We’re excited to announce that Planet is launching a HAY-BUSD Aggregated Thena Pool on Blue Planet! Founded by the amazing Helio team, HAY is growing at a rapid pace with over $20 Million HAY currently in circulation.
A Little About HAY..
Token Symbol: HAY
Current Market Cap: $ 21,822,524
HAY is an easy-to-use destablecoin on the BNB Chain that maximises security through over-collateralised borrowing. This means that all the HAY in circulation is backed by collateral of value higher than that of the HAY debt.
Why is HAY called a Destablecoin? A destablecoin is a new type of asset class coined by Helio within the crypto space. The prefix “de-” stands for decentralized as opposed to price volatility. There are two main differences between stablecoins and destablecoins.
- Firstly, destablecoins are fully decentralized. Crypto-backed stablecoins such as DAI leverage on centralized crypto assets such as USDC, while destablecoins such as HAY will use decentralized assets such as BNB. as collateral. Additionally, destablecoins will also leverage liquid-staked assets.
- Secondly, destablecoins aim to achieve stability broadly without an absolute peg to the fiat currencies. Although destablecoins are not fully volatile assets, they still allow for some price fluctuations as regular fiat currencies would experience with varying reference and interest rates as defined by the open market.
Learn more about Helio here: https://helio.money/
How To Get HAY on BNBChain
- Visit Thena and swap the token of your choice for HAY.
- Alternatively, you can supply collateral on Helio and borrow HAY against your collateral (essentially increasing the circulating supply of HAY).
How To Supply To Planet’s HAY/BUSD Pool
Step 1: Get HAY following the instructions above
Step 2: Get HAY/BUSD LP Tokens
- Visit app.planet.finance/pools
- Click on +/- Liquidity on the HAY/BUSD pool to visit https://www.thena.fi/liquidity/manage
- Select HAY and BUSD as the tokens to use to create the LP
- Click “Add Liquidity”
— Note: DO NOT click “Add Liquidity and Stake”. This will deposit the tokens into Thena. You want to deposit the tokens on Planet for Planet’s additional GAMMA yield - Approve the transactions
Step 3: Deposit LP Tokens into Planet Farm
- Visit app.planet.finance/pools
- Scroll down to your desired pool and click to open it
- Enter the LP Tokens you wish to stake or click MAX to select all your LP Tokens
- Click Approve
- Click “Use default”, to ensure Approval is asked only once, and Approve the transaction
- Click Deposit
- Approve the transaction
Stay tuned for one-click add/remove liquidity in the next update for doing everything from Planet’s website.
Pro tip: You can find Thena pools easily by selecting Thena from the protocol filter on the Pools page.
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