If we had to define HyperDAO we would say it is a DeFi project that aims to create a completely decentralized financial infrastructure where openness, fairness and interoperability intercept.
Today, OKEx announced the release time of the 10th session of Jumpstart where HyperDAO (HDAO) will conduct its token sale. OKEx has always been a proud supporter of the decentralised finance space. Earlier last year, OKEx became the first major platform to integrate Maker’s Dai Savings Rate into its platform. This year, OKEx has announced its partnership with HyperDAO as the second Decentralised Finance project the major platform will collaborate with. So, what makes HyperDAO stand out from the competition?
If there was a better time for finance service applications to migrate to the blockchain, it is now. And why shouldn’t this be the case, considering that DeFi has become a major trend in blockchain technology applications. In addition, it is widely accepted among those who have come to recognized blockchain as the next paradigm shift catalyst than what the space needs so bad right now is fairness, transparency and sustainability.
If we had to define HyperDAO we would say it is a DeFi project that aims to create a completely decentralized financial infrastructure where openness, fairness and interoperability intercept. We could also say that at the core of its foundation lays an attractive incentive scheme and a robust and energetic community. As a matter of fact, the more you understand the capabilities of HyperDAO the more evident the disadvantages of the current centralized financial system become.
Finances are the origin and creators of all other industries. At least in our modern world, they are the genesis or the generating code that structure any other endeavours. This is the reason we have been seeing giants like Facebook and JP Morgan competing for a piece of the pie in this innovative arena. Decentralization is the answer given its capacity to create reliant, trustless and transparent autonomous systems.
But among these Titans, HyperDAO can lead the way given its ample experience in the crypto sphere, since it is by no means a newcomer. Among his credentials we can mention at least three years of development in the space; its active collaboration with other prestigious projects (having helped about 52 projects collect their funding goals in only a few hours); and its robust community now encompassing almost a million users worldwide.
HyperDAO uses a combination of approaches to offer the most holistic DeFi experience, proposing innovative solutions for some of the major issues currently plaguing crypto assets and the blockchain industry.
One of these problems is without doubt crypto assets high volatility. To ameliorate this swings HyperDAO aims at using an interest rate mechanism as an instrument of price stability. According to this model, any holder of HyperDAO receives an interest rate as an incentive for creating liquidity in the market. But this interest rate will be determined by the current value of the stable coin HyperDAO with regards to a fiat currency, say the dollar. Any increase in hyper will lower the interest rate. As a consequence, holders are incentivized to move their tokens out and, in the process, lowering their price. Conversely, any decrease in the price of the hyper tokes with respect to fiat will increase interest rates creating incentives for people who want to hold tokens, which will again decrease the price.
One of the big areas of concern in the blockchain industry throughout the years has been security. In this regards the project has also a plan in case the platform experiences a shutdown due to an attack or to technical reasons. The aim of the shutdown protocol is to safeguard the interests of Hyper holders. More interesting is that the shutdown protocol be initiated when 10% of Hyper holders sent their tokens to the contract. The later makes clear that HDAO holders play a significant role in the governance of the system and can vote to execute a number of risk management actions, which not only include to trigger the shutdown protocol, but extend to the nomination of safety nodes, adjust interest hyper interest rate and create governance proposals to be created.
One of the big grey areas in the blockchain industry is the creation of trust between emerging projects and investors. Investors have to face the challenge of differentiating high-quality projects with a great ethical crew from the opportunistic low-quality projects. The mission of HyperDAO is to only recommend the best projects, but at the same time allow users to track movements of their funds to hold projects accountable.
HyperDAO possesses many other qualities which could be enumerated, like its community decision making through membership, a creative system that incentivizes users to not only interact with each other but also contribute to the HyperDAO ecosystem through active communication and resource sharing, incentivizing those that contribute the most to enrich the community. Or its system of peer to peer loans that allows users to generate passive income. Or it’s microfinance system which will allow many individuals living in impoverished areas to obtain small credits to generate income through small businesses, or by allowing them to generate income by an innovative task of long-distance task completions.
These are some of the DeFi functions that HyperDAO will achieve in the near future, providing a multitude of users with different backgrounds, goals, needs and attitudes with robust and efficient decentralized financial solutions. Many financial operations including predictive markets, entertaining, cross-border remittances will be executed on the blockchain. Of course these decentralized financial systems will be transparent and fair guarantying the security and the stability of all data. In definitive HyperDAO is a project ahead of their competition, with a richer experience and a deeper understanding of the pitfalls of the game and therefore, with the most creative solutions for this enormous and historical technological paradigm shift.
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Last modified: May 19, 2020 7:46 PM UTC