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HAI, a new stablecoin protocol, announces airdrop before launching on Optimism

HAI, a platform for lending and stablecoins, will distribute its governance token KITE for free in an airdrop event next week, before deploying its protocol on Optimism mainnet. Optimism is a Layer 2 scaling solution for Ethereum that promises faster and cheaper transactions.

The announcement was made on Twitter by HAI, which is a fork of RAI, a non-pegged stablecoin created by Reflexer Finance. Unlike most stablecoins that are pegged to fiat currencies like the US dollar, HAI and RAI are backed by ETH and maintain their stability through a feedback mechanism called a PID controller.

According to the tweet, the countdown has started and HAI DAO is now accepting applications for DAO delegates, who will control the KITE treasury, the addition of new collateral types, the stability fees, and the PI controller parameters. The tweet also provided more information on the eligibility criteria for the airdrop and the links to check, claim, and register as a delegate.

The airdrop will take place on February 12, 2024, and will allocate 22.3% of the total KITE supply to 18,034 eligible wallets. The eligibility list includes users of Reflexer Protocol, users who participated in HAI testnet, or users who hold more than 50 OP (Optimism) tokens and have voted more than once in Optimism governance.

HAI is expected to launch officially on Optimism mainnet on February 20, 2024, following the successful deployment of RAI on Optimism in December 2023. Luke Hamilton, the co-founder of HAI, highlighted the vision behind the project:

“By launching HAI on Optimism, users will get all the benefits of RAI’s robust and flexible system, but with the speed, scale, and functionality of Optimism. In the new era of truly decentralized stablecoins, HAI’s price anchor mechanism will create the next generation of money, resistant to economic fluctuations and human shortcomings.”

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