Fantom Ecosystem Spotlight – Hector Finance
We are often asked at Fantom to discuss how DeFi protocols are innovating on the Fantom network. This interview shows why we’ve had one finger pointed at Hector Finance when answering the question. Hector Finance wraps an extraordinarily sophisticated set of tools in a streamlined, easy-to-use app. What’s more, even as they quickly expand, they’re taking the time to develop documentation and learning resources to onboard new users. All of this encapsulates the spirit of DeFi and we love it!
1. What is Hector Finance?
Hector Finance is a DeFi project that operates on Fantom. We create value for our users through a range of use cases within the Hector Ecosystem.
A portion of revenue that we generate is used to open-market buy Hector tokens and burn them, thereby bringing further added value to token holders.
Over 2022, Hector will expand to become multi-chain.
Hector Finance is the world’s first deflationary rebase project. This is achieved through the Treasury, DAO Wallet, and its native stablecoin, TOR.
Hector Finance has developed a stablecoin called TOR, which is inspired by UST.
TOR is an algorithmic stablecoin that also works to make HEC deflationary: in essence, minting TOR burns HEC, so when the TOR stablecoin does well, so does HEC!
In addition to the mechanism that backs UST as a rebase project, we add additional safeguards to remain pegged to $1. Below is a flowchart that illustrates the buy/burn mechanism for minting and thereby represents the essence of our deflationary model.
2. How do you introduce Hector Finance to a novice or someone who knows relatively little about DeFi?
It is fair to assume that there are many concepts an individual needs to grasp to understand DeFi; however, it is always easier to relate to individuals who know little about DeFi through a common vocabulary.
To understand Hector Finance, imagine an organization that provides different products and services to its users, and which redirects revenues back into the organization to enhance the value of its products and services.
Hector provides lending/borrowing and staking on our native token and staking on our stablecoin in a very user-friendly interface.
The protocol adds value to these services by directing a portion of revenues to buy and burn HEC.
3. How did you come up with Hector Finance/what was your inspiration?
The Hector Finance team formed to develop a protocol that would advance DeFi and contribute to the Fantom ecosystem.
Hector Finance was born after months of scanning the Fantom ecosystem and learning about DEXs, Lending & Borrowing Protocols, and Farms on the network.
We moved to become one of the first rebase projects on Fantom, enabling us to gain a thriving community.
Since then, we have focused on evolving Hector into a deflationary project that provides multiple layers of value to its underlying token, HEC.
4. Can you offer an overview of Hector Finance’s current and soon-to-be-released offerings?
In addition to the work that we are doing to drive the value of $HEC as discussed above, Hector Finance is expanding our ecosystem with projects including:
Hector University: Hector University will become the go-to learning center for anything DeFi.
Hector DEX: Hector DEX will combine advanced cross-chain swap and bridge functionality.
Hector NFT: Hector will produce utility-backed NFT’s!
Hector Launch: Hector will develop the leading project launchpad on the Fantom chain.
Hector Merch: Our merch store is live! 50% of revenue is donated to charity.
5. Can you tell us about the team’s background?
Innovation is our core philosophy as a team. Collectively, we have years of blockchain experience and decades of experience coding.
We believe that we have the right balance of skills to develop new use-cases over the long term that will benefit all our users.
Our professional skills include blockchain development, business development, business partnership development, social media, public relations, marketing, strategic business analysis, graphic design, branding, and more.
The Hector Team currently consists of 8 core members: 6 from the EU, 1 from China, and 1 from Australia.
- John, Lead Developer
- Leonida, Strategist, Dev Manager
- Ilija, Strategist
- Prometheus, Strategist
- Nero, Marketing
- Agenor, Marketing
- Zeus, Community Management
- Poseidon, Partnerships / External Relations
6. Why did you decide to build on Fantom?
The reasons are simple: the Fantom team is transparent, and the platform offers impressive scalability solutions and a balance of speed and security.
Our team was also very impressed with the seamless UX and low transaction fees on the network.
The transparency of the Fantom team and overall growth on the network inspire us. In our research into the potential of different blockchains, Fantom came out on top.
The developments we see on-chain continue to confirm that we made the right decision.
7. How did you learn about Fantom?
As DeFi enthusiasts, we discovered Fantom via social media in 2020. We decided to explore the community and learn about innovation across the network.
We immediately understood its potential and decided to jump on board in 2021!
8. How was your experience of building on Fantom?
We’ve loved building on Fantom ‒ speed, cost, and growth have never been an issue. But what excites us the most is the ability to join such a fantastic community.
All developers on Fantom have something in common – they strive to build collaboratively. From the outset, we have felt supported and welcomed.
9. What brings you to DeFi, and what excites you most about the space?
DeFi developers share a common desire to leverage decentralized money markets, lending and borrowing protocols, and passive income reward systems to address the shortcomings of traditional financial markets.
We believe DeFi has only just begun, and we want to play a role in shaping the future.
10. How has the community received Hector Finance?
We have built an amazing community of Hectorians, with over 100k Twitter followers, more than 40,000 Discord members, and 20,000 Telegram members.
We make great efforts to transparently show how our utility-driven protocol directs value back into the ecosystem and the community has been incredibly responsive.
11. What’s coming up for Hector Finance? Free alpha!
Hector Finance is currently working on multiple projects!
These include a DEX, NFT’s, University. We just hit a major milestone on February 11, 2022 with the release of TOR – our stablecoin to facilitate a deflationary model.
12. What advice or suggestions do you have for fellow developers who haven’t started building on Fantom yet?
If you enjoy collaboration and working in teams, you need to build on Fantom.
There are so many spaces for developers to discuss, offer mutual support, and form partnerships. There really is no lack of enthusiasm in this space; it’s incredible.
Engage with Hector Finance: