HONOR DAO LAUNCHING on BNBCHAIN
Honor Dao launching on BNBChain in Partnership with Knight Ecosystem and Wizard Finance.
Honor Dao, the Next-Generation Synthetics Protocol bringing Innovative Synth Markets to the Knightswap ecosystem and other desirable assets. As Honor Dao is launching on BNBChain.
The protocol introduces a partial collateralized design where synths are backed by the underlying asset and Honor’s native token HONOR while offering a decentralized solution by adopting a partial collateralized design, where synthetic tokens are partially backed by the target token and partially by its native token.\
What are Synthetic Tokens?
Honor Dao aims to create synthetic markets for the most popular tokens currently trading on the Knightswap ecosystem while continuing further expansion into other assets. Synthetic assets are a type of financial derivative giving its owner exposure to an underlying asset without having to actually hold it. A synthetic asset is simply a tokenized derivative that mimics or mirrors the value of another asset.
What is $HONOR?
$Honor is the governance token of Honor DAO. Participants can use $HONOR to receive 100% of fees generated by the protocol and earn passive income.
The most important earning benefits of holding $HONOR:
Honor holders will be able to deposit $KNIGHT to mint $XNIGHT token. As a result, $HONOR token used for minting $XNIGHT is burned, generating more demand for the token.
Upon redeeming $XNIGHT tokens, the protocol pays back $HONOR tokens by minting the required amount of the tokens.
Farmed HONOR rewards are tied to a vesting period during which tokens count as staked tokens and will earn you platform fees. Also, HONOR can be staked with no lockup or within a specified lockup period allowing you to earn both KNIGHT and HONOR token rewards. Keep in mind that the First fee rewards distribution starts approx 1 week after the launch. Vested, staked, and locked HONOR do share the same platform fee pool without different weighting.
ABOUT KNIGHT ECOSYSTEM
KnightSwap is the preeminent Decentralized Exchange on BNB Chain. Built for reliable & sustainable yields while providing the highest quality experience to help integrate real world businesses into decentralized finance (DeFi).
ABOUT WIZARD
Wizard is a fantasy-based ecosystem that is solely made to revolutionize the P2E and NFTs use case on the blockchain. Wizard gives unique NFT based solutions for all sorts of DEFI processes, Which include NFT farms, NFT pools, NFT Armory, NFT swap, and much more. While WIzard is definitely unique with its approach for NFTs it is also aiming to change and dominate the P2E gaming on the blockchain.
