Summary
Hector DAO proposes to deploy Rari/Fuse technologies on the Fantom Opera Chain. There are multiple options regarding financial remuneration to Rari and it’s community.
Background
Hector DAO is the largest rebase protocol on the Fantom network. Our market capitalisation is approximately $200,000,000, and we have $150,000,000 of value locked in our protocol. Here is a link to our DeFiLlama profile: https://defillama.com/protocol/hector-dao
In the month of November, we were the most traded project on the Fantom network, with a volume of $612,000,000, surpassing even SpookySwap - one of the main decentralised exchanges of the network.
We employ a full-time team of 10+ developers and strategists which allows us to develop our project faster than any competitor on the chain.
We hold weekly AMAs, and our community members always have access to team members. We answer every direct message we receive. Community is extremely important to us. All of our AMAs can be found on our YouTube channel and we graciously invite the Rari community to attend our upcoming AMAs. https://www.youtube.com/channel/UCE2kfScrJujDQ32HRPEIF2w/videos
The Fantom Opera chain is one of the fastest-growing chains in the Cryptocurrency space. Its fast settlements and low fees are the perfect environment for significant growth for the DeFi sector, and we think this represents a great opportunity for both the Rari and Hector communities.
We have significant respect for the Rari team and community, and would be honoured to represent Rari on the Fantom Chain. We will work closely with the Rari team to ensure that we deploy the best possible product.
Hector DAO would like to deploy Rari's Fuse technologies on the Fantom Opera Chain via HectorBank. We have had positive discussions with the Rari team, and now seek the blessing of the community.
About The Hector Team
The Hector Team consists of 13 members in different departments:
3 developers who handle front-end and back-end development of the protocol, bonds, contracts etc. They have a wealth of experience working with web 3.0 dapps and Solidity contracts. They pioneered (4,4) bonds, which are bonds that are paid in rebasing rewards. We were the first rebase project ever to do this and others are beginning to follow suit.
One developer has 20 years of coding experience, and has worked in the blockchain for around 10 years.
Our main front-end developer worked with Olympus DAO and has significant experience building dApps.
Our third developer has several years of blockchain experience and is responsible for contract integrations and testing.
The remaining 10 members are split as follows:
5 are strategists who take macro-decisions in order to secure the long-term growth of the project and help align it in the Fantom space.
3 are in the marketing team and work to create marketing partnerships, deals, and collaborations
2 work on partnerships and collaborations with institutions and projects such as Rari.
There are a few core concepts we follow as a team:
Commitment to the community.
Transparency and accessibility to the community is extremely important to us. We answer every single direct message we are sent without exception. We also hold weekly AMAs with our community wherein we discuss project developments, long-term plans, marketing roundups, and take questions and suggestions directly from community members in order to build the best project and community possible. We also hold snapshot governance votes to allow the community to vote on the developments that matter to them, and to shape the project in a way that benefits all. We use our announcement channels an average of five times per day to talk about development progress, marketing deals, and partnerships. Our documentation is updated at least three times per week to make sure it is always accurate and contains the information people most want to see.
We are a spoon.
We launched as a fork of OHM. Whilst we have great respect for the systems and methodologies that Olympus innovated, we want to break away from being a fork and see ourselves as more of a ‘Spoon’ - a project which started as a fork but builds and expands to fill its own unique niche within the ecosystem. We focus on innovation and long-term value for both projects and aim to become the de facto project of our kind on the Fantom Chain.
The good of all.
We place a particular emphasis on helping our native Fantom Chain grow to become the most accessible, user-friendly, welcoming, and operational chain that it can possibly be. We donate thousands of dollars per week to new users who join the chain and require FTM coins to facilitate transactions. We have also partnered with Yoshi and Rubic - two decentralised exchanges whose solutions are helping to lower the barrier to entry to the Fantom ecosystem. Cooperation is something we value above competition.
Responsibility.
There is something of a meme in our community that we test everything obsessively - this is true. We carry a solemn responsibility to all of our community members to ensure that what we create is safe, reliable and functional. We protect our contracts and protocol with multisignature authentication. This means that no single-party can take any action which would damage the functions of the smart contracts we use. We are also being audited by Certik and plan to audit everything that we develop in the future to maintain the highest level of security possible. Our community has placed their trust in us, and we will never take it for granted.
What we are building
Hector will integrate an open interest rate protocol that allows users to lend and borrow digital assets, all within the Hector Ecosystem. Lenders can achieve an attractive APY without any risk of volatility of the HEC price by lending out stable coins. Borrowers can use sHEC as a collateral to leverage their position or borrow stablecoins to use them in different projects without having to unstake sHEC. The benefit for the protocol is that the treasury collects fees, consisting of the difference between APR for borrowers and APY for lenders. This way, the treasury increases, which in return has a positive impact on Hector’s APY. The Lending and borrowing protocol will come with it’s own UI.
We would like, at first, to use a limited deployment of Fuse/Rari technologies to facilitate lending and borrowing pools revolving around the HEC token.
The development and deployment of this protocol will allow for greater expansion of the Hector ecosystem, as well as facilitate more stable growth within the Fantom Chain itself - this directly aligns with our stated goal of supporting the development of the Fantom ecosystem.
The Proposal
The alignment of economic goals and resources is of the utmost importance to us. As such, we are exploring remuneration solutions and would like to explore the following options:
Option 1: A token allocation in HEC to the Rari treasury.
We have seen that the deal created with Midas required 25% of the total supply of their tokens be sent to the Rari treasury. This is not possible with our project as we do not hold a controlling token share in this way. We can make a contribution of tokens, but it will be proportionally lower than those of other projects. We are able to offer $500,000 worth of HEC tokens immediately, followed by two additional payments of the same amount at predetermined milestones (market capitalisation targets which can be agreed upon by both parties). This is subject to the approval of the Hector Community.
Option 2: A profit-sharing model, wherein a percentage of profits generated by the solution we develop using Rari technologies will be given to Rari, either in HEC tokens or Stablecoins.
This is the solution that we think would be best for both parties. It allows us to collaborate with the Rari team to create and deploy a high quality product as well as to provide a long-term, growing income for the Rari Treasury. We feel that 30% of profits generated by the lending and borrowing protocol (fees) being allocated to Rari would be beneficial to all.
Option 3: A combination of the two.
The options above are not mutually exclusive and we are open to the idea of a hybrid deal consisting of a combination of token allocations and profit sharing.
The Future
The Hector DAO team has set out clear, achievable goals within our roadmap and whitepaper - both of which can be found in our documentation:
Whitepaper: https://docs.hectordao.com/whitepaper-and-roadmap/whitepaper
Roadmap: https://docs.hectordao.com/whitepaper-and-roadmap/roadmap
Documentation: https://docs.hectordao.com/the-hector-dao/introduction
Creating positive, impactful partnerships and relationships such as this are at the forefront of our priorities - cooperation is good for everyone. We want to contribute to the growth of the Fantom network. We focus on long-term growth and it is our stated aim to bring value to our users and investors in a reliable, responsible way. We aim to become a de facto financial centre within the Fantom chain.
We believe that future cooperation between Rari and Hector is mutually beneficial and will align with the goals of both parties in a meaningful way.
Thank you for reading our proposal, we’re looking forward to hearing from you.
Prometheus,
Strategy lead at Team HECDAO.
