The decentralized stablecoin and lending protocol HAI is set to launch next week ahead of its mainnet launch on Optimism. As part of this, the HAI team will distribute 22.3% of its governance tokens, KITE, among 18,034 qualified wallets. The distribution is scheduled for February 12, preceding the mainnet launch of HAI on Optimism on February 20.
The countdown has started!
HAI DAO is now accepting applications for DAO delegates and distributing its governance token$KITE governance tokens will be available for claim by @reflexerfinance, @Optimism and HAI testnet users on 2/13/2024.
More information on eligibility below pic.twitter.com/cvamZrbhq1
— HAI 🌥️ (@letsgethai) February 6, 2024
Unique Features of HAI Protocol
Founder Amin Suleimani explained that qualified users include those who have interacted with the Reflexer protocol, utilized the HAI testnet, and Optimism users holding OP tokens worth more than $50 who have voted at least once.
HAI, unlike traditional stablecoins, is backed by various decentralized crypto assets rather than fiat currency. It is a fork of RAI, an Ethereum-based stablecoin created through the Reflexer Finance protocol. Reflexer enables users to collateralize crypto assets for RAI, maintaining its stability through an algorithm.
With the launch of HAI on the Optimism platform, users gain the benefits of the reliable and resilient RAI system while retaining the speed, scalability, and user-friendliness of Optimism, stated HAI co-founder Luke Hamilton.
In this new era of truly decentralized stablecoins, HAI’s unique mechanism of controlled pegging will usher in the next generation of decentralized currency, resistant to economic shifts and human error.
HAI is not just a stablecoin protocol but also a credit platform and DAO. KITE owners can determine the types of collateral to be included in the platform, adjust protocol parameters, and participate in auctions.
