Hector Network, in collaboration with Rubic Exchange, is approaching completion of its Cross-Chain DEX, which will enable customers to switch between tokens on several networks with a single click. In it’s statement, the team expressed its belief that chain-agnostic projects would have an abundance of opportunities in 2022 and beyond, and that being completely ‘chain-agnostic’ will be a critical step for the future of Hector Network.
Hector Network published its plans for the next year in early 2022, outlining its intentions to construct a number of subprojects, which would help in the growth and development of the Hector Network ecosystem. Among the subprojects are a loan and borrowing protocol, a stablecoin farming system, and decentralized exchange (DEX) that crosses many chains.
Hector Network is now finalizing preparations for the launch of Hector DEX, after the successful deployment of the loan and borrowing protocol, as well as the establishment of a stablecoin farm that offers interest rates in excess of 30%. This is in conjunction with the audit of Hector Network’s stablecoin farm and the project’s placement on the BitMart cryptocurrency market.
A simple click on the Hector DEX will enable users to change between tokens from several networks in real-time, eliminating much of the complexities and effort involved with bridging tokens across networks. According to the Hector Network team in a recent video, the Hector DEX will also serve as the “backbone of [Hector’s] broad cross-chain growth, ultimately letting users deal with the services from any chain, as if they were natively on Fantom.” This will enable Hector Network’s products to be made available to a substantially wider number of customers, as well as access to a much bigger pool of liquidity over time.
Hector DEX will save costs by examining all accessible DEXs and bridges in order to perform the most cost-effective swaps that are technically achievable. It is projected that 3 million users actively bridge across chains on a regular basis, indicating that Hector Network has significant potential if it can address this demand.
What is the purpose of NFTs?
The non-fungible token (NFT) business, in general, is rapidly expanding and offers tremendous potential for investors and projects. According to DappRadar, the overall value of NFT sales in 2021 will reach $24.9 billion, up from only $94.9 million the previous year. DappRadar gathers data from 10 separate blockchains, each of which is used to record who owns the NFT and where it came from.
The volume estimates provided by data sources vary based on what is included in the data. Transactions that take place ‘off-chain,’ such as significant NFT art auctions at auction houses, are often missed by the data collection. Sales peaked in August, then dropped in September, October, and November before rising up again in December, according to statistics from OpenSea, the world’s largest NFT platform. NFTs are no longer considered a tiny company; instead, they are growing more popular on a daily basis. This is particularly true since more and more large corporations are studying and launching their own ventures in this arena. Adidas, the NBA, McDonald’s, Gucci, Coca-Cola, PepsiCo, RayBan, Nike, and many more are examples of such companies.
Currently, in its infancy, the NFT market on Fantom is providing a tremendous amount of potential. A massive marketing effort will be launched in conjunction with the debut of its very own collection, with the goal of recruiting a new community and bringing them to the Hector Ecosystem. In doing so, Hector Network also accomplished one of the primary objectives, which is to assist in the expansion of the Fantom Network and the raising of awareness of its advantages. As noted in the Roadmap, the firm is also establishing an NFT marketplace this year and has begun examining our options for entering the DeFi Gaming and Metaverse markets. The fact that it has its own NFT collection is the first step on this road! The project is pleased to introduce the users to the Mythos collection.
Introducing the Mythos collection
Designed as a homage to the Olympian gods, this collection of 16 artworks based on Greek mythology is on display at the Olympian Museum. The collection will have a total of 10,000 animated NFTs, with each artwork including a total of five separate rarities. As previously said, there are 16 pieces of art, each of which has a distinct rarity.
Beyond the incredible animated artworks, the primary goal is to recruit new community members, build Hector Network and its ecosystem, promote the Fantom network, and otherwise help the community. As a result, this collection is being introduced with an eye on the profits that will be made at the mint and on the secondary market.
Recent Developments
Hector Network will be listed on Bitmart on March 10th, along with the coins $HEC and $TOR. In addition, the findings of their $TOR Audit by Certik will be released this week, so keep an eye out for it. The NFT Marketplace will be available at the same time as their NFT collection.
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