Helio Protocol Addresses Centralization Risks With Its Destablecoin, HAY: Review

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Helio Protocol Addresses Centralization Risks With Its Destablecoin, HAY: Review
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Helio Protocol addresses centralization in stablecoin segment with $HAY, here’s how Helio HAY $HELIO

Helio Protocol reinvents the concept of stablecoins with its HAY destablecoin. Its architecture is aimed at eliminating all major risks associated with collateralization and centralized control over stablecoin issuance.Publicly launched in Q3, 2022,develops HAY, the first-ever decentralized, overcollateralized USD-pegged stablecoin backed by Binance Coin , the fourth largest stablecoin by market capitalization.

Its stablecoin, HAY, can be minted by collateralizing Binance Coin , a native cryptocurrency of the largest crypto ecosystem Binance; As of February 2023, this indicator sits at $136.2 billion. U.S. Dollar Tether , USD Coin and Binance USD are three dominant stablecoins; in all, they are responsible for over 95% of the segment.Stablecoins went mainstream as they can be used for value transfer, a medium of exchange and as money storage instruments. Unlike Bitcoin and altcoins, they are not volatile, while they retain the same accessibility, liquidity and operability as other cryptocurrencies.

This design underwent four security audits by heavyweight third-party teams, including SlowMist, CertiK, PeckShield and Veridise.Besides creating all opportunities applicable for the majority of stablecoins, HAY by Helio Protocol can also be used in various"yield farming" activities in BSC-based DeFi protocols.

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