According to Coingecko, the native token of HectorDAO, $HEC, has a marketcap of $117 million and a 24-hour trading volume of $5.3 million. In January, $HEC was considered the second most adopted fantom-token in the ecosystem.
HectorDAO is getting a big engagement in Fantom. As a result, they decided to leverage their borrowing/lending services in a new product: HectorBank. Therefore, in this article, you will discover everything about HectorBank and how you can participate in it.
What is the HectorBank?
HectorBank is a decentralized platform that provides borrowing/lending protocols where people can access to different assets like $WETH, $FRAX, $DAI, $FTM and $wsHEC. This platform was built on the Fantom Opera Chain.
After 14 hours after the official launch, the supply balance in this platform has reached more than $2.9 million. Also, the borrow balance has more than $416,000 in assets.
HECTORIANS!
The time is finally here.
All of us will remember this day – the day Hector took its first step towards true utility.#HectorBank is here: https://t.co/JliVsNRw6J$HEC $FTM #HectorDAO #DAOs #crypto #cryptocurrency #CryptoNews pic.twitter.com/GCLKMQuV1e
— Hector DAO (4,4) (@HectorDAO_HEC) January 24, 2022
Two Secrets About HectorBank
In HectorBank, two kinds of users can participate:
- Lenders can have a good APY from getting stablecoins. This avoids any volatility risk from the price of $HEC. For example, users can lend $FRAX and $DAI in HectorBank with a 20% and 10.5%APY respectively. In each option, users can activate the “collateral” option. These are the steps to participate in this section:
- Connect your metamask or wallet connect wallet.
- Go to the “supply market” section
- Press the “approve” button.
2. Borrowers can use $wsHEC tokens as collateral to borrow stablecoins without unstacking tokens. For example, users can borrow wrapped ether (weth) with a 13% of yearly interest. To use this option you need to:
- Select the WETH option in the “borrow market” section.
- Get collateral loans with a 75% limit on your assets.
- Press the “approve” button.
[ Hector Bank Overview ]
As @HectorDAO_HEC announcement, the new feature HectorBank launches today 😍
So what is HectorBank? Let’s explore more here 👇$FTM $HEC#FantomInsider_Info #DAOs #Fantom@FTMAlerts @michelle_crypto @milesdeutscher @DannyCrypt pic.twitter.com/1XFHUXK4dt— Fantom Insider (@fantom_insider) January 24, 2022
More About HectorDAO
HectorDAO has activated a $HEC giveaway which has a prize pool of 50 $HEC which will be distributed to 50 winners.
On the other hand, the BitKeep wallet now supports $HEC and $HEC ranked in the Top 10 trendy searching tokens.
Moreover, join us on Telegram to receive free trading signals.
Above all, for more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
