BNB Chain-based Destablecoin HAY has lost its $1 peg as a result of the exploit of Ankr Protocol. The team stated that they would provide an update soon.
Market data shows that HAY, a ‘destablecoin’ on the BNB Chain, has lost its $1 peg. This is just another in a long list of stablecoins that have lost their peg this year, furthering the woes of the crypto market. At the time of publishing, HAY had fallen to $0.698 after bottoming at $0.40.
The depegging appeared to be the result of an exploit. The team acknowledged that it was aware and will soon release an update.
HAY is a ‘destablecoin’ that comes from the Helio Protocol that uses BNB as collateral. The overcollateralized asset claims to offer 7% in yield.
Helio Protocol describes a destablecoin as “a new type of asset class within the crypto space that seeks to label a more accurate term in the current stablokinas kraštovaizdis“.
Source: https://beincrypto.com/bnb-based-hay-destablecoin-loses-peg-ankr-exploit/