Depth × HyperPay AMA Recap
On June 17th, we joined HyperPay’s Telegram community to hold an AMA (Ask Me Anything) to unveil Depth project’s latest exciting news, affordance, and address all you want to know about Depth. 🌟
We had Eric from Depth🧑🏻💻, and Nancy from HyperPay👩🏻💼 to elucidate for us about Depth, an efficient stablecoin swap protocol, based on HECO.
As a trusted stablecoin management manager, Depth allows stablecoins to swap between HUSD/USDT, and other stable assets in a safe and secure environment, with good depth, low slippage, and low transaction fees.
In addition, Depth benefits liquidity providers with the aggregation of transaction fees as well as rewards from other DeFi protocols in the long-term run.
If you ever missed, here comes our full AMA recap:
Could you tell us more about Depth? In other words, what does Depth do?
Depth was launched on Feb. 28th, 2021, as a decentralized assets manager, specifically designed for stablecoin assets. Users can do following things on Depth:
1) Swap between stablecoins with an extremely low transaction fee and good depth.
For example, we can fulfill a 5 million USDT to HUSD transaction in a zero slippage (fees included).
2) Deposit stablecoin LP to earn yields
Since now the market is fluctuating, Depth’s APY has been lower than it used to be.
However, Depth will always keep a leading APY in the stablecoin depositing field.
Following are the APYs of Depth pools:
3) Stake stablecoins to earn DEP rewards
Depth also has vault services. Users can earn competitive DEP rewards just by staking single stablecoin to the vault pool.
Now we have connected with several leading protocols on HECO including Back, Channels, FilDA, and LendHub. Recently, we just have launched the Pilot pool. Now APR is around 20%, always leading the market.
4) Stake DEPs to share all Depth’s earnings in HUSD
Here comes a quite exciting part. Depth decides to give all platform earnings to the supporters. Yes, ALLLLLLLLLLLLLL earnings! 🤩🤩🤩
That means by staking DEP into the DAO pool, users can share what Depth has earned each week, and it is in HUSD.
Above is one of our users’ screenshot. This person got more than 12,000 HUSD in one-week time. 😎
On each Friday, users can claim the rewards of last week. So if you stake DEP now, you will be able to share this week’s platform earning on this or next Friday after 2 pm (UTC+8).
More products and services like OTC, DEX, and so on will be launched soon. Stay tuned! Depth is willing to develop anything that may fullfill the market needs.
There are many stablecoin focused projects out there, some have been quite successful. What is special about Depth compared with others?
Why users choose Depth? because we provided the best liquidity and best APY for our assets on HECO.
Now we have attracted around 300M USD stablecoin TVL as well as an average 1~5M daily trading volume.
Compared with other stablecoin swap protocols, we have a very different token economic design as well as product design. We want to protect our users and make the product available for everyone, not only for professional DeFi players.
And we have all kinds of asset management products. Users are free to choose from various types of service here.
The most important thing is, we thank our supporters in a quite direct way by giving out HUSD rewards weekly in the DAO pool. Supporters share Depth’s earnings.
For instance, Depth has more than 260,000 USD 💰😮shared in last week.
Could you give us some info on the Depth Token?
The Depth token (also called DEP) is the governance token of the Depth protocol, with a total amount of about 10 billion.
For now, the circulating supply of DEP is around 988M. You can check the real-time circulation here: https://hecoinfo.com/token/0x48C859531254F25e57D1C1A8E030Ef0B1c895c27
About the distribution of DEP, please look at the graphic below:
As far as we can see, most of the DEP tokens are locked, in Depth DAO or in smart contract.
What would be one’s motive to hold Depth tokens? What can we do with $DEP?
As I said, DEP is the governance token of Depth.
Since we have the DAO pool, DEP now can also be staked on Depth DAO to get xDEP token. With xDEP, users can participate in the governance of Depth and earn HUSD rewards weekly.
Now DEP LP token can be staked in many platforms to earn multiple rewards. These platforms include MDEX, BXH, DogeSwap, LavaSwap, Complus, RPone.
You can also trade DEP on centralized exchanges like BHEX, Jubi as well as Hotbit.
We are not suggesting anyone to invest DEP; But as we have seen in the past, holding DEP indeed make some people feel safe and secure. Here is a poster that our user made during the market fluctuation on May 19th, 2021.
We have a quite interesting community. Feel free to join us and share your DEP Meme🥳~
Could you pls tell us more about Depth DAO pool then. How does Depth DAO and this HUSD rewards work?
Oh that may be Depth’s TOP secret! 😏
Depth strives to provide users with enduring safe and stable services. To achieve this goal, Depth decides to introduce the concept of DAO, and conduct long-term and efficient governance with a Hybrid Governance method.
All platform earnings of Depth have been integrated into the DAO pool now. Users who staked DEP and got xDEP can harvest rewards in HUSD from the DAO pool weekly. We got a total of 300K HUSD to share with all users who staked DEP last week.
Here is another example: This user said, he/she can rely on Depth DAO and just stay at home, no need to work anymore (LOL😝), since 3,000 USD will be available for claiming per week.
Besides Depth DAO, would do like to share more future plans about Depth?
Yah, Depth hopes to build its ecosystem and community more convenient for users. We really want to fulfill all kinds of users’ needs to increase efficiency and reduce unnecessary costs.
Thus, we are exploring and researching issues people may meet on HECO for a long time and do get some conclusion and solution.
We have launched the Depth Vault. This is contributing a lot to Depth DAO’s rewards sharing. We will launch OTC product and DEX serivce in the future as well. These will also earn more for our supporters who staked DEP in Depth DAO.
We will be the first decentralized OTC platform on HECO chain.
If you were to summarize your project in 1 word, what would it be? Why?
That would just be “Depth”, depth.fi is all about depth. Depth.Fi provides the best depth or so-called liquidity for selected assets on HECO.
Now we have achieved the best liquidity for USDT/HUSD pairs. All of our services, products as well as token economics share the same goal, how to provide the best depth for our users in a safe, secure, user-friendly environment.
Depth is not following any project’s steps and will always find our own way to benefit users and create values.
Please also feel free to join our global community and feel free to ask us anything. We also want to hear from you about any advice and suggestion.
Our links are:
Official Website: https://depth.fi
Chinese Community: https://t.me/depthcn
Product Tutorial: https://docs.depth.fi/tutorial
Video Tutorial: https://bit.ly/3ucmp09
If you want to swap and manage your stablecoin on HECO, just choose Depth. That will be OK~