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.

Two Secrets About HectorBank

In HectorBank, two kinds of users can participate:

  1. 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.

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.

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by Hector Network. Copyright Altcoin Buzz Pte Ltd.


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