction. Hector even has a dedicated external partnerships manager.
Hector DAO’s 2022 Blueprint
The expansion plans are moving forward, and recently Digifinex Exchange reached out to Hector to list them as their first-ever Fantom project. Digifinex is an Asian Exchange, ranked in the Top 10 by liquidity and volume on both Coinmarketcap and Coingecko. As a leading project on Fantom, Digifinex has proposed to list Hector for free. Hector is required to provide them $HEC tokens to be used on their marketing activities. This listing will allow Hector to begin creating a stronghold in Asian markets and will play an important role in the later expansion plans.
Hector is a DAO at heart (Decentralized Autonomous Organization). As a result, the community has a significant influence on the project’s development. HEC, sHEC, and wsHEC holders have the ability to vote on crucial community choices such as audits, listings, and fund management. Hector Improvement Proposals (HIPs) are a type of proposal. The development team will first steer the project toward long-term viability, but over time, the community will gain more autonomy through the DAO voting system. The team also intends to build an open forum where members of the community can propose their own suggestions, which will be put to a full DAO vote if they receive enough support.
Hector’s ‘Core Team’ consists of eight very skilled and devoted individuals, each with their own unique background and set of talents. For the time being, the team remains unnamed. The team is primarily based in Europe, but also has offices in Australia. Two experienced developers, one PR professional, three marketing operatives, two strategists, one community manager, and one external partnerships manager make up the Hector Team. The Hector team is working hard to make Hector DAO a self-sustaining, organic-growth project.
APY Modification and Community Involvement
The Annual Percentage Yield (APY) is a measure of how much each user earns. Keep in mind that the annual percentage yield (APY) is exponential rather than linear. This indicates that a 365 percent annual percentage yield does not correspond to 1% every day. The majority of the payments are made near the end of the APY term. High APYs reward holders handsomely, but they come at a cost to the project. Each token that is sent as an APY reward must be minted. Minting tokens expand the global supply and, as a result, lower the price over time – this is known as inflation. This is why enterprises with extraordinarily high annual percentage yields rarely last more than a few days or weeks.
Lower APYs reward holders less, but they do not have the same negative impact as higher APYs. To maintain reward payouts, fewer tokens must be issued, implying that the token supply will grow more slowly. This is more of a long-term solution.
The results of HIP-011 on APY were crystal clear. 94% voted in favor of reducing the APY to 10,000% over the coming weeks. The feedback Hector received was incredibly positive. Many Hectorians appreciated the fact the organization continuously asked for governance votes on the future of Hector DAO. The community is in charge!
To learn more about The Hector DAO visit Hectordao.com
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