How to Hedron
Hedron is how you can borrow against and tokenize to Hex stakes to trade as NFTs. The platform basically allows the staker class to access liquidity in 10 or 15 year stakes if needed, without ending the stakes themselves, therefore incentivizing people to stake longer and worry less. Check out the previous post on Hedron for more details on why Hedron exist and how it’s useful and the whitepaper for technical specs.
So how do you use Hedron?
Claiming and Minting
Claiming just makes you’re claiming the HDRN as being owed to you, but not receiving any. Minting means you want to get HDRN into your wallet now. There’s different strategies floating out there around why claim and mint now or later, related to the price of HDRN, how far along you are in your stakes, etc.
Go to the Hedron dapp
Claim your HDRN early to get your bonuses
Mint your HDRN when you’re ready to get the coins
Creating a Stake Instance
This is how you make a HSI (Hex Stake Instance), which is a new stake that can be tokenized as an NFT and traded, sent to other wallets, etc.
Go to the Hedron dapp
Click the “Create Hex Stake Instance” button
Enter how much Hex you want to stake and for how many days
Click “Approve Hex” to let the dapp create a stake on your behalf
Tokenizing and Detokenizing
Once the HSI is created, you can tokenize it so it can be traded.
Click the Actions button on the right side of the HSI and select “Tokenize”
To Detokenize, use the same Actions button and select “Detokenize”
Borrowing
Instead of minting HDRN or tokenizing a stake, you can borrow HDRN against your entire stake regardless of the days served and it may also have tax benefits (not a tax advisor) as you’re borrowing HDRN without minting and receiving coins directly.
Click the Actions button and select “Borrow”
Read the disclaimer and click the Acknowledgement button
Read about the payback schedule and interest rate and click “Borrow” to continue the process
Pay back the HDRN on schedule or risk a liquidation auction
This creates an interesting use case of the HDRN token itself, which is that holders can use it to bid on stakes going into liquidation and winning bids gets the Hex stake that was put up for collateral when the HDRN was borrowed. So always pay back your loans or your stakes will go to market and allow others to pick up those shares.
So there you go, you can use Hedron to claim or mint HDRN, tokenize and trade stakes or borrow against them if you wish without having to EES (emergency end stake), encouraging more #5555 activity, by using this novel and interesting new feature by Hexicans for Hexicans in our ecosystem.
