Should you consider HECO Blockchain for your DeFi projects?

Should you consider HECO Blockchain for your DeFi projects?

It’s been only a decade since people came across a new technology blockchain and new trading with bitcoins. But soon, just in a decade, this inception has expanded to myriad types of blockchain and digital currencies giving a new height to the blockchain industry. now the latest blockchain which is continuously tempting developers and traders too is the HECO blockchain. The craze of HECO is just at the incepting edge and hence many people are not much familiar with this blockchain and most of them are willing to know more about it. But there are blockchain development companies in New York that have started using HECO for developing the most promising blockchain and have the top blockchain developers in Washington DC will hands-on HECO technology to build the finest apps.

HECO stands for Huobi Eco Chain, which is a decentralized public chain renowned for being highly efficient and energy-saving. The studies conducted over the blockchain industry states that HECO is the sixth largest crypto exchange available in the global market. The exceptional feature that makes it preferable is the excellent compatibility it shows with the secure smart contract and offers swift transactions.

Previously, Ethereum was the prior most blockchain technology, but the inception of HECO has even improved the efficiency of Ethereum by Layer2 and it has empowered the complete Ethereum ecosystem.

What makes HECO more preferable?

The performance offered by the HECO is higher than any other blockchain, as it can handle more than 2000 transactions per second with a block time of just three seconds. Other exceptional features offered by HECO blockchain are:

  • Low transaction fees:

The consensus protocol used by the blockchain is responsible for the transaction fee. HECO uses HPoS consensus which offers the lowest transaction fees making the trading more affordable with the lowest possible delay in transactions. Apart from all these amazing aspects, it can support a maximum of 21 validators.

  • Cross-chain compatibility:

HECO possesses excellent cross-chain compatibility as it can help you to map a bridge between various blockchains and lock your particular token for which you are willing to initiate the trade and release an equal amount of token on the HECO blockchain.

  • Meta transaction:

For a successful transaction, users pay the gas price and HECO offers a meta transaction feature that allows users to cut down gas prices making the transaction more cost-effective for Dapp users and developers too.

Reasons to consider HECO blockchain:

HECO has a transaction history of 438 million to date since inception with a count of 11.5 million addresses. HECO blockchain offers the widest array of adaptability and hence giving the widest spectrum to the developers for developing the most efficient Defi ecosystem. HECO blockchain was developed to develop a superior blockchain than existing ones. It was developed with a completely innovative approach, making the blockchain more trustworthy and efficient.

Using HECO blockchain, developers are capable of developing an effective, trustworthy, and open blockchain infrastructure which can keep a close check on each project deployed over the HECO blockchain yet maintain the security level of the platform.

With HECO, blockchain developers in California have developed a brilliant Defi ecosystem that includes assets, wallets, and application rankings, also HECO has been proven very useful for the developer in developing dApps on HECO blockchain. Top blockchain developers in Abu Dhabi have successfully developed the finest Defi software using HECO blockchain as it offers marketing, financial, as well as traffic assistance to the developers. Unfortunately, HECO is not as popular as Ethereum, whereas HECO serves all the issues faced by the developer while developing a dApp using Ethereum.

Uses of HECO platform:

HECO is the very first product launched by Huobi open platform. It is one of the most efficient and energy-saving transaction chains. It offers excellent compatibility with smart contracts keeping the performance of the channel at its best. Being one of the best blockchain platforms, it has various benefits for users as well as for the developers too. Here, we are listing down a few among those:

For users:
  • Fastest transaction
  • Lowest transaction fees
  • Cross-chain asset transfer
  • Excellent user support
For developers:
  • Offers excellent quality features to host high-quality projects
  • Outstanding compatibility with smart contracts
  • Can apply for marketing service packages

HECO for developing Defi applications:

Analyzing the blockchain industrial growth and its market requirements, the growth of HECO is certain. It contains a huge potential to give a new face to the blockchain industry. HECO can be used to develop a wide range of dApps and a few examples have been listed below:

  • Asset management protocol:

Asset management protocol has seen a new rise in the Defi segment, as it is considered one of the most innovative sectors. HECO offers extensive feasibility and adaptability which helps blockchain developers to develop applications with greater efficiency and trustworthiness.

  • Yield aggregator:

A blockchain network with a low gas fee and fastest transaction solution is required by the aggregators and HECO is the only blockchain technology that offers the least gas fees with the swiftest transactions and hence making it an optimal solution for the aggregators.

  • A platform for lending and borrowing:

Meta transaction and cross-chain transaction functions are the need of the hour and the blockchain networks offering these features are the most opted ones by the blockchain developers in Bangalore ­­­­­­­­­­. HECO offers a robust solution with tamper-proof smart contract benefits, making this technology preferable.

  1. Lendhub:

Lendhub is a protocol used for debit and credit and allows LHB to quickly mine debit and credit.

  • MDEX:

MDEX can be defined as one of the smart decentralized trading platforms which set its market automatically depending on the notion of money pool. MDEX is capable of conducting cross-chain trading with BSC, ETH, and Heco networks. It also offers a feature of dual mining which is a technique of using mining in two different stages, i.e. liquidity and transaction.

Most preferred Huobi token wallets:

The blockchain works on the exchange of tokens and hence it is a crucial element of blockchain trading. To initiate any type of transaction, the user needs to store tokens somewhere in the channel. Huobi offers the best token wallets and they are:

  • Ledger:

It is a hardware wallet that can store private keys for your offline cryptocurrencies. It supports various types of assets besides bitcoin and Huobi tokens.

  • Trezor:

It is one of the most robust and secure hardware wallets as compared to all the available hardware wallets. To protect digital currency, trezor offers cutting-edge cryptography.

  • MetaMask:

It is an extension of the Ethereum web browser which is used as an Ethereum wallet and it can be also used as an interface for the dApps developed on Ethereum.

Now if you are ready to opt for HECO blockchain for your Defi project then it is necessary to understand how to get started with it. The sets of protocols and infrastructure are different for the developers and the users. To understand it more effectively, we have described it in brief:

Connecting Heco mainnet using Metamask:

To connect the HECO mainnet you need to follow the below-mentioned steps:

  • Go to MetaMask, open settings, click on network, then select add network
  • Then you need to fill in some mandatory details, and you are good to go. The details that you need to provide while connecting with Heco mainnet are listed below:
  • Network name: Heco mainnet
  • New RPC URL:  https://http-mainnet-node.huobichain.com
  • Chain ID:
  • Currency symbol: HT
  • Block explorer URL: https://scan.hecochain.com

Connect Heco to the test network:

Connecting HECO to the test network requires filling in very simple data or just need to change a few information from the data given for connecting Heco mainnet using Metamask.

  • Network name: HECO testnet
  • New RPC URL: https://http-testnet.hecochain.com
  • Chain Id:
  • Block explorer: https://scan-testnet.hecochain.com

Conclusion:

The global financial system is transforming at a great pace and the HECO chain has played a great role in these revolutionary changes. HECO is a decentralized platform and now it is rapidly gaining prominence all across the world. several projects have been developed on the Heco chain and it is empowering the digital finance world using a smart contracts-enabled ecosystem. In present days, Heco has become the foremost choice of blockchain developers in Dubai.

HECO can be easily integrated with EVM making the project migration from Ethereum to Huobi easy. As Defi projects are getting popular in most of the business sectors empowering the widest array of utilities, right from the loan taking services till yielding farm to staking, Heco chain is giving a robust ecosystem to develop such effective solutions with extraordinary outcomes.



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