Hector Network Price

What Is Hector DAO (HEC)?

HEC is the world's first non-dilutive deflationary rebase token, created by Hector DAO. It runs on the Fantom Opera Chain. As a decentralized protocol, the Hector Network is community-owned and uses an Algorithmic Reserve Currency algorithm to ensure price stability.

Hector DAO aims to become the leading OHM fork on Fantom, a secure and fast Layer 1 blockchain compatible with Ethereum virtual machine (EVM). In June 2022, it expanded to BNB Chain.

HEC is complemented by Tyche Owned Reserve (TOR), an ERC-20 stablecoin that’s fully collateralized by the Hector Network Treasury with USDC and Dai. The minting of TOR helps ensure that the ecosystem remains deflationary, thanks to its in-built HEC buyback and burn mechanism. 

While Hector DAO is native to Fantom Opera Chain, it can be connected to BNB Chain, Ethereum, Avalanche, Polygon and Moonriver via its cross-chain decentralized exchange (DEX) that acts as a bridge for the swift swapping of tokens.

The network also launched its NFT-based Mythos Collection alongside the Atlantica NFT marketplace. In addition, there’s the Hector Institute, a DeFi leveraging platform that allows users to loan out their tokens or use them as collateral.

The HEC token powers the Hector Network, and can be used for staking, bonding and wrapping tokens on the platform.

Hector DAO Price

The HEC token was bullish from the moment it was launched on Nov 3, 2021 at $14.96. Within two days of entry into the market, the Hector Network token skyrocketed by over 370% to hit $71.46 on Nov 5, 2021. However, the price corrected sharply soon after.

Despite the slight price correction, HEC experienced a remarkable pump in the second week of November when its staking and bonding went live. The token rallied by over 1,290% within a week, from $25.67 on Nov 11 to its all-time high price of $357.61 on Nov 21, 2021. HEC remained fairly bullish for the rest of that month, but dropped significantly in December, where it closed the year at $62.61.

Similar to most tokens, for HEC 2022 was a slow year, as its price continued to slide in January and dampened further to $6.02 in mid-May 2022 following the Terra LUNA crash. HEC experienced a brief upturn in August, pumping to $23, but its price soon declined again, falling to around $3 by year end. HEC hasn’t recovered in 2023, and fell below $3 in March.

What Is HEC Used For?

HEC is the utility token for the Hector Network. One of its key use cases on the platform is staking. For every HEC you stake, you earn sHEC (staked HEC) at a ratio of 1:1, paid out approximately every eight hours and based on the staking mechanisms.

HEC is also used for bonding on the platform, where you give LP tokens or other accepted currency in exchange for more HEC tokens at a lower price. Through bonding, the Hector Network can supply constant liquidity for HEC.

Another use case for HEC is wrapping: sHEC can be wrapped into wsHEC, which allows HEC to be utilized in applications such as the Hector Bank, and also provides tax benefits to holders.

Finally, holding HEC, sHEC and wsHEC allows you to vote on the project's future via Hector Improvement Proposals (HIPs).

Hector DAO Tokenomics

The total token supply of the Hector DAO is 3,164,939 tokens. However, in March 2022, its community voted to have a fixed supply cap via a 104-week emission schedule by which a total of 1,782,693 HEC tokens would be emitted. To reduce the supply, HEC will be deflationary through buybacks and burns.

Who Is the Founder of Hector DAO? 

Hector DAO is 100% owned by its community, with a multisig contract securing its Treasury.

How to Store HEC

You can store HEC tokens on MetaMask or in Trust Wallet.