HECO Chain
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HECO Chain

Heco Grant Round I Officially Launched

On March 16th, GMT+8, Heco Chain announced the official launch of its Heco Grant Round 1 to subsidize community developers across the globe. The initial bonus pool totals $60,000. The campaign aims to financially support developers’ creative ideas and good projects in the early-stage, helping them to further develop projects of better technology, more usable products, and more complete communities in Heco ecology.

Heco is known to be an energy-efficient and decentralized public chain that is fully compatible with the EVM and offers developers an efficient and low-cost chain environment, to operate the decentralized smart contract application program (DApps) and store digital assets. Heco adopts HPOS consensus mechanism and supports EVM programmability and smart contract compatibility and its original digital asset is HT.

According to the announcement, the Grant is set to be published via HackerLink, a blockchain developer platform of the decentralized geek community DoraHacks. The project application channel will be open at 20:00 (GMT+8)., March 16th, 2021 (GMT+8), and the initial bonus pool of this round of Grant amount to 60,000. USD Developers from across the world can submit their new projects developed on Heco host site and test site through HackerLink to apply for Heco fund. All the projects submitted through HackerLink need to be registered on the smart contract.

Developer-oriented Decentralized Energy-efficient Public Chain

Heco is an EVM-compatible, decentralized, and energy-efficient public chain featuring high throughput, low delay, safety, and stability and capable of delivering an efficient and affordable on-chain experience to users.

Heco seeks to efficiently integrate users, assets, and decentralized applications, lower the bar for app implementation and upgrading by a wide margin so that both users and developers could enjoy the high efficiency and low-cost chain experience. For developers, Heco has the following properties:

  1. An open, decentralized network that maintains the security of the network and assets;
  2. EVM programmability, smart contract compatibility and reduce the development and maintenance costs;
  3. Meta-transaction with the abated service fee to further reduce the on-chain cost of users and developers;
  4. HPoS consensus mechanism, the 3-second interval to accelerate consensus;
  5. Cross-chain assets transfer and optimized assets cross-chain experience.

Heco is divided into four phases, i.e., Tinder, Spark, Flame and Blaze, according to Heco official website. On December 21st, 2021, Heco main site and “Tinder” went live at the same time. This phase is focused on improving on-chain infrastructure, including but not limited to oracle, voting instrument, pegged coins, DEX, loan, wealth management, insurance, synthetic assets, cross-chain solution, data analysis, and smart contract innovation.

The second phase “Spark” started in the first quarter of 2021, which is also the phase of node recruitment. Miners need to pass the official review and pledge their HT to become Heco public chain nodes, and the rewards will be distributed according to the pledge ratio.

Heco’s vision is to “assist developers at every stage of their growth”, becoming the test field of innovative technology. For this vision, Heco has made great efforts in supporting and exploring developers and their projects.

In December 21st, 2020, Huobi DeFi Labs declared the establishment of Heco Fund to promote the prosperity of Heco ecology. Heco Fund focuses on quality projects related to DEX, loans, oracle, cross-chain solutions, stable coin exchange, and insurances on Heco chain.

Besides, Heco has started the “Creator Plan” series activities, to seek good developers to jointly build the infrastructure on Heco, so as to improve the ecology on the Chain. The Heco Ecology Foundation has picked out the “Gold Medal Creator” project based on the real data on the final chain. The “Gold Medal Creator” is privileged to obtain multiple rights, including being recommended to Huobi Global review channel, Huobi mining pool offering up to 1 million USD of liquidity support, the Heco Ecology Fund investment opportunities and Heco global marketing service support and other resources.

Heco’s Total Locked-up Mainstream Assets Has Exceeded $6.2 Billion

Owing to the strong support from Heco to developers, large number of high-quality DeFi projects and developers are attracted to deploy protocols at Heco to stimulate a ceaseless trend of increase of the total amount of locked-up assets on Heco chain.

As of March 18th, the total amount of locked-up mainstream assets on the Heco chain has been as high as 6.272 billion USD with the average daily transaction volume on the chain exceeding 2.9 million, the number of non-zero addresses over 2.8 million, and the total number of protocols deployed on the chain of more than 100. The top decentralized exchange MDEX on the Heco chain has a cumulative amount of 2.29 billion USD in locked-up assets and a 24h-transaction volume of 3.81 billion USD, being the first in global DEX rankings.

Apart from MDEX, the performance of some top mining projects on the Heco chain is also very eye-catching. For example, the leveraged income aggregator Converter on the Heco chain has the TVL exceeded 120 million USD within two hours of mining. The single-coin mining revenue platform CoinWind V2’s total locked-up asset volume of 200 million USD, and V1+V2 version exceeded 500 million USD within 90 minutes after launch.

What’s more than just the eye-catching data on the chain, the wealth effect created by Heco is even more attractive.

The first session of the “ Creator Plan “ attracted hundreds of applications. In the end, five projects including the Basis Gold, FilDA, Channels, EarnDefi, and BeeSwap were selected as the Top 5, among which the BAGS (Basis Gold), FLIDA (FilDA), and Channels (CAN) have the highest increase of coin price by 5111.1%, 2914%, and 1010.6% respectively.

The registration for the second session of the “Creator Plan” officially opened on March 3rd, 2021. Since the opening, more than 100 projects have been registered, covering multiple infrastructure racing tracks such as derivatives trading, oracle, auction platform, stable coin, NFTs, synthetic asset and data service. All projects signed up for the second session of the “Creator Plan” are allowed to log in to the “Creator Ecology Map” and get opportunities for network-wide promotion. Top 10 “Golden Creators” can be recommended to the Huobi Global review channel, Heco Ecology Fund investment, and other rights and interests.

Subsidize Users and Greatly Reduce User Service Fees

The popularity of DeFi in 2020 has made the Ethereum network congested and the GAS fee extremely high, which have been criticized by industrial insiders. The restriction of the development of blockchain from technology to application lies in the user base and user experience, which are related to the chain performance and transaction fees.

Heco has made great optimizations in terms of performance and transaction GAS fees. The data shows that the average transaction fee on Ethereum chain is 0.01 ETH, which is equivalent to about USD18 of on-chain transaction fees per transaction based on the unit price of 1,800 USD; if such transaction is made via Heco chain, the minimum GAS fee can be as low as 0.001 USD, which is 1/18,000 of the Ethereum GAS fee.

To lower the threshold and cost for users to participate in DeFi, Heco’s unique “meta transaction function” will subsidize HT holders and specific DApp fees. According to the reduction and exemption rules, HT holders can enjoy a minimum service fee discount of 10%, and when their holdings are greater than or equal to 5,000 coins, they are allowed to enjoy a maximum discount of 65%.

Heco discount rate

Heco efficiently integrates users, assets, and decentralized applications, lower the bar for app implementation and upgrading by a wide margin, so that both users and developers could enjoy the high efficiency and low-cost chain experience. Through the HPOS consensus mechanism and meta-transaction function, Heco has successfully drawn on the advantages of “higher transaction performance”, “lower service fee” and “mainstream asset cross-chain flow”.

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