1/ Dear Helio #Guardians, the team understands that the past few days have been extremely difficult.
As the situation is changing and dynamic, we would like to provide an update on our plan to recover the peg.
As the situation is changing and dynamic, we would like to provide an update on our plan to recover the peg.
2/ Firstly, the team has already started our peg recovery process for $HAY, and this process is expected to be completed by Tuesday, December 6th UTC +4.
We expect HAY to be re-pegged, or at the very least, be close to the $1 mark.
We expect HAY to be re-pegged, or at the very least, be close to the $1 mark.
3/This will be done by repurchasing the excess HAY in the market and sending it to a burn address.
We will also be providing the burn address in time to come for the purpose of transparency.
We will also be providing the burn address in time to come for the purpose of transparency.
4/ At the same time, the team will continue to monitor the situation closely and update the community accordingly, should there be any changes.
5/ Lastly, Helio Protocol would like to assure users that the protocol itself will take on any remaining bad debt (should there be any left) though the use of our current and future revenue.
More details on this to come.
More details on this to come.
6/ We thank everyone for your continued trust and patience. It will take a few more days to restore $HAY back to $1.
We understand the community is anxious. Do not panic, and allow the team a few more days to execute our re-pegging strategy.
We understand the community is anxious. Do not panic, and allow the team a few more days to execute our re-pegging strategy.
7/ We understand the importance of transparency, and we will continue to update the community on a daily basis when we have confirmation.
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