HAI Stablecoin Project Announces Airdrop Ahead of Mainnet Launch

The team behind the lending protocol and decentralized stablecoin HAI has announced an airdrop of the governance token KITE ahead of its mainnet launch on the Optimism platform.

The countdown has started!

HAI DAO is now accepting applications for DAO delegates and distributing its governance token$KITE governance tokens will be available for claim by @reflexerfinance, @Optimism and HAI testnet users on 2/13/2024.

More information on eligibility below pic.twitter.com/cvamZrbhq1

— HAI ?️ (@letsgethai) February 6, 2024

According to The Block, the project will distribute 22.3% of the KITE supply. Eligible recipients include users of the Reflexer Finance protocol, HAI testnet participants, and Optimism governance members who hold at least 50 OP and have voted at least once.

The mainnet launch of the algorithmic stablecoin is scheduled for February 20.

HAI is a fork of the decentralized stablecoin RAI from Reflexer Finance, based on Ethereum. Unlike its predecessor, the new crypto asset can be issued not only against ETH but also using various LST tokens and Optimism network coins such as OP and UNI.

The initial price of HAI is set at one US dollar.

“With the launch of HAI on the Optimism platform, users retain all the benefits of RAI’s robust and resilient system while gaining the speed, scale, and usability of Optimism,” said project co-founder Luke Hamilton.

The protocol will operate under the governance of a DAO. KITE holders will be able to decide which types of collateral to support on the platform, adjust lending and repayment parameters, and participate in auctions.

Earlier, Ethereum co-founder Vitalik Buterin earned $92,000 from a short position in RAI.