Hector Network, a decentralized finance utility ecosystem built on the Fantom Opera chain, has introduced the Mythos collection, a collection of ultra-rare and highly valuable NFTs. The Olympian gods are honored in this collection of 16 artworks based on Greek mythology. The collection will have a total of 10,000 animated NFTs, with each artwork including five different rarities. The collection includes 16 works of art, each having five unique rarities.
The Hector ecosystem will have a lot to offer in 2022. Hector Network is developing a DeFi game in which players can receive prizes for participating (P2P). The NFTs will be employed in the game as it progresses. Profits from the game will be used to expand not only the game but the entire Hector Ecosystem. Following an eventful debut of Hector Bank and the stablecoin TOR, the project has announced the release of Mythos, its long-awaited NFT collection. The collection comprises of
- Zeus (250x)
- Hades (300x)
- Poseidon (350x)
- Hera (900x)
- Hestia (700x)
- Demeter (600x)
- Centaur (950x)
- Chimera (450x)
- Gorgone (850x)
- Cyclop (650x)
- Glykon Snake (800x)
- Harpy (400x)
- Hydra (550x)
- Minotaur (1000x)
- Satyr (750x)
- Cerberos (500x)
Apart from the incredible animated artworks, the major goal is to attract new community members, grow Hector Network and its ecosystem, support the Fantom network and benefit their community. As a result, when creating this series, the profits made at the mint and on the secondary market must be taken into account. To disperse minting profits, three components will be used: The Treasury will get 20% of the mint’s income to assist in the expansion of the initiative. 40% of the proceeds will be used to finance development expenditures for the upcoming GameFi Projects. The Fantom Lottery will receive 40% of the money.
The collection will be available for trading on the Fantom networks. There will be three elements to the allocation of secondary market earnings: The holders of $TOR will receive 50% of their earnings back. On the one hand, NFT holders gain from stables, while on the other hand, it helps $HEC stay deflationary by using 20% of $TOR to buy back and burn $HEC. The Fantom Lottery will receive 30% of the proceeds.
Hector DEX gains mainstream momentum
Hector Network’s DEX is a Hector ecosystem cross-chain Aggregator. This means that users can trade HEC (and other) tokens across several chains at the lowest rates available, aggregated via a real-time system. This is one of the project’s first stages in transforming Hector into a financial hub for the Fantom Opera chain. Converting funds to a stablecoin before bridging them to another network is usually more cost-effective. In order to use both networks, users must enable them in their wallets. If users wish to go from the Avalanche Chain to the Fantom Chain, for example, they’ll need to enable both chains in their wallets.
Hector DEX is also aided by the ecosystem’s Hector bank launched in January this year. Hector Bank is a Fantom Opera Chain-based decentralized lending and borrowing platform. Users can lend and borrow a wide range of crypto assets. By lending out stable coins, lenders can earn a competitive APY while avoiding the danger of HEC price volatility. Borrowers can use wsHEC as collateral to borrow stablecoins to utilize in other projects without having to unwrap or unstake their tokens.
The project recently released the long-awaited farming pool for its stablecoin project TOR, with payouts of more than 30% APR for users. The TOR stablecoin functions in a similar way to Terra’s UST: users can mint TOR with DAI or USDC, which is then burned on the open market to burn Hector Network’s underlying HEC tokens, thus as TOR grows, so does HEC. As the HEC ecosystem grows, Hector Network can boost its treasury reserves and invest more in yield-bearing goods, allowing for more TOR awards and HEC token growth. This creates a cyclical feedback loop in which both tokens contribute to the growth of the other.
TOR is a brand-new ERC20 token that can only be obtained by combining HEC with DAI or USDC and burning it. The HEC pricing oracle can be used to trade TOR for newly minted HEC (redeemed) using Time Weighted Average Price (TWAP). Oracles are a critical component of any stablecoin’s core operation. An oracle is a system meant to deliver data to smart contracts in the context of blockchain technology. A Stablecoin is only valuable and trustworthy if its price remains stable.
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