I have felt a lot of skepticism towards Rebase projects in cryptospace, but there’s a handful of projects I personally believe are worth consideration. One of these is Hector Dao, which operates on Fantom Chain and offers(at the time of writing this article) over 20k APY%.
Disclaimer: This is not financial advice, the information in this article is for educational purposes only. I am not sponsored or affiliated with Hector DAO. Never invest what you can’t afford to lose. Do Your Own Research.
What is HEC? Hector DAO is a project that aims to offer its users long-term value and to aid the growth of Fantom Chain through its ecosystem. (You can visit the dashboards here: https://app.hectordao.com/#/dashboard)
The reason why I bought HEC: On top of the insane APY I can earn off staking $HEC per day, week, and month; they boast that in the future they will offer many incentives to provide more utility to their project.
Future plans for HEC? Some of Hector DAO’s future goals include Hector BANK for lending/borrowing. Hector LAUNCH for helping new projects launch on Fantom Chain. Hector UNIVERSITY to educate users. Hector CROSSCHAIN for a branch across chains. Hector PAY for a payment system. (More details can be read here: https://medium.com/@HectorDAO/hip-011-apy-2022-and-the-growth-of-hector-acb85826bad7)
What is Rebase? Rebase projects provide rewards to stakeholders. Roughly every epoch on the Fantom Opera Chain(8 hours) the protocol will mint new tokens and distribute them as rewards.
What are the risks? The risks are that the value of the token goes below the price it was upon purchasing it. However, the high APY can make up for the possible loss of dollar value. Another risk is possible rug pull or hacking, however, in the case of Hector DAO they have tried to offer confidence against this risk by undergoing KYC, Website security, Multisig, and an Audit (Details here: https://docs.hectordao.com/whitepaper-and-roadmap/whitepaper#the-security-of-hector-dao)
Where to get HEC? You will need a wallet on Fantom Chain, and $FTM in your wallet for covering fees. HEC can be purchased on both Spookyswap(https://spookyswap.finance) and Spirit Swap(https://swap.spiritswap.finance/)
How to Stake: Confirm that you are at https://app.hectordao.com/#/stake . Confirm that you have HEC and enough FTM to cover fees. Then choose the amount you want to stake and press the “stake HEC” button
How to Bond: Bonding helps to provide more tokens into the project and can at times offer a cheaper way to acquire HEC to stake. (To bond: https://app.hectordao.com/#/bonds)
How to Use the Calculator: The calculator can be a helpful tool to determine how much HEC you will earn per day, week, and month. Keep in mind that APY and token price can change frequently, so I prefer to use weekly models over monthly one when using this calculator and make adjustments per week according to my finances. (Calculator: https://app.hectordao.com/#/calculator)
Things to consider: Like any investment, consider the risks and gain full knowledge of a project prior to purchasing anything. Hector DAO has an active Discord for asking/answering any questions you might have along with several other social media pages. You can visit their main website here: https://hectordao.com/ and read their documentation here: https://docs.hectordao.com/the-hector-dao/introduction. Make sure to do your research before determining if Hector DAO is the right investment for you.
Stay Informed.