The year 2022 is shaping up to be eventful for the Fantom Opera chain’s breakout project, Hector DAO. In the two months since its November 2021 launch, Hector DAO has amassed a whopping $103 million in treasury assets — mostly in stablecoins. On the heels of this success, the community voted to allocate $7.2 million in funding for 2022 and the team announced their plans for the coming year.

The shift to utility

While Hector DAO began as a fork of the Ethereum rebase project Olympus DAO, it has become crystal clear during the last month that the Hector team and community have no intention of remaining one. In the team’s own words: ”It is evident that staking and bonding alone are not going to cut it for Hector DAO.” 

As such, the Hector DAO project is undergoing a shift toward utility rather than remaining on the path to becoming a reserve currency under Olympus DAO’s paradigm. A focus is the long-term goal of making the HEC token deflationary — something that, if successful, will be a powerful tool for the project’s development.

Use cases, use cases and more use cases

Below are the use cases in the pipeline for Hector DAO:

Hector Crosschain

Hector Crosschain is the name given to the team that has been established to help Hector DAO expand to multiple chains, which will enable products and services to be offered to more users. 

Hector Bank

Hector Bank is the lending and borrowing platform in development by the Hector team. Users will be able to lend and borrow a range of assets while leveraging the advantages of the Fantom Opera chain such as low transaction fees, high speed and high security. Hector Bank is slated for launch in January 2022.

The Hector Stablecoin

The Hector team is currently running alpha tests on their much-anticipated stablecoin offering. Their main aim is to create a reliable way to burn HEC tokens while also offering competitive rewards and driving up demand. The team recently announced a small-scale community trial would take place on-chain in the coming weeks.

Hector NFT

The Hector NFT project is managing the decentralized autonomous organization’s (DAO) nonfungible token (NFT) offerings. A decentralized finance play-to-earn game is being created that will feature the NFTs the team has been teasing recently. Additionally, Hector DAO is developing an NFT-staking system that will allow creators to advertise their NFT collections through the DAO. NFT buyers will receive rewards just for holding NFTs.

Hector Launch

Hector DAO is creating a Fantom-based launchpad that will allow upcoming projects to safely run initial coin offerings as well as work with the Hector team on marketing, development and management to give new projects the best possible odds of success. This will allow innovative projects the tools they need to truly thrive and bring significant value to the Fantom Opera chain. Developers who work with the Hector Launch team will also gain access to Hector Pro — a service helping projects build their liquidity by offering bonds.

Hector Swap and Bridge

Hector Swap is a decentralized exchange aggregator that will help serve as the backbone of the Hector ecosystem. Users will be able to get aggregated prices on token swaps. Hector Swap will work in tandem with Hector Bridge, which will handle a great deal of the bridging operations that Hector Crosschain will create.

Hector University

The Hector team is also creating an education center featuring short courses designed to teach people about crypto and the Hector ecosystem. Students can learn in a test environment about security, blockchain technology, charts and much more. Helping the Fantom space become as knowledgeable and safe as possible is a stated aim of Hector DAO. 

Hector Pay

The Hector Pay project aims to allow users to purchase real-world items with their crypto balance. In the team’s words: “The ultimate goal of cryptocurrencies in our view is to replace fiat currencies, all with a focus on decentralization.” The team also said that low transaction fees, high speed and high security will be an asset to any payment service built on the Fantom Opera chain.

To learn more about Hector DAO please visit our website.