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Borrowing Interest Temporarily Reduced to 0% for BNB Collaterals

On April 22, Helio Protocol shared an update stating that the borrowing interest for BNB collaterals had been temporarily reduced to 0%. The borrowing interest for $HAY is set to 0% when BNB is used as collateral. 

This decision was made due to the use of liquid staking derivatives in BNB, which allows Helio Protocol to earn actual yield on BNB collaterals and distribute the rewards to HAY stakers and LP providers. By doing so, Helio Protocol can reduce borrowing interest to 0% while still sustainably incentivizing HAY staking and LP providers. This action of reducing the borrowing rate to 0% essentially encourages borrowing on the platform, which will result in an increase of collateral posted on Helio Protocol, thereby leading to higher liquid staking rewards.

Helio Becomes Official Launch Partner of USDFI

Following the update on reduced borrowing interest rates, Helio has been announced as an official launch partner for USDFI, a decentralized finance (DeFi) banking protocol. The partnership will enable users to trade, stake, or earn fees, bribes, and emissions using various $HAY pools on the USDFI decentralized exchange (DEX) at launch. Additionally, $HAY will be available on the USDFI Money Markets for borrowing and lending.

The partnership is seen as a perfect fit as USDFI offers $HAY, a truly decentralized stablecoin that uses decentralized assets such as $BNB as collateral. Unlike crypto-backed stablecoins such as DAI, which rely on centralized crypto assets like USDC, destablecoins like $HAY are fully decentralized, making them a suitable fit for a new and innovative crypto economy. Helio and USDFI aim to create a new, open, and composable financial system, which will benefit the crypto community.

Helio Protocol has also achieved a strategic partnership with Frax Finance in an attempt to strengthen the partnership and dominance of decentralized stablecoins. The partnership involves co-incentivizing various HAY and FRAX liquidity pools on Wombat Exchange and Thena Fi, as well as other co-marketing and partnership activities.

Galxe #VerifiedGuardian Campaign

To spread the word about the unique opportunities offered through the zero borrowing interest rates on BNB collaterals, Helio Protocol has launched a massive campaign on Galxe – Verified Guardian. 

The first 2000 users who complete Phase I of the campaign between May 3-18 will be eligible to claim a limited-edition NFT and share in a prize pool of 10,000 HAY. 

The winner structure for phase I (total 215 winners):

• 1 x 2000 HAY winner
• 1 x 1000 HAY winner
• 3 x 500 HAY winners
• 10 x 150 HAY winners
• 200 x 20 HAY winners

More phases will be announced soon. Although the specific details have not been disclosed, Helio Protocol has hinted at the possibility of providing NFT holders with extra benefits and incentives in the future.

Helio’s decision to reduce borrowing interest rates to 0% for BNB collaterals is a strategic move to incentivize more borrowing on the platform while also benefiting HAY stakers and LP providers. In addition, partnerships with USDFI and Frax Finance highlight the platform’s dedication to creating a new and innovative crypto economy, while positioning itself as a leader in the decentralized stablecoin economy. 

What is Helio Protocol?​

Helio Protocol is an open-source liquidity protocol for borrowing and earning yield on HAY – a new BNB-backed, over-collateralized destablecoin. Built on the BNB Chain, Helio Protocol consists of a dual-token model and mechanisms that support instant conversions, asset collateralization, borrowing, yield farming, and destablecoin staking. Helio Protocol aims to deliver an improved version of already successful stablecoin projects by further optimizing safety and capital efficiency. The protocol aims to achieve this by leveraging Proof-of-Stake (PoS) rewards, liquid staking, and yield-bearing assets. 

Helio smart contracts have notably undergone multiple external audits and security assessments from industry-leading security firms such as CertiK, SlowMist, PeckShield, and Veridise. 

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