HOPE is the primary stablecoin applied in the Hope DeFi ecosystem, which aims to connect the common money sector with cryptocurrencies.
Former CEO Flex Yang of Babel Finance, the crypto lending business that went bankrupt in mid-2022, has announced the launch of his personal DeFi venture named Hope.
HOPE is a decentralized stablecoin pegged to the USD but backed by other cryptocurrencies together with Bitcoin (BTC) and Ethereum (ETH). The venture says it will include far more cryptocurrencies as collateral in the long term, potentially together with stablecoins.
HOPE is also the main coin applied in the DeFi ecosystem of the very same title, Hope, together with the following goods:
– HopeSwap: AMM-based mostly decentralized exchange, delivering consumers with a implies to accessibility HOPE
– HopeConnect: a spot that supports trading of cryptocurrency derivatives on CEX exchanges with out depositing assets
– HopeLend: loan services by means of liquidity pool
– HopeEcho: Create synthetic assets involving cryptocurrencies and genuine-existence assets.
Trust in CeFi is collapsing and demand for decentralization and crypto-nativity has reached unprecedented ranges.
Introduction $HOPEthe distributed #stablecoin backed by crypto-native reserves and an all-in-one particular DeFi ecosystem. https://t.co/QlMb0FVWn2
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— HOPE ️ (@hope_ecosystem) March 13, 2023
Additionally, the Hope ecosystem also has a governance token named Light Token (LT), which incentivizes liquidity provision and participates in votes on critical protocol concerns.
Stablecoin Hope was launched at a really delicate time when the collapse of a common financial institution, Silicon Valley Bank, practically brought down USDC, the 2nd greatest stablecoin in the cryptocurrency sector. However, the US government determined to phase in and promised that depositors would be absolutely compensated, assisting USDC recover the peg on March 13th.
Last week, it emerged that Hope would be applied to cover the $766 million reduction Babel Finance owes its customers. However, the launch announcement of this stablecoin does not mention something about the lending business that the founder of the venture previously served as CEO.
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