Hedget Partners with Fire Protocol to add Huobi Eco Chain Support
One of the core goals of Hedget is to become an options and hedging solution across the entire DeFi universe. This goal has led us to seek Layer-2 solutions on Ethereum and made us one of the earliest adopters of Binance Smart Chain.
Today, we are happy to announce that we have reached an agreement with Fire Protocol to extend our reach into yet another corner of the crypto ecosystem. As part of this agreement, Hedget will:
- Issue HGET tokens on the HECO chain. Initially, this will be done using a ‘burn and mint’ process, whereby the team burns ERC20 Hedget tokens and mints a corresponding amount of HRC20 tokens in HECO Chain
- Hedget will launch a liquidity mining program for the new HECO version of the token in collaboration with Fire Protocol
- Work to integrate Hedget options within the Fire Protocol ecosystem
- Seek out and partner with lending protocols on HECO chain to provide Option based insurance mechanisms
- Explore porting the BSC Hedget iteration into a HECO chain iteration. (HECO’s pre-existing wrapped assets HUSD, HBTC and HETH make it an excellent candidate)
In the wake of Ethereum network congestion and high gas fees, several alternatives are being developed across the crypto space. Huobi’s Eco Chain and projects like Fire Protocol are on the forefront of this expansion, providing fast transactions with low latency. By extending Hedget’s reach across all available blockchain platforms, we are positioning ourselves to be flexible and adaptable no matter what the future holds.
