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The HyperDAO project is said to have found a place in the OKEx Jumpstart program due to its potential to develop an efficient, transparent and reliable decentralized finance (DeFi) ecosystem. Upon realization, the HyperDAO project will position itself as a one-stop financial service platform for global users. While announcing the upcoming token sale, OKEx mentioned that HyperDAO’s belief in decentralized finance matches its own and wide-spread implementation of HyperDAO’s solutions can lead to a transformation of existing centralized business models to decentralized ones where community performs governance duties instead of a select few.
Reiterating the company’s commitment to promoting blockchain-based financial services for all, the CEO of OKEx Jay Hao mentioned HyperDAO and said,
“OKEx believes in Decentralized Finance (DeFi), and this is what we are endeavoring to develop. We are glad to partner with HyperDAO who share same belief as us. HyperDAO brings the industry a new series of real-life applications. I am always surprised by the many innovations out there and it is our pleasure to help the creators realize them. We hope other market players to join hands in bringing blockchain innovations to everyone’s life.”
Hao’s statement resonates with the ones made by the company Director of Monetary Markets Lennix Lai at the sidelines of World Economic Forum annual meet at Davos where he announced that OKEx is ready to work with partners to address issues of the unbanked with blockchain. One of the things mentioned by Lai as necessary for next-generation monetary inclusion is the need for reputable stablecoin. The HyperDAO ecosystem will be capable of providing a comprehensive, integrated financial service ecosystem complete with infrastructure, trader-intrinsic services like a stable coin, crowdfunding, wallets, market analytics systems, microfinance and e-citizen information system, etc., all on the blockchain.
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By achieving a 360-degree coverage of applications on micro and macro levels, HyperDAO exhibits a potential for synergy with OKEx to revolutionize financial systems. During the upcoming sale, a total supply of 5 billion HDAO tokens will be made available on OKEx Jumpstart at a price of $0.01/token. The pricing is 100% lesser than that of HDAO private sale, which also comes with a minimum subscription amount of 32,000 HDAO.
During the HyperDAO token sale, OKEx’s own OKB tokens will serve as the mode of subscription and settlement at the exchange rate against USD on that day. The HDAO token sale will be launched in 2 consecutive sessions—OKBelievers Exclusive Allotment Session starting 4:00 UTC and OKTraders Privilege Allotment Session opening 5:00 UTC on Feb 25, 2020. The allotment is set at 100 million HDAOs each, with an individual cap of 400,000 HDAOs.
Following the launch of the token sale, the HDAO/USDT and HDAO/USDK spot trading pairs will be made available on the same day at 7:00 and 9:00 AM respectively.
More information about the HyperDAO token sale is available at – https://okexsupport.zendesk.com/hc/en-us/articles/360039127232-OKEx-Jumpstart-x-HyperDAO-HDAO-Token-Sale-Details |
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OKEx Jumpstart to Launch Its 10th Token Sale with HyperDAO (HDAO)
With the same belief as OKEx in decentralized finance, HyperDAO seeks to "gradually transform its existing centralized business model into one that is decentralized and governed by community members." Backed by distributed ledger and blockchain technology, HyperDAO provides a comprehensive, integrated financial service ecosystem. From infrastructure, trader-intrinsic services such as stablecoin, crowdfunding, and wallets, to market forecast, development of microfinance, and e-citizen information systems, HyperDao covers applications on both micro and macro levels.
"OKEx believes in Decentralized Finance (DeFi), and this is what we are endeavoring to develop. We are glad to partner with HyperDAO who share same belief with us," said Jay Hao, CEO of OKEx. "HyperDAO brings the industry a new series of real-life applications. I am always surprised by the many innovations out there and it is our pleasure to help the creators realize them. We hope other market players to join hands in bringing blockchain innovations to everyone's life."
Subscription Details
HDAO has a total supply of 5,000,000,000 HDAO and will be available on OKEx Jumpstart at $0.01 per HDAO, while the private sale price from HyperDAO is $0.02 per HDAO, with an individual minimum subscription amount of 32,000 HDAO. OKB is the only token accepted for the subscription and settlement. The exchange rate of OKB/USD will be confirmed on the sale day. There will still be 2 subscription sessions on 25 Feb. The OKBelievers Exclusive Allotment Session will open at 04:00 (UTC), and the OKTraders Privilege Allotment Session will open at 05:00 (UTC).
OKBelievers Exclusive Allotment Session: 100,000,000 HDAO
Individual Cap: 400,000 HDAO
Over-subscription Limit: N/A
OKTraders Privilege Allotment Session: 100,000,000 HDAO
Individual Cap: 400,000 HDAO
Over-subscription Limit: N/A
Following the token sale, the HDAO/USDT and HDAO/USDK spot trading pairs will be available at 07:00 and 09:00 Feb 25, 2020 (UTC) respectively.
Please refer to OKEx Jumpstart x HyperDAO (HDAO) Token Sale Details for further information.
About OKEx
OKEx is a world-leading digital asset exchange headquartered in Malta, offering comprehensive digital asset trading services including fiat-to-token trading, spot trading, futures trading, and perpetual swap trading to traders globally with blockchain technology. Currently, the exchange offers over 400 token and futures trading pairs enabling users to optimize their strategies.
New Link : https://www.marketwatch.com/press-release/okex-jumpstart-to-launch-its-10th-token-sale-with-hyperdao-hdao-2020-02-06
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When you open a CDC what is what you generate? HyperDAO?
What you actually generate is Hyper-Fiat, which can be Hyper-USD, Hyper-Euro, or Hyper- CNY. On the other hand, HDAO governance tokens will enable users to jointly develop the HyperDAO platform, which includes submitting governance proposals to vote, elect community representatives, trigger the safety protocol in case of market irrationality behavior, vote for interest rate adjustments, set risk parameters and recommend projects to be listed. |
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Would you require a KYC? I believe that KYC is somehow a form of censorship. Many of us not living in the Western countries really find great difficulties when we try to access the Western financial system. The KFC automatically creates an impeding web of censorship among the people (specially non Westerns) that need the most scape the unfairness of centralization and the conditions and restrictions imposed by our governments. After all the intention of BTC originally was to be decentralized and stay as far away as possible of the oversight of governments.
This is a complex question that requires some consideration in order for us to give an answer. We know and understand that the conditions of the current financial system are no ideal for many people not living in Western countries. Nonetheless there are some regulations every project is required to follow in order to be able to operate given the circumstances. If you have read our paper you will probably know that we are trying to include as many individuals from non-Western countries as possible. Our vision is that a fair financial system has to empower those that need it the most, especially those that lack the advantages and privileges given by granted by most westerners. Keep an eye on our project because we will definitely try to reach a solution regarding this matter. |
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Some people may want to collate rise their crypto accepts to obtain some fiat. But what happens if yours accepts start losing value? Maybe Bitcoin is kind of stable, but we have seen a long bear market in alts, and it is difficult to collate rise something that continuously is losing its value.
We believe that blockchain technology is here to stay, and although the short term picture may be a little bit discouraging, we believe the market will recover. There are some projects out there that will definitely revolutionize the way we interact with each other and make business, just like the internet did it two decades ago. |
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I think the idea of creating a stable coin tied to different fiat currencies is amazing! We need room for more diversity. Would you consider other fiat currencies in the near future?
At the moment we are concentrated in delivering a stable coin in the three main world currencies, USD, Euro and Yuan. Nonetheless we are aware of the high interest about blockchain that exist in other regions, like Latin America, for example. As the market matures we will consider other currencies. |
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Wondering how the price of HyperDAO would be affected if there is a major collapse or correction in the market. How would this affect the stability of a coin whose value in principle is supposed to be stable?
Most likely people will have to buy some ETH to not get liquidated. Nonetheless there will be always buyers once the market finds a bottom. Worst case scenario would be the shutdown protocol. |
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I am quoting Carvalho when he says “Governance doesn’t belong on a blockchain. You want as little governance as possible to be baked in. The more governance you have baked in, the more susceptible it is to being a predatory or being basically an attack factor.” Since governance is part of HyperDAO I am wondering if this could be an obstacle to create a really decentralized currency?
Indeed, he may be right, but it is also truth that given the current conditions fully decentralized autonomous organizations cannot meet compliance requirements either. Sometimes investors may become victims of scams due to exploited loopholes found in DAOs. HyperDAO believes a gradual transition programme from a traditional centralized business model to a decentralized model will help to resolve current difficulties while also overcoming obstacles HyperDAO will meet along the way. |
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USA’s Federal Agencies like FinCEN view all stablecoins as falling under their remit. Under their “technical neutral” stand point, they feel entitled to regulate such currencies: “It does not matter if the stablecoin is backed by a currency, a commodity, or even an algorithm – the rules are the same,”. They may try to enforce KYC. The whole purpose of DeFi is to create a decentralized economy that can bypass the regulations of these centralized agencies. I am wondering if they will be able to catch up with technological innovation.
It may be hard to enforce their rules. Currently the guidelines are ambiguous and not very practical. Those agencies will have to suffer a paradigm shift to adapt to emergent technologies. |
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How do I know I will not be liquidated when doing leveraging?
There is always a risk to be liquidated, that is why it is important to choose good entry points based on serious analysis and understanding of the market. |
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What is the point of collateralizing my ETH to get only 2/3 of its current value when I can just wait for it to double its price or even be worth 1000 USD? [/quote]This is more less how it works. As today the price of ETH is approximately $150, if you collaterise 1 ETH you will get the equivalent to $100 HyperDAO. With that amount you could buy 2/3 of ETH or 0.66 ETH. If market conditions are good, and in the future your ETH is worth 1000 USD, you will be the happy owner of the equivalent to $1600 USD, but you will have to return only $150 USD. Take into account that you may need to over-collaterise in case the market present corrections which may liquidated your collaterals. This is known as leveraging. |
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Even though I know that DAO is decentralized stable coin, I am imagining a hypothetical case in which the dollar or the euro could collapse due to a major recession just like it has happened with the currencies of countries like Venezuela or Zimbabwe.
Nothing will happen. Most likely DAO will be peg to another form of currency, like BTC, Silver or Gold. But that is very unlikely to happen. |
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