Helio Protocol: Has begun to buy back and burn HAY to restore the peg

2022-12-05 09:37:18

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ChainCatcher news, the stablecoin protocol Helio Protocol in the BNB Chain ecosystem tweeted an update on the latest progress of the HAY peg recovery plan, stating that the team has initiated the process of peg recovery, which is expected to be completed by December 6. The official team will buy back excess HAY from the market and send it to a burn address to restore the HAY peg.

In addition, Helio Protocol has committed to using its current and future revenues to cover any remaining bad debts. Coinmarketcap data shows that the price of HAY has rebounded to $0.8971.

It is reported that after the aBNBc token attack incident of Ankr on December 2, HAY once depegged to $0.2084. Helio Protocol stated the next day that Ankr may bear the bad debts caused by the hacker attack. (source link)

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Helio Protocol HAY Ankr aBNBc

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