Hector DEX: The Next Step Towards Making Hector Finance a Cross-Chain Marvel
The DEX of Hector Finance is a cross-chain aggregator for the Hector ecosystem. Users can exchange HEC (and other) tokens across many chains at the best possible rates, which are aggregated through a real-time system. This is one of the earliest stages of the proposal to turn Hector into a financial center for the Fantom Opera franchise. It is usually more cost-effective to convert cash to a stablecoin before bridging it to another network. Both networks must be enabled in the user’s wallet in order to use them. Users must enable both chains in their wallets if they intend to switch from the Avalanche Chain to the Fantom Chain.
The Hector DEX went live on March 14 in beta as the first step in the platform’s cross-chain expansion plans. The DEX was established in collaboration with the Rubic exchange. This was done so that users could switch between tokens on different networks with a single click. For Hector Finance’s future, becoming completely chain-agnostic is a critical step. The DEX was launched following the successful deployment of Hector’s lending and borrowing protocol and stablecoin farm. Furthermore, the new exchange delivers fee savings by analyzing a variety of DEXs and bridges to find the most cost-effective swaps.
With a simple click on Hector DEX, users can switch between tokens on multiple networks. It simplifies the process of bridging tokens between networks and eliminates the complexities and challenges that come with it. Hector’s universal cross-chain extension is likewise supported by the DEX. Users will be able to use Hector offerings from any chain as if they were native to Fantom in the future. As a result, Hector Finance’s products will be more widely available, and consumers will have access to a greater pool of liquidity over time.
By evaluating all available DEXs and bridges to discover the most cost-effective swaps, Hector DEX can save expenses. Bridging and switching between chains affect around 3 million users on a daily basis. Hector Finance announced plans for a series of subprojects to help the company’s ecosystem grow and thrive in the future year earlier in 2022. Among the subprojects are a loan and borrowing protocol, a stablecoin farming system, and a cross-chain DEX. Following the successful deployment of the loan and borrowing protocol as well as the stablecoin farm, Hector Finance released the Hector DEX.
How to Use Hector DEX?
Hector DEX is a Cross-Chain DEX Aggregator for the Hector ecosystem. This means that users can exchange tokens between different chains, including HEC (and others), at the best possible rates. This is one of the initiatives that the Fantom Opera Chain is taking to make Hector a financial hub. Let’s have a peek at the DEX of Hector.
Remember that both networks must be enabled in your wallet. You’ll need both chains active in your wallet to go from the Avalanche Chain to the Fantom Chain, for example. To access Hector DEX, go to their dashboard and select “Exchange” from the drop-down menu. You’ll now see a swapping interface that looks familiar. The token you’ve chosen to trade is shown in the top panel. The token you’ll receive is shown in the panel below it. The small symbol next to the token icon represents the chain on which the token is now located.
By clicking the token icon in the top panel, you can see the token list. You can look for tokens by typing them into the search box. This panel’s top will display the name of the chain you’re looking at. You’ll be directed to the chain list if you click there. Enter the number of tokens you wish to swap in the top panel and wait for Hector DEX to locate the cheapest rates. Click Switch when you’re finished. The bridging and swapping will be done in the background by Hector DEX.
Hector also launched the long-awaited farming pool for its stablecoin project TOR with payments of more than 30% APR for users. The TOR stablecoin works similarly to Terra’s UST in that users can mint TOR with DAI or USDC, which is then burned on the open market to burn Hector Finance’s underlying HEC tokens, so that as TOR grows, so does HEC. Hector Finance will be able to increase its treasury reserves and invest more in yield-bearing items as the HEC ecosystem grows, allowing for more TOR awards and HEC token growth. This establishes a cyclical feedback loop in which both tokens benefit from each other’s growth.
The protocol-managed treasury, protocol-owned liquidity (POL), bond mechanism, and staking rewards offered by Hector Finance are all designed to keep supply expansion to a minimum. To gain money, the protocol sells bonds, and the treasury uses the proceeds to mint HEC and distributes them to stakers. For its own liquidity, the protocol employs liquidity bonds. They’re working on a number of profitable subprojects under the Hector Ecosystem.
To learn more about Hector Finance visit www.hector.finance
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