Overview of Hegic’s New Governance Model
In a bid to reward dedicated users, the decentralized finance (DeFi) protocol Hegic is introducing a soft governance launch. Announced on April 19, this initiative allows loyal users to gain influence through the new gHEGIC governance token, moving away from the conventional paths of public airdrops and yield farming. This is like swapping a golden ticket for a backstage pass – much more exclusive!
What is gHEGIC and How Does It Work?
The gHEGIC token acts as a key for governance participation. Users holding this token will have the power to vote on future Hegic Improvement Proposals. Think of it as your voting rights but with a splash of crypto flair, where your vote is more than just a piece of paper – it’s an investment!
Eligibility Criteria for gHEGIC Distribution
Eligibility to receive gHEGIC isn’t just a walk in the park. Here are the criteria for prospective governance participants:
- Traders must have purchased four or more options contracts after the rollout of Hegic v888.
- Liquidity providers must contribute at least 1 ETH or 0.05 wBTC and stay in for over 100 days without withdrawing.
- Participants from the initial bonding curve offering (ICBO) that have held onto their HEGIC tokens since September 2020.
- Active members in the Hegic community on Discord are also in for a treat!
Yep, if you haven’t hit that trading button or popped open your liquidity stash, you might want to consider your options!
Incentives for Feedback
Hegic isn’t just doling out governance tokens; they also want your thoughts. Qualifying traders and liquidity providers can snag $500 worth of HEGIC tokens for sharing their feedback about the platform. It’s like giving a testimonial and getting rewarded as if you’re on a late-night TV commercial!
A Look Back: Hegic v888’s Growth
The beta version of Hegic v888 didn’t just sit there – it exploded onto the scene in October 2020. In the first quarter of 2021 alone, a staggering total of 1,368 individual traders contributed to the purchase of options that cumulatively reached a hefty volume of $291 million. But hold your horses, folks: the total value locked has seen a slight dip since then, coming in at $57 million, according to DeFi Llama.
What’s Next for Hegic?
As the minting of the gHEGIC tokens begins on May 1, Hegic demonstrates how innovative governance can power user involvement in DeFi. Will this new approach reinvigorate the protocol’s numbers? We can only wait, with HEGIC trading currently at $0.175, seeing a 3.2% increase over the past day. Stay tuned for more updates, because let’s be honest, who doesn’t love a good DeFi drama?
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