HECO Chain Announces Launching on Belt.fi
We, the team behind Belt Finance, have been hard at work to add value and features to Belt. Belt.fi has seen an unprecedented level of enthusiasm from the BSC community, managing more than $3B Total Value Locked (TVL), with countless users reaping the benefits of our multi-strategy vaults. The launch of V2 led to an even higher TVL and more users, and as a result, Belt has grown into one of the largest projects in the BSC ecosystem.
However, our goal is to provide a completely decentralized service that continually yields the highest, most reliable APY across DeFi ecosystems to our users, no matter the chain. To achieve just that, we are working on adding new strategy protocols to our vaults but are now also expanding to support other chains on Belt.fi.
These new additions will be paramount in raising the overall value of Belt Finance. As TVL rises, so will the value of Belt.fi, and the scarcity of the tokens remain the same as per our tokenomics (explained more below). This cross-chain update will solidify Belt Finance as the leading stableswap AMM protocol with multi-strategy yield optimization.
We are proud to announce that we are taking the first step in our cross-chain roadmap with the launch of HECO Chain on Belt.fi. With HECO, Belt is entering an exciting new market with high base yield.
Belt Finance supporting HECO will bring Belt Finance’s strengths to the HECO Ecosystem and bring many new users and new liquidity to our protocol. As we open the new vaults and connect HECO DeFi protocols, which have comparably high base APR as strategies, users of the HECO ecosystem will utilize Belt’s efficient AMM and multi-strategy yield vaults for HECO-based tokens for the highest yield available.
We welcome these new users from HECO in joining our BSC users in benefiting from the innovation in cross-chain DeFi that is Belt, and we will continue to provide unrivaled yield on the chains we support. We are excited for the new opportunities this union of HECO and BELT will bring, and will continue to develop new innovations in the field of cross-chain DeFi.
Belt Finance will officially launch on HECO on May 21st at 11:00 (GMT +8), opening its AMM with multi-strategy vault yield optimization and supporting HT, BTC, ETH, HUSD, USDT, USDC, and DAI single vaults as well as wHT-hBELT LP and 4Belt stablecoin LP pools.
hBELT
We are also implementing cross-chain BELT mining, a feat made possible by Orbit Chain and its cross-chain masterchef. Essentially, a portion of the total BELT token emissions will be bridged over to HECO chain used for liquidity mining on HECO Belt.
There are some key points to understand about hBELT and cross-chain BELT mining:
- BELT bridged over to HECO Chain is hBELT.
- hBELT isn’t a separate BELT token, it is simply the same asset on a different chain. hBELT is emitted as BELT on BSC is locked via smart contract on BSC. This means that BELT tokenomics, including circulating supply inflation, remains the same.
- The overall BELT token metrics (circulating supply, inflation rate, etc.) remain the same but the BELT token gains a new field of play with HECO. This adds a new avenue of yield and related buyback & burns with higher TVL.
- Once governance is launched, BELT holders will control the Belt Finance protocol across different chains.
- hBELT liquidity mining will be distributed in the same structure to the BSC equivalent assets (BELT, BTC, ETH, and stablecoins) on HECO. You can view this as incentivizing deposits of more liquidity of that same asset (e.g. BTC) to the Belt Finance protocol, except on a different chain.
- With this same logic to mining distribution, BELT is essentially adding the value of HECO Chain to Belt Finance.
Liquidity mining will start on May 21st at 17:00 (GMT +8). The details of BELT mining on HECO are as follows:
25% of total BELT emissions will now be used as liquidity mining rewards on HECO Belt. Of the HECO Emissions:
- wHT-hBELT: 48%
- heco4Belt: 32%
- BTC: 12%
- ETH: 4%
- HT: 4%
This changes the total BELT emissions mining distribution structure:
With Belt’s launch on HECO, we are showing our commitment to bringing our innovative multi-strategy vault yield optimization cross-chain and moving forward in strengthening our position as the protocol to find the best yield on your assets not just on one chain, but across the entire DeFi universe.
What’s coming next
The induction of HECO on Belt Finance is an update meant to increase our TVL and availability of strategies, as well as the number of users. This does not affect overall BELT tokenomics in any way. If anything, by providing support to a chain as large as HECO, we expect this update to contribute to the growth of Belt Finance in significant ways. This is only the beginning of our cross-chain schedule, and we will continue to be adding support for DeFi on different mainnet chains (Polygon, Ethereum, Klaytn, etc.) whilst maintaining the scarcity of BELT tokens.
We will also add bridged asset pools and support cross-chain swaps for different mainnet assets through Belt’s stableswap AMM, with Belt acting as a decentralized UX bridge.
These cross-chain swaps powered by Orbit Bridge will allow fluid movements of various Belt-supported assets and data between BSC, HECO and other connected chains — an advantage over other protocols that only Ozys, the team behind Belt Finance, can provide, largely in part thanks to our expertise in cross-chain DeFi. Orbit Bridge is a cross-chain IBC protocol based on Orbit Chain built by the team behind Belt Finance. It currently connects multiple mainnets (BSC, HECO, Polygon, Klaytn, Ethereum, ICON, etc.) and has supported the cross-chain bridging of more than $5 Billion worth of assets.
More than this, we plan to provide not only the best, optimized yield on various chains we support, but will also make it possible to get yield cross-chain.
As more true cross-chain connections are forged per our roadmap, there will be massive avenues for growth for Belt Finance. This is just the first step.
As always, we appreciate your support! Stay tuned for more exciting updates and developments.
About Belt Finance?
Belt Finance’s stableswap AMM offers users the most efficient way to swap their stablecoins by offering significantly lower slippage than alternative swap protocols. Belt Finance is also focused on giving users the best yield through a combination of trading fee rewards and a multi-strategy optimization vault system. By utilizing multiple strategies simultaneously, Belt.fi minimizes dependence on any one protocol while generating users the best possible yield rates in DeFi. This also protects users from low-liquidity withdrawal issues.
Users do not actively need to move their assets around between protocols to find the best yield, as Belt Finance vaults do it for them. This guarantees the highest reliable yield possible as it provides an amalgamation of many parts of the DeFi ecosystem. As Belt Finance grows to include more strategies, assets, and chains, this effect is expected to continually grow.
About HECO
Huobi ECO Chain (Heco) is a decentralized, high-efficiency and energy-saving public chain. It is also the first product launched by the Huobi Open Platform. HECO is Ethereum Virtual Machine (EVM) compatible with smart contracts and supports high-performance transactions and has been seeing massive growth in its DeFi space. The HECO’s endogenous token is HT and it adopts an HPoS consensus mechanism.
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