2022-06-01 22:26:48
Hectorians!
We are improving the TOR minting/redeeming code to prepare it for future scalability.
- All the code changes are done in our backend and we have officially finished testing them.
- We are sending the new minting/redeeming contract to Certik for an Audit.
- As soon they confirm everything is SAFU, we'll proceed by upgrading the minting contract.
But... What changes?
1) When people will mint TOR, 100% of the DAI used for the mint will be sent to the Treasury
2) When people will redeem TOR, 100% of the redeemed DAI will come from the Treasury
With these changes TOR will become officially a fully collateralized stablecoin.
The TOR backing will always be ready in our Treasury, in case of a redeem window (to mantain the peg in any case). But at the same time this money will be used to generate income for the treasury.
After the changes are effective, we'll restore the minting % to when TOR is less than 50% of the Curve Pool and we'll probably leave the redeeming % at 65.
We aim to grow our treasury with these changes, and this will help us to increase income with investments and staking to keep paying a good APR for our TOR LP farm.
By making TOR a fully collateralized stablecoin, we expect much more growth in the future and this benefits the Hector Ecosystem in a whole as there is a bigger spotlight on TOR.
Any surplus from these staking rewards will be used to Buyback and Burn HEC manually in market downtrends to have the maximum burning effect.
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