Today, I did a review of HaloDAO, a home for stablecoins.
The most popular stablecoins are pegged to the dollar.
Even, some folks don’t know that other stablecoins exist apart from USDT and USDC. (LOL)
Thanks to HaloDao, every stablecoin can get to be listed and traded.
You may even find one that is pegged to your local currency.
Keep reading to learn more.
Post Summary
- HaloDAO Overview
- Features Of HaloDAO
- Supported Stablecoins
- RNBW – HaloDAO’s Token
- How To Use HaloDAO
- What Does The Future Hold For HaloDAO?
- FAQs
- Conclusion
Click on any item above to read its details immediately.
1. HaloDAO Overview
HaloDAO is a decentralized protocol that builds liquidity for local stablecoins.
Jun Ming Yong founded the platform on June 24, 2021.
Like I said earlier, the highest growing stablecoins are USD denominated.
HaloDAO aims to change that by increasing liquidity for a wider variety of local stablecoins.
Furthermore, the protocol is deployed on both the Ethereum and Polygon blockchains.
Thus, making room for higher trade volumes between stablecoins and other cryptocurrencies.
Also, HaloDAO rewards users with its token – RNBW when they supply liquidity.
So cool!
Next, we’ll look at the features of the platform.
Keep reading!
2. Features Of HaloDAO
a. Swap
This feature enables users to swap their local stablecoins at real-time rates.
b. Pool
Here, users can provide liquidity to the available pools.
They are then rewarded with HLP tokens in proportion to their contribution.
c. Farm
If you’re familiar with yield farming, you’ll be happy about this one.
This feature enables users to deposit their HLP tokens and earn RNBW.
Also, they can stake any LP tokens they own in UNI-V2 (i.e. Uniswap, an Ethereum-based AMM).
Note that each RNBW earned is automatically staked as xRNBW in the token’s Pool (called Rainbow Pool).
*AMM = Automated Market Maker
d. Vesting
This is where users’ RNBW rewards go.
Here, the platform locks up users’ tokens but they can redeem them at any time.
However, if they leave it for longer, they will receive monthly rewards at the rate of 23.08% APR.
Also, it grants them a share of the network’s profits. (the profits were not specified but I’m thinking it’ll be RNBW too)
Vesting is HaloDAO’s approach to ensure users’ long-term commitment to the project.
e. Bridge
This feature enables you to move your tokens between any of the supported EVM compatible networks.
For now (8/12/21), Polygon and Ethereum are the supported networks.
*EVM = Ethereum Virtual Machine
f. Vote
This is where RNBW holders vote for proposals for improvement on the platform.
Interesting!
Next, we’ll see the list of coins supported on the platform.
Read on!
3. Supported Stablecoins
You can swap any of these tokens on HaloDAO:
- USDC
- XSGD
- TCAD
- TAUD
- TGBP
- fxPHP
- tagPHP
Moving on, I talked about the RNBW token.
Keep reading!
4. RNBW – HaloDAO’s Token
The native token of HaloDAO is called Rainbow candies with the ticker – RNBW.
It is used for governance and vesting rewards.
Also, when the platform sets up its lending feature, the coin will be used as collateral.
Presently (8/12/21), RNBW is priced at $0.087061.
It has a circulating supply of 5,602,877 RNBW coins and a max. supply of 100,000,000 RNBW coins.
Next, I’ll show you how to use this platform.
Keep reading!
5. How To Use HaloDAO
i. First, go to HaloDAO.com and select ‘Enter APP’ from the top-right corner.
ii. Next, you click on ‘Connect wallet’ and select your preferred wallet.
iii. After your wallet is connected, you can then choose the feature you’d love to explore.
iv. Notice the ‘Ethereum’ at the top menu? You can click on it to switch to the Polygon network if you want.
Enjoy!
6. What Does The Future Hold For HaloDAO?
I’d say the future is bright for this platform because:
a. First of all, the purpose of HaloDAO – creating a market for local stablecoins is unique.
Already, it has listed 6 stablecoins, more will be added in the future.
b. Secondly, it provides a bridge for users to move assets across different EVM-compatible platforms.
Although only Ethereum and Polygon are supported now, there is a plan to include more.
c. Additionally, HaloDAO has a liquidity pool on other AMMs like Balancer, Uniswap, and Sushiswap to incentivize stablecoin liquidity.
This will enable users to trade stablecoins to other cryptos via existing liquidity in the other platforms.
d. The native token – RNBW seems to be gaining attention from major exchanges too.
Recently, AscendEX, a global cryptocurrency financial platform announced the listing of the token.
I perceive more exchanges will follow suit.
e. Also, the founder, Jun Ming Yong is passionate about financial inclusion.
And with his experience at the Ethereum Venture Studio ConsenSys, we expect regular improvements on HaloDAO.
That said, let’s answer some frequently asked questions and wrap up this post.
7. FAQs
It appears so.
For one thing, it enjoys the security of the Ethereum blockchain.
Again, it has raised $3.5 million from 14 investors that believe in the project.
Moreover, it has a good number of ‘following’ online:
– 37.9K followers on Twitter
– 25,344 members on Telegram
– 335 followers on Medium, and
– 23 members on its voting platform
Plus, the founder is not in hiding.
Nevertheless, do due diligence before using this platform.
I didn’t find any information on the fees charged by the platform.
But since it uses the Ethereum network, gas fees may apply.
Two major ways are:
– Providing liquidity to HaloDAO pools
– Buying from crypto exchanges that support the coin i.e. AscendEx and Uniswap
Hey!
You can also join our Telegram community at https://t.me/ctmastery
8. Conclusion
This is where we’ll draw the drapes in our discussion on HaloDAO. I hope you enjoyed the read.
The protocol gives users access to a variety of stablecoins.
So, tell me, will you use HaloDAO when you need a stablecoin?
Perhaps you already did, what was your experience using the platform?
Tell me in the comments section right away.
Also, share this post with your friends, thank you!
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