Hundred Finance Launches HND Token Staking
Since the launch of the HND token, one topic frequently raised by the Hundred Finance community is how and when it will be granted real utility. Afterall, depositing assets to receive rewards is all well and good, but being able to put tokens to work is generally better for all involved. In light of this, we are incredibly excited to be able to announce the launch of HND token staking!
Gone are the days of simply stacking or selling HND. From now on, users will be able to lock their tokens in return for protocol benefits like boosted HND emission APRs and voting privileges. To celebrate this major addition to the project, today we’re explaining this new functionality, before summarizing some of the project’s achievements over the last few months.
HND Token Staking
The first stop for those wishing to participate in HND staking is vote.hundred.finance. This is the doorway to the vote-escrow user interface that will play a major role in managing Hundred Finance going forward.
Continuing our practice of gradual and secure rollouts, we’ve deployed this first iteration of the staking system solely on Arbitrum. Users simply need to connect their wallet using the correct network settings to be brought inside the vote-escrow UI designed by SharedTools.
Vote-escrow is a mechanism for locking HND tokens for set periods. In return, an account receives veHND relative to the amount locked and the length of the lock. Those with these non-transferable veHND tokens are then able to vote on which farmed hTOKEN (received when assets are supplied to the protocol) gets the greater proportion of HND emissions, with the current setup allowing proportional voting on hUSDC, hUSDT, hMIM and hFRAX gauges. On top of this, users also receive an APR boost up to a maximum of 250% on the hTOKENs they themselves add to the new farming contract.
The manner in which HND tokens are distributed will change as a result of this new system, though the old system (in which HND are received just for supplying certain stablecoins) will run concurrently for the time being. From December 9th, 2021, hTOKENS in the farming contract in the regular hundred.finance UI will begin receiving their HND rewards.
The role played by the amount of veHND an account holds in determining their APR boost is the reason Farm APRs are expressed as a range. An account farming with no veHND will get the lowest APR in the range, while those using the vote-escrow will get up to 250% that amount based on their veHND holdings. This boost provides a very real incentive to lock the HND token and become a long-term community member. Despite adding some complexity, numerous projects have implemented this system since it was first developed by Curve.finance, and so we consider it a safe and secure means of upgrading our platform and tokenomics. Needless to say, we’re super excited to see how the community responds in their HND token management and the kinds of strategies employed as we all begin playing a role in guiding Hundred Finance forward!
Hundred Finance: Achievements to Date
Not only does the introduction of token staking today mark a major addition to the project, but it also marks three months of community building that we’ve been doing since its launch. We thus thought now an appropriate time to acknowledge all the steps in our journey that have brought us to this point, as well as the relationships we’ve built that will carry us onwards into the future:
June 24th — Hundred Finance Launch
After months of testing, the first deployment of the Hundred Finance lending and borrowing dApp was made on the Ethereum mainnet with the mission of specializing in long-tail cryptocurrency assets within the dawning multi-chain ecosystem.
September 27th — HND Bootstrapping Begins on Arbitrum
After having become a multi-chain platform a few days earlier with its Arbitrum launch, Hundred Finance began gathering liquidity and building a community of future protocol governors through the release of the first HND token rewards.
September 27th — Hundred Finance Begins an Ongoing Collaboration with DODO
Keen to ensure deep liquidity for the HND token at the same time as building relationships with major partners, the Hundred Finance team announced an ongoing collaboration with DODO Dex on Arbitrum. To this day, this collaboration is granting dual token rewards for staking HND-ETH, having locked millions and generated APYs in the 100s on their wonderful platform.
October 14th — The First Hundred Finance Meme Contest Concludes
With 3000 HND up for grabs, we received a slew of quality memes from our community, many of which we see and still can’t help but smile at the creativity.
October 20th — Hundred Finance Awarded $50k for their Upcoming Harmony Launch
In preparation for a launch on Harmony One, we submitted a grant application and happily came away with $50,000 to put towards community building and expansion into yet another brave frontier of the multi-chain ecosystem.
October 31st — A Halloween Launch Fantom Opera
Timed perfectly to fall on the spookiest night of the year, Hundred Finance deployed on the Fantom chain and launched incentives with another frightfully good partner project, Beethoven X. Since then we’ve built even closer bonds with the guys at beets.fi, distributing HND and BEETS tokens at a rate that is, to put it frankly, pretty scary.
November 11th — First Hundred Finance AMA
For many in DeFi, this was a momentous occasion in that it was the first opportunity to hear from vfat of vfat.tools. It was also a great opportunity to learn more about the project’s ambitions while getting a few titbits of alpha.
November 11th — New Assets and the Second Hundred Finance Meme Contest
We happily unveiled a second batch of excellent community-made memes on Twitter on November 11th to coincide with the addition of a whole bunch of new assets including innovative stablecoins MIM and FRAX.
November 12th — Formalizing of Chainlink Collaboration
Building on top of the industry-leading price feeds provided by Chainlink was worthy of acknowledgement on this Friday afternoon, with ourselves and Chainlink releasing joint statements declaring our intention to collaborate going forward on bringing our lending services to the world.
November 25th — B.Protocol Collaboration in Decentralized Auction Keepers
The announcement of our integration with B.Protocol marked the decentralization of our platform’s liquidation process away from a purely bot-funded endeavor, replacing it with a community backstop that adds a new dimension to the protocol’s efforts towards marrying efficiency and equality.
Conclusion
These are just a few of our accomplishments made in the last few months. Were we to go through them all we’d perhaps add the many TVL milestones reached, as well as more application integrations than you can shake a stick at (Coingecko, CMC, Zapper, DeFiLlama..). Not to mention that we’ve also been featured in renowned publications in crypto and traditional finance (Investing.com, DelphiDigital, DeFiPulse, NewsBTC..). But we’re not stopping there. As we hurtle towards Christmas, the presents we plan on leaving under the community’s tree include a new chain (or two) and an outreach program that we hope will draw many new eyes to the excellent product we are building.
With thanks,
The Hundred Finance Team
