What Is Hector Dao?
Hector Dao is a spoon of OHM developed on the Fantom network, allowing them to take advantage of Fantom’s speed, security, and scalability.
$HEC, Hector’s native currency, functions as a reserve currency supported by assets owned and managed by a genuinely decentralized, autonomous protocol.
They are positioned as a Decentralized Autonomous Organization, commonly referred to as a DAO.
Investors in the platform get rewarded with 3x rebases daily.
With a team based out of Europe, they hold weekly AMAs for their investors (or Hectorians as the team like to call their community). and are creating a community many want to be apart of.
Official website: https://hectordao.com
To date I have bought into this project numerous times and have been able to successfully withdraw funds. My current holding at the time of writing is 57 HEC, equating to $7k. Based on the compounding effect of the protocol I’m earning a very generous amount each day.
My plan is to continue to stake my HEC while also over time withdrawing my initial investment so that this becomes risk free.
Keep in mind the above numbers are based on the token price, APY and rebase rewards remaining at their current level.
Anything could happen between now and then and I’m fully aware that the 1 year number may never materialize.
How To Buy Hector Dao
The first time you attempt to buy HEC can seem overwhelming but it’s straight forward and many videos exist online showing you the step by step process.
You’ll need to make sure you have a metamask wallet to start with and an Exchange or wallet where you can buy BNB token.
|Step 1||Buy BNB on Binance or your preferred exchange/wallet|
|Step 2||Transfer your BNB to the Binance Smart Chain on your metamask|
|Step 3||Go to Spookyswap where you’ll bridge your BNB from BSC to FTM Network|
|Step 4||On Spookyswap, swap your BNB for HEC|
|Step 5||Now you have HEC, stake your tokens on Hec|
How To Stake Hector Dao
Staking your HEC tokens couldn’t be easier, the Hector team make this really easy for you. If you’re familiar with TIME or OHM then this process shouldn’t be new to you.
Step 1: Ensure you have HEC tokens in your metamask wallet
Step 2: Ensure your meatmask wallet is set to the Fantom Opera network
Step 3: On the platform, click max which should populate your tokens.
Step 4: Click on Stake HEC and accept the metamask prompt
Step 5: You will be charged a minimal fee and now you’re HEC will be staked.
Step 6: If your HEC doesn’t appear in the staked balance section, refresh the page and it should appear.
Step 7: Sit back and watch your rebase rewards compound
As someone who is currently invested in both DAO platforms, I feel well-positioned to answer this.
My preference is currently Hector as I’ve been able to accumulate more tokens, which if the price increases my rewards are going to be far greater.
Both platforms offer incredible incentives but getting in early is key. I have mapped out the considerations at the time of writing to showcase the differences at the time of writing.
|Hector DAO||TIME Wonderland|
As far as interest goes, there are far more people searching for TIME Wonderland compared to Hector and we can also see Jade Protocol gaining traction.
Hector Dao vs Spartacus
Both of these platforms operate as DAOs on the Fantom network. I’m currently only involved in the Hector project and don’t see Spartacus as actveor transparent n the space.
Is Hector Dao a Scam?
As with everything in the crypto space you should only invest what you’re willing to lose. i.e you need to be comfortable with your investment going to zero.
My opinion to date is that there is a real team behind the project who are active in the community, conduct weekly AMAs and proactively improve the project.
For these reasons, I believe it is a legitimate project but it’s difficult to know what the future holds.
The team at Hector have built out a calculator so those staking in the platform can understand the potential gains.
Assuming you stake 1 HEC at $118 for 365 days and the value of the HEC token increases to $300, you’re potential return could be over $600,000. (This also assumes the APY remains at current levels)
The community are what make this project special. One of the members even created a calculator of their own that allows you to track your own returns.
You can see how my investment is currently trending towards the $6k per month mark.
How Does Hector Dao Make Money
Hector offers bonds to their investors at a lower price than the market. The profit from these bonds is used to back their token with real value and mint fresh HEC tokens. This enables Hector to provide high APYs to encourage long-term staking.
Are the APYs Sustainable
APYs are a lever used by OHM forks to market their platform to users. The current APYs offered by Hector are not sustainable and will come down over time. APYs on offer are extremely high due to the compounding effect taking place.
When Did HEC Launch
They launched on November 1st 2021 on Spookyswap.
Is Hector a Scam?
There is no reason to believe that this project is a scam. It is however advised that you carry out your own research and understand the risks involved.
Forks of OHM (or spoons in this case) are extremely risky and explore unchartered territory.
For this reason, diversification is important.
Only invest what you can afford to lose and remember I am not a financial advisor and you should do your own research.
If HEC delivers on their exciting roadmap and continues to be transparent and open with the community the future will be encouraging.
I for one will continue to invest and support this project but withdrawing my initial investment as part of my strategy will remove the risk.