Huobi Eco Chain (HECO) Global Node Campaign Surpasses 12.8M Votes

LONDON, July 12, 2021 /PRNewswire/ -- Huobi Eco Chain (HECO), a decentralized, EVM-compatible public chain, today announced it has surpassed 12.8 million votes in its Global Node Campaign, marking a major milestone in ensuring HECO remains stable and decentralized as it scales globally and welcomes new projects and decentralized applications (dApps) to the ecosystem.

On HECO, major nodes are eligible to make operational decisions for platform management, and both major nodes and backup nodes are rewarded with on-chain transaction fees. 50% of all transaction fees on the HECO are equally distributed to each main node, while 40% is distributed to 21 main nodes based on the corresponding share of total Huobi Token (HT) locked. The remaining 10% is distributed to backup nodes based on each node's share of the total HT lock.

Node voters play an important role in building out the HECO ecosystem so they are financially rewarded when they vote for nodes that are chosen as main nodes and backup nodes on HECO Chain. According to the voting rules, at least 70% and up to 100% of the total income received by nodes is dedicated to the voters and varies depending on the node initiator or the community. Voters can access the HT they pledged within three days of voting. With massive rewards to be earned, HECO's Global Node Campaign has attracted tens of thousands of voters.

Financial Rewards

HECO previously announced the 11 validating nodes that were elected by the community to join the ecosystem, many of which have specific distribution models for voter revenue. For example, MDEX distributes 100% of its revenues, whereas Lightnet distributes 95%. Coin98 distributes 80% of revenue to voters and allocates 20% toward airdrops, AMAs & other HECO community activities. CoinWind distributes 90% of revenue to voters and the amount will be dynamically adjusted in the future according to the revenue of the nodes.

According to data from KingDate, the average APY (Annual Percentage Yields) of the 11 chosen nodes exceeds 16.5%, which is a higher percentage than other single-asset mining aggregators and lending platforms. The APY of Hashed is 19.82%, the APY of Animoca Brands is 19.11%, while the APY of CoinMarketCap is 18.98%.

Ecosystem Development

In addition to the potential financial rewards, voters have been attracted to the voter campaign because of the participation of well-known organizations, including Animoca Brands and CoinMarketCap, which bring further benefits to the decentralization and construction of HECO. For example, Coinwind is committed to the construction of HECO and supporting projects, especially those in the DEX and lending fields. Lightnet promotes HECO's use in financial and commercial industries, specifically DeFi projects. MDEX has established an ecosystem fund to support promising projects HECO and Ethereum and even launched a project support plan to facilitate the development of those projects.

To further encourage the ecosystem's development, HECO set up an ecosystem fund for projects across a range of sectors, including DEX lending and prediction markets. HECO also launched a new event "We Make the Future" to attract more talented developers to contribute to the growing ecosystem.

"HECO chain envisions a vibrant community of developers and institutions building apps and services to spur the global use of the HECO network," said Leo Su, head of HECO. "We define success as enabling any person or business globally to have fair, affordable, and instant access to the HECO chain. With the participation of many well-known organizations and institutions on HECO mainnet node election, we believe this goal will be realized soon."

About HECO

HECO is an EVM-compatible public chain that provides blockchain developers with an efficient and low-cost on-chain environment for decentralized applications (dApps), smart contracts, and digital assets. To date, HECO has recorded approximately 10.4 million total addresses with 419 million transactions made on the platform.

SOURCE HECO Chain