HayCoin

Overview

HAY is a USD-pegged stablecoin native to the BNB Chain (formerly BSC), developed by Helio Protocol. It aims to function as a decentralized stablecoin that maintains a 1:1 peg with the US Dollar.

Purpose and Utility

HAY's primary purpose is to serve as a stablecoin for decentralized finance (DeFi) applications on the BNB Chain. Users can mint HAY by depositing BNB as collateral through the Helio Protocol.

Current Usage

The token is primarily used for trading and as a stablecoin in various DeFi protocols on BNB Chain. It maintains its stability through over-collateralization mechanisms rather than interest-bearing activities.

Technology and Platform

HAY operates on the BNB Chain and uses a collateral-backed system similar to MakerDAO's DAI, but without the interest-bearing mechanisms. The protocol allows users to deposit BNB as collateral to mint HAY tokens.

Token Distribution

HAY is minted based on user collateral deposits, meaning there is no pre-mine or initial token distribution to founders. The token supply is entirely dependent on user minting activity.