Network - Fantom
Date Launched - 1st Nov 2021
What is Hector DAO?
Stablecoins like USDT and USDC have become an integral part of the Crypto space. We use them to store non-volatile value, allowing us to maintain the same amount of purchasing power from day to day. Unfortunately, this isn’t actually how the US Dollar works. The Federal Reserve controls the minting of US Dollars, and it’s fiscal policies have consistently led to the depreciation of its currency. This means that a Dollar today is worth more than a Dollar tomorrow.
This is why Hector DAO exists. Bitcoin and Cryptocurrency in general was the first step towards decentralisation. Hector DAO is the next step towards this goal. The native currency of Hector, $HEC will serve as a reserve currency backed by assets owned and maintained by a truly decentralised, autonomous protocol. Similarly to Olympus, HEC is backed by DAI and other assets owned by the reserve treasury, and will function in a very similar way: when HEC trades below DAI, the protocol will buy back and burn HEC, increasing its price to at least 1 DAI. This means that HEC will always be worth equal to, or more, than DAI. What is the aim of Hector DAO? Hector DAO aims to become the de-facto reserve currency of the FTM Opera network, one which is truly owned and maintained by a decentralised protocol which serves the majority. Our goal is for $HEC to be a common trading pair which is backed by real assets.