Will decentralized stablecoins replace fiat currencies? The team behind HAI is making this possible.
On Monday February 12th, just one week before the protocol's official mainnet launch on Optimism, HAI will airdrop governance tokens to over 18,000 qualifying wallets in an effort to distribute a censorship-resistant stablecoin resistant to economic instability and human interference.
The HAI protocol, a fork of the Ethereum-based RAI stablecoin, aims to provide a decentralized stablecoin underpinned by a diverse range of crypto assets rather than fiat currencies like the US dollar. This approach makes it more resistant to censorship and market volatility compared to centralized stablecoins like USDT and USDC which rely solely on fiat currency reserves.
Built on the Optimism blockchain, HAI offers lower interest rates for borrowers compared to lending protocols on Ethereum mainnet. HAI received support from projects like Lido Finance and DAO infrastructure providers like Tally and Number Group to help bring fast, inexpensive, decentralized stablecoins to their communities.
“In this new era of truly decentralized stablecoins, HAI’s unique controlled-peg mechanism will create the next generation of decentralized currency, resistant to economic shifts and human error.” said Luke Hamilton, Co-Founder of HAI.
From day one of mainnet launch, HAI token holders will be able to participate in protocol governance via the DAO's governance token, KITE. Holders can vote on measures like adding or removing collateral assets, altering protocol parameters, and participating in auctions to manage the stablecoin's peg.
The airdrop targets Optimism and Reflexer Finance users who stand to benefit most from a fast, low-cost stablecoin on L2. Recipients were selected based on activity criteria like bridging assets to Optimism, participating in Reflexer governance, using the HAI testnet, and voting on Optimism proposals.
The 22.3% token distribution, taken from the total supply of 100 million KITE tokens, aims to bootstrap an engaged community to steward HAI as a resilient decentralized currency resistant to censorship and macroeconomic instability in the long-term.
Users can verify if they qualify for the airdrop starting today at 12pm Eastern Time by linking their crypto wallets to the HAI governance page.