London, United Kingdom--(Newsfile Corp. - December 9, 2021) - Hundred Finance, a decentralized application (dApp) allowing the lending and borrowing of cryptocurrency, has launched staking services for its native token, HND.
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As per the announcement, HND holders can now stake their tokens and get numerous benefits like voting privileges and boosted HND emission APRs. Users wishing to participate in the HND token staking process do so by visiting vote.hundred.finance, the doorway to the vote-escrow user interface. Note that the vote-escrow system will play a major role in managing Hundred Finance in the future.
Hundred Finance has already deployed the first iteration of the staking system on Arbitrum. All users now need to do is connect their wallets using the correct network settings. This will then bring them into the vote-escrow UI that SharedTools have designed.
Notably, the vote-escrow is a mechanism used to lock HND tokens for a specific period. Once a user locks their HND tokens, the system then sends veHND tokens to the user. The number of veHND tokens sent are calculated relative to the amount of HND locked by the user and the amount of time they chose to lock them. One thing to note, however, is that these tokens are not transferable.
veHND tokens give users the power to vote on various proposals. For instance, holders can vote on which hTOKEN is able to farm the greater proportion of HND emission. hTOKENs are corresponding tokens minted and received by a supplier wallet when crypto assets have been supplied to Hundred Finance. These hTOKENs are interest-bearing, representing the user deposits issued as per the ERC20 standards. Currently, the protocol allows users to vote on hUSDT, hMIM, hUSDC, and hFRAX gauges.
In addition to voting, staking the HND tokens allows users to earn an APR boost of up to 250% for every hTOKENs they add to the new farming contract.
Launched on June 24th, 2021, Hundred Finance is a multi-chain protocol integrated with Chainlink oracles to ensure market health and stability. The staking feature arrived shortly after Hundred Finance formed a strategic collaboration with B.Protocol to decentralize auction keepers. The partnership reportedly marked the decentralization of Hundred Finance's liquidation process. This saw the replacement of bots with a community backstop allowing the protocol to marry efficiency and equality.
Just last month, the protocol formalized its Chainlink collaboration, which aims to bring crypto lending services to the world. Prior to this, the protocol has formed another partnership with DODO Dex, allowing users to earn double token rewards for staking HND-ETH. In October, Hundred Finance also launched on the Fantom Opera blockchain days after being awarded a Harmony One grant of $50,000 to put towards community building and expansion.
Hundred Finance still has a roadmap ahead. The protocol plans to integrate more applications and launch a new chain or two hopefully before Christmas.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/107198