⭐️ HyperDAO ⭐️ 🔥 Decentralized Financial Services Ecosystem 🔥

[HyperDAO Official]

[1715128618]

1715128618

[1715128618]

1715128618

[futterlod]

Tether has a high level of centralization. And although its mechanism is pretty easy to understand by anyone (you basically create 1 USDT every time 1 USD is deposited in some bank account) it has some disadvantages.
The first problem is his (1) high level of centralization which creates, of course, a high possibility of fraud, Tether has been under the spotlight regarding this issue. (2) It needs audits by trustworthy 3rd party companies which are expensive. (3) Reserves can be seized or the company shut down which makes it highly dependent on banks. Such are the problems of centralization.
On the other hand, the DAO projects create their stable tokens by means of an elaborate smart contract system backed by Ether holdings. These stable tokens are pegged to USD, EURO or Yuan every time a user takes loans out in these electronic “Fiat-tokens” against their ETH holdings. This is called collaterization and it has to be at least 150% of the total amount borrowed. Basically the money is being created by people taking loans using their ETH as warranty that they will pay back the loan. The “Fiat tokens” are created according to the current value of ETH. This is how cryptocurrencies create these “Fiat-tokens”. The advantage is that this system is decentralized or partially decentralized and, therefore, auditable and has driven incentives for their communities.
The disadvantages are (1) the complexity of the mechanism that maintains price stability. This complexity makes them (2) difficult to understand to the layman and hard to scale. They also have the disadvantage of (3) a potential crash given any “market irrationality”: periods of extreme volatility in the market which could create a downward spiral. HyperDAO even has a shutdown protocol to protect itself from such worst case scenario.
Long story short, the DAO approach tries to use cryptocurrencies to generate stable electronic fiat, rather than paper money. Using cryptocurrencies to generate “Fiat-tokes” adds a greater level (although not perfect) of decentralization with respect to stable coins like USDT, TUSD or Stably.

[HyperDAO Official]

OKEx, the leading crypto assets exchange and trading platform, through its OKEx Jumpstart program has announced the launch of a new token sale. The HyperDAO (HDAO) sale set to go live on Feb 25, 2020 will become the 10th such offering of the program as it aims to promote the development and adoption of blockchain infrastructure across industries.

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

[HyperDAO Official]

[Burgerwich]

I see how the blockchain continues to evolve in the positive direction, we have reached for example the point where a project like HyperDAO has created a series of stable coins pegged to the Dollar, Euro, and Yuan and backed by Ethereum collaterization. But looking at the number of cryptocurrencies available at coinmarketcap (right now there are more than 5000 projects) and seeing how most of the projects that were so hyped during 2017-2018 are now under the waterI do not blame people from other technological sectors when they look with scorn or even indifference anything related to blockchain technologies. I have seen in many conferences how people recoil and sometimes almost reach to the point of open hostility. Crypto is very often associated with the word scam. But again we continue to see the innovation and the impact that represents the creation of a non-centralized monetary system and the wonders it can bring to our financial system.

[Alex1326]

Definitely, but I am still wondering why so many of these projects were born dead. I still remember the time when there were only one thousand projects or something like that. It can make anyone skeptical.

[Nishawa]

This is IEO is FAKE see reference https://steemit.com/scam/@jackzee/okex-launch-fake-ieo-hyperdao-don-t-fall-for-scam

[jankie25]

You did not mention the other way to create “Fiat-tokens”, and that is proof of burn. I am thinking about eUSD, a stable coin created by sending ETH to a provided eUSD smart contract. The burning process means that some eUSD are minted according to how much ETH at current market value is sent to a smart contract where it will be locked forever. That is a smart way to migrate crypto, in this case ETH into “fiat tokens”.

[Commadante2]

The current valuation of ETH is around 18 billion, and Tether’s around 4.7 billion. Imagine if 4.7 billion of ETH had to be locked forever “burn”. That is approximately 25% of ETH total supply. What would something like thatwould do to ETH’s price?

[Abusadaoxes]

What something like that would do to ETH price? Not sure, but you are basically reducing the supply of ETH tokens. ETH has no inflation rate and it has to be mined. I guess it should increase the price of ETH. That would mean that you would require less and less ETH to generate more “fiat tokens”, they will most likely acquire it on exchanges listing eUSD. The advantage it has, just like HypeDAO is that burned or collateralized ETH can always be verified, making the creation process fully transparent and auditable on Etherscan. No third parties involved there.

[futterlod]

Seeing it like that it makes sense. I think now I understand why there was so much noise about the Tether bomb.

[Bushadamfus]

Maybe because DeFi is the new hype buzz-word. But remember that these are all centralized projects with extraordinary trust issue. They are at peril of collapsing just like the failed projects of 2017.

[Jeebshub]

A good question would be who is going to assess credit requests in DeFi? If there are not assessments irresponsible capital borrowing will eventually happen. This is dangerous and can lead to major financial losses and collapse of many DeFi projects when borrowers are unable to pay back.

[Spaceshuttle987]

 

All DeFi lending is overcollateralized. That would be truth only if the price of ETH drops fast enough such that loans cannot be properly liquidated.

[Hoesis.USA]

2020 will be the year for privacy coins, just like 2019 was the year for DeFi, and 2017 was the year for ICOs.

[Cryptoenthusbusa]

: I think like DeFi projects, like HyperDAO and even MakerDao still have a long way to go.  There are so many steps that need to be taken to bring the advantages of Decentralized Finance systems to the masses. Here is a list of things I consider Hyper should take into account:
a.   They need to create interfaces which are amicable and easy to use by the lay man. Although they still should maintain privacy, multi-sign contracts and access to distributed blockchains. But they should remain in the background. The user probably needs an interface pretty much replicating what other main stream applications offer.
b.   Keep in mind that the average person is not a trader, does not want to do prediction market and maybe does not understand the movement of the financial markets and its dynamics. What they probably want is a system that allows them to do peer to peer transactions without all the fees involved by centralized institutions. Of course lending, interest income, wealth management, and collateralized loans are excellent and can only help the ecosystem growth.
c.   Create the bridge between centralized fiat and decentralized cryptocurrencies by means of stable coins, working intensively on making the public aware that they can create saving accounts, generate passive income (more than in the traditional banking system), and that they can also take loans by means of created ETH collaterals.
I believe that when DeFi offers an application so easy to use like other mainstream companies, like Amazon or Uber, we will see an influx of the public into this emergent market.

[PSULLWALERS]

Something that may help will be a proliferation of assets coming to DeFI in the near future.This includes fiat currencies and tokens derived from real world assets, like real estate and even precious metals. Thus creating more assets that can be connected to create new kinds of assets.

[XEFUZ]

Well, I think this is just the early phase. And most of us here are speculators, others are researchers or traders. We still do not know if the public will be able to digest this new technology in the next few years. HyperDAO just like all the other DeFi projects are still in a very experimental phase. This is a market in its infancy.

[HyperDAO Official]

[XEFUZ]

Speculation and popped bubbles are also part of the process of mass adoption. What it matters is that innovation has not stopped and HyperDAO and other decentralized financial systems are proof of that.