HYDT Protocol
The HYDT Protocol operates on the BNB chain as a stablecoin initiative. It aspires to grant HYDT (the protocol's stablecoin) holders a consistent return of 16-30%+ APY, ensuring it remains equivalent to the US dollar at a 1:1 ratio.
Distinct characteristics of the HYDT protocol:
- Entirely self-governing with an automated system for minting/redeeming during depegging incidents.
- Transparent collateral, entirely in BNB.
- A robust and adaptable soft peg strategy.
- A guaranteed maximum of 30% APY on stablecoin deposits, complemented by extra rewards in the form of governance tokens.
- Built to withstand bank run scenarios.
The High Yield Dollar Protocol offers two tokens: HYDT and HYGT.
- HYDT: This is the protocol's primary stablecoin. By using the Stake HYDT function, it can yield up to 30% APY. To ensure the price hovers around 1 USD per HYDT, HYDT is automatically minted/redeemed by the system.
- HYGT: Serving as the protocol's governance token, HYGT will be employed for decision-making and future token buy-backs using the protocol's profits. Rewards from the Stake HYDT and Farm features will be disbursed in HYGT.
Beginning November 9, 2023, the farming of HYGT (the Governance token) will commence, leading to enhanced staking benefits for users.