HECO AMA Series Recap — Depth
Guest: Eric, Depth Marketing Director
Host: Gabriel of HECO
Gabriel: Today with us we have Depth, an efficient stablecoin swap protocol based on HECO. As a trusted stablecoin swap manager, Depth allows stablecoins to swap between HUSD/USDT and other stablecoins in a safe and secure environment, with good depth, low slippage, and low transaction fees. In addition, Depth benefits liquidity providers with the aggregation of transaction fees as well as rewards from other DeFi protocols in the long-term run. Eric will take us through the depths of the Depth project.
Eric: This is Eric, I have 8 years of working experience in the communication and Internet industry, and in 2018 I started my career in the crypto industry. I served as the BD and marketing guy in a Dapp team as well as a crypto hedge fund. Now I am responsible for the marketing and some operations work of Depth.
Questions and Answers
Gabriel: Could you tell us more about Depth? In other words, what does Depth do?
Eric: sure, Depth was launched on Feb 28th 2021, it is a decentralized exchange (DEX) specifically designed for stablecoin assets. Users can swap stablecoins as well as deposit and stake LPtokens to earn rewards. Depth hopes to provide users with the best service, letting the transaction of stable assets be fast and secure.
Here are some points:
1.The Best Stablecoin Swap Experience on HECO:
For example, we can fulfill a 5 million USDT to HUSD transaction in a zero slippage (fees included).
2.The Best Stablecoin APY Rewards on HECO:
The stablecoin HUSD/USDT APY on Depth is around 45% now, and most of the stablecoin APY on other protocols are about 30~40%. The reason is, the main business of Depth is stablecoin saving and trading, and our goal is to provide the best stablecoin services.
3. Depth DAO: Depth will launch the DAO pool today, this allows users to participate in the governance of the project, also adds one more way for users to gain rewards. Stake DEP to Depth DAO can earn HUSD rewards weekly.
Eric: 4.Depth OTC: A coming product. Will be launched soon in May. It is a decentralized OTC supporting 0 slippage transactions and block trading for various token assets including mainstream assets like BTC/ETH/HT on HECO, and assets with middle/low market cap like DEP.
More products and services will be launched soon. Stay tuned!
Gabriel: Wow! That’s so massive. So we can say one HUSD equals 1 Usdt in value?
Eric: I think the right answer is, you can swap HUSD to USDT now on Depth in a 1:1 ratio, but if you try this on other swap, you will see…..
something like this
Eric: So when you want to trade large volume stablecoin, you should really choose depth on HECO
Gabriel: Got it! Can we move to the next question now? I think you have done great justice to the first question
Gabriel: There are many stablecoin swap protocol projects out there, some have been quite successful. What is special about Depth compared to other projects?
Eric: Now we have got around 350M USD TVL as well as an average 10M daily trading volume.
Why users choose Depth? because we provided the best liquidity and best APY for our assets on HECO.
Compared to other stablecoin swap protocols, we have a very different token economic design as well as product design. We want to protect our users and make the product available for everyone, not only for professional DeFi players.
And we are also going to launch new products soon, at that time we will support more assets rather than only stablecoins, and Depth will become a unique product then.
Gabriel: Wow. This is so mesmerizing.
Gabriel: Great, could you give us some info on the Depth Token?
Eric: The Depth token (also called DEP) is the governance token of the Depth protocol, with a total amount of about 10 billion. DEP was released through Depth’s liquidity mining started on March 1, 2021. DEP is 100% generated with liquidity mining, completely open and fair, and the team has no pre-mining.
For now, the circulating supply of DEP is around 584 Million. Youcan check the realtime circulation here: https://hecoinfo.com/token/0x48C859531254F25e57D1C1A8E030Ef0B1c895c27
About the distribution of DEP, please look at the graphic below
A total of about 10 billion DEPs was released on the first day. After that, DEP has been released daily. The release amount each day is 0.999 of the previous day.
Gabriel: What would be one’s motive to hold Depth tokens? What can we do with $DEP?
Eric: DEP is the governance token of Depth. Since we just launched its DAO pool, DEP now can also be staked on Depth DAO to get xDEP token. With xDEP, users can participate in the governance of Depth and earn HUSD rewards weekly.
And xDEP can be used to vote for community proposals later. Now DEP can be staked in many platforms to earn multiple rewards. These platforms include MDEX, BXH, DogeSwap, LavaSwap, Complus, RPone and so on. You can also trade DEP on centralized exchanges like BHEX, Jubi as well as Hotbit.
Gabriel: Would you tell us more about the Depth DAO pool then. How does Depth DAO and this HUSD rewards work?
Eric: Sure. So Depth strives to provide users with enduring safe and stable services. To achieve this goal, Depth decides to introduce the concept of DAO, and conduct long-term and efficient governance with a Hybrid Governance method.
The transaction fee and mining rewards from the lending protocols on Depth have been integrated into the DAO pool now. Users who staked DEP and got xDEP can harvest rewards in HUSD from the DAO pool weekly.
Protocols like FilDA, Channels and LendHub
To learn more about Depth DAO, please visit our product document: https://www.yuque.com/depthfi/about/wm4zyf
Gabriel: Besides Depth DAO, would you like to share more future plans about Depth
Eric: Yah, Depth hopes to build its ecosystem and community more convenient for users. We really want to fulfill all kinds of users’ needs to increase transaction efficiency and reduce unnecessary costs. Thus, we are exploring and researching issues people may meet on HECO for a long time and do get some conclusion and solution.
A quite exciting brand new product and service is going to be launched soon!
This product can provide a different way for users to swap tokens on HECO, with 0 slippage and low transaction fees. I personally am looking forward to it and hope you’ll like it.
Gabriel: If you were to summarize your project in 1 word, what would it be? Why?
that would be “Depth”, itself.
Depth.Fi provides the best depth or so-called liquidity for selected assets on HECO.
Now we have achieved the best liquidity for USDT/HUSD, ETH/BETH pairs. All of our services, products as well as token economics share the same goal, how to provide the best depth for our users in a safe, secure, user-friendly environment.
Depth is not following any project’s steps and will always find our own way to benefit users and create values.
Gabriel: Anything else you guys would like to add before we go into the live questions session?
Eric: Yah, as a DeFi project, I believe users will have all kinds of questions regarding the product usage and information. Please join our global community and feel free to ask us anything. We also want to hear from you about any advice and suggestion.
Live Question Session
Q1: What is the max supply of Depth??
Eric: Around 10B
Q2: What’s the token standard of Depth??
Eric: HRC20 , the HECO standard
Q3: What is the cooldown period before withdrawing?
Eric: if you mean DEP staking, you should wait for 7 days before withdrawal the staked DEP. In these 7 days, you can’t get the Depth Dao rewards.
Q4: What’s the transaction fee in Depth??
Eric: Depth is 0.04%, very low, as you know in many other swap, it’s 0.3%, and in centralized exchanges, it’s 0.2%~0.3%
Q5: We have seen so many DEX or AMM’s, farm tokens, Lendings etc. that are being hacked / exploited. My question is does Depth backed by an insurance fund in case the contract have been exploited / hacked. Will the Users be insured with their Holdings or Pools?
Eric: Hood suggestions, if HECO have a decentralized solution, we will follow up this. And we have to mention that, you should read our document and know the risk of using Depth’s services before really put your money in our protocol.
Q6: What makes DEPTH an exclusive product?
Eric: Unique token economics, unique product and ecosystem as well as services, you can try and you will know that.
Q7: When will we get DEP in other exchange like Binance, Kucoin, Mxc etc?
Eric: I think that question is for exchanges, we are happy to be listed by any exchange, they can list DEP if they think DEP is valuable. But that is not our major work. Our main focus is on products and services, not listing.
Q8 : What make you guys inspire to built this project on HECO chain?
Eric: We saw the needs of trading stablecoin on HECO, and we are the first stablecoin swap launched on HECO.
Q9: Currently Staking is a very popular topic. Can you please explain the details about the token staking plan and the benefits of adding staking?
Eric: You can stake DEP token to our DAO pool, and share the HUSD rewards per week. Here is the link: https://depth.fi/mining
Q10: A partnership is essential for Adoption, so can you tell us what partners you have now and in the future?
Eric: we have partnered with top projects on HECO like top lending protocols: FilDA, channels, lendhub, and top DEX like MDEX, BXH, Dogeswap…and so on.