Helio Protocol proposes to have our decentralized stablecoin, HAY, listed as one of Radiant Capital’s collateral assets on the BNBChain.
HAY is the leading original decentralized stablecoin built on the BNB chain, with a TVL of ($60+M) and market cap of ($20+M), issued by Helio Protocol. We are impressed with Radiant Capital’s innovative mechanism and promising roadmap, and we believe listing HAY as a collateral can benefit both our communities.
With approximately $20M HAY circulated on BNB chain, and a $44M max supply (subject to minor and dynamic adjustments based on market conditions), we believe there is still a lot of space for growth and utility to be built on top of HAY. We are keen to collaborate with protocols with strong potential to bring mutual benefits to one another. With Radiant Capital already becoming the top lending protocol on Arbitrum and the second on BNB chain in terms of TVL with cross-chain features, adding HAY as a collateral asset will bring more liquidity to Radiant Capital and further boost the growth of Radiant, specifically on BNB chain.
Benefits to Radiant Capital users and liquidity providers
As the leading original decentralized stablecoin built on the BNB chain, adding HAY as the collateral asset will help in diversifying Radiant Capital’s collateral assets portfolio, attracting a larger group of users who prefers decentralized stablecoins (especially after the incident of BUSD and USDC), further boosting the TVL on Radiant. Currently, there are no decentralized stablecoin options available as a collateral asset for Radiant Capital on the BNB chain. Adding HAY as the first decentralized stablecoin collateral can give users more options and potentially help Radiant expand their user base and community on the BNB chain. Considering HAY’s current position and the community size of Helio Protocol (over 250k+), adding HAY as a decentralized stablecoin collateral into Radiant Capital’s ecosystem is a great choice that can attract the attention of this large community.
In addition, the fact that Radiant Capital has a general consensus of 80% minimum LTV ratio for borrowing against stablecoin, on top of HAY’s minimum 66% LTV ratio when borrowing against BNB(current collateral ratio of >300%), HAY is essentially double collateralised, making HAY an even safer option to borrow against.
Moreover, we’re eager to explore extensive collaborations with Radiant Capital and create more possibilities for both sides. For instance, we already have several liquidity pools launched on the major DEXs of BNB chain, including Pancakeswap, Thena, Wombat, and many others. We are also in the midst of discussion with Biswap. We would be more than happy to open a HAY/RDNT pool with competitive APRs for LP providers, offering further profitable yield opportunities.
We look forward to building a long-term and strategic partnership with Radiant Capital, and listing HAY on the BNB chain as a collateral asset is a solid first step.
About Helio Protocol
Helio Protocol is an open-source liquidity protocol for borrowing and earning yield on HAY–a new BNB-backed over-collateralized “destablecoin” –with “de” standing for “decentralized”. The protocol aims to position HAY as the leading decentralized destablecoin protocol in the BNB Chain ecosystem by leveraging Proof-of-Stake (PoS) rewards, liquid staking, and yield-bearing assets. Helio Protocol will operate as a DAO, where the community will govern the protocol’s treasury, revenue pool, and future direction.
In less than 9 months, Helio Protocol has gained 250K+ community members. Our partners include leading projects on the BNB chain, such as Pancake Swap, Wombat Exchange, Trust Wallet, Coin 98, Thena.fi, Ellipsis Finance, FRAX etc.
Our contracts have been successfully audited with CertiK, Peckshield, Slowmist, and Veridise. We also have a Bug Bounty Program of up to $500k budget on Immunefi.
HAY is a native BEP-20 token, a decentralized stablecoin that is over-collateralized with liquid-staked assets, where 1 HAY is always redeemable at $1USD worth of cryptocurrency and over-collateralized by BNB. Users can mint and borrow HAY by providing BNB or BUSD as collateral, which can then be used to stake for yield, liquidity mining, and a means to transfer value. HAY has become the top decentralized stablecoins on the BNB chain in terms of market cap and TVL.
with a current collateral ratio of more than 3:1, we can weather extreme volatile market movements, and still remain fully collateralized 1:1. Additionally, other than BTC & ETH, BNB has one of, if not the deepest liquidity compared to other crypto assets out there in the market.
The fact that Helio protocol’s yields come mainly from liquid staking rewards, which are automatically converted into HAY rewards & distributed out to HAY stakers/ LP providers, allows us to offer a 0% borrow interest rate & still be profitable in the long run.
To encourage more HAY holders to deposit HAY on Radiant Capital as collateral once HAY is listed on Radiant Capital, we will provide $8,000 in HAY as incentives to further boost the deposit APY of HAY ($5,000 in HAY for the first four weeks and $3,000 in HAY for the subsequent four weeks).
HAY’s price feeds are available on Binance Oracle
Feed Adapter Address: 0xc02780d15b021fd2574a331982753fb5de542cc5
HAY is a native BEP-20 token
Token Address: 0x0782b6d8c4551B9760e74c0545a9bCD90bdc41E5
Steps to Implement
List HAY as collateral asset on Radiant Capital of the BNB chain
Helio to provide $8,000 in HAY as the incentive rewards for depositing HAY
Create RDNT/HAY liquidity pools on Thena, Pancakeswap or Biswap and co-incentivize the pools.
Co-market to inform the communities about the partnership and further boost communities’ involvement.
Within two weeks of HAY getting added as collateral asset, Helio will provide the incentive awards.
Within one month, if approved by the Radiant Capita community, Helio will open RDNT/HAY liquidity pools on major DEXs of the BNB chain.
Once HAY is listed on Radiant Capital, Helio will announce the partnership and initiate co-marketing efforts, which will last at least 8 weeks.
**Overall Cost **
$8,000 for incentive rewards, covered by Helio Protocol.