Introducing LendHub — HECO’s fastest-growing lending protocol
Some five months ago, HECO (Huobi ECO Chain) saw the launch, and ever since then, it has become one of the most popular platforms for the development of new DeFi projects. Of course, Ethereum is still in the lead, being the birthplace of DeFi, and BSC is very popular as well, being the older Ethereum alternative than HECO.
But, HECO is attracting developers, projects, and users rapidly due to it being energy-efficient, being able to offer flash lending, and being extremely scalable. Speaking of lending, it is still the biggest, most popular DeFi-related activity in the sector, which is why new projects dedicated to providing decentralized lending services continue to emerge.
One example is LendHub — HECO’s equivalent of Ethereum’s Compound — which is already the fastest-growing lending protocol on this blockchain.
About LendHub
According to its founder, LendHub is a decentralized lending platform of Huobi ECO Chain, which has supported lending and mining of LHB in 20 HECO currencies. Users get to earn high LHB rewards whenever they lend or deposit coins. The project aims to be the largest lending platform on HECO, firmly believing that lending is the most practical application of blockchain at this time.
The project is very young, the platform was first launched on Jan 14th. And it was launched on Huobi Global only a few weeks ago, on May 6th, 2021. In the first 24 hours after launch, LHB/USDT trading pair exceeded $31.07 million. In less than a week, the project climbed up to being one of the top five in the DeFi lending market, bested only by Compound itself.
At first, the project’s users were mostly professionals, but it wasn’t long before regular people started learning of the project, realizing how user-friendly and easy to use it is, which is what started bringing in more and more people.
The project’s founders and developers have kept a close eye on the advancements of DeFi, and they realized that lending is the most popular activity in decentralized finance. However, this ended up being both a blessing and a curse. Decentralized lending comes with many advantages, but its popularity also pushes people towards launching projects that were barely holding together, with poor security and imperfect mechanisms that could compromise the security of users.
LendHub ensured that it won’t make the same mistake, which is why security is its number one priority. The project highlighted three reasons why it is a good long-term investment, including safe and steady development, innovation of lending products, and the intention to pursue long-term sustainable development. As such, the project expects to see more growth and expansion in the months to come.
