HAY is the native destablecoin of the Helio Protocol, a decentralized lending and liquid staking platform on the BNB chain. The destablecoin is over-collateralized by BNB and is redeemable for US $1 worth of BNB. HAY is intended to provide a new form of digital currency that is capital efficient and decentralized. Unlike traditional stablecoins, HAY does not strive to achieve absolute price stability with fiat-based currencies such as USD. Instead, it allows for some price fluctuations, similar to regular fiat currencies. The Helio Protocol is intended to be completely decentralized and launched its DAO once the TGE of its governance token, HELIO, was completed.

HAY operates within the Helio Protocol, which is a set of smart contracts that interact with other blockchains and contracts. Users can borrow HAY by providing BNB as collateral on the protocol. The protocol calculates the current HAY value inside MakerDAO, taking into consideration the borrowing limit, which is the price of the total assets collateralized by the user multiplied by a collateral ratio. The collateral ratio is used to trigger the liquidation process when the borrowed HAY value becomes higher than the current worth of the user's collateral with a safety margin. Users who borrow HAY are minted rewards in HELIO token and can claim them anytime.

HAY has several potential use cases. It can be borrowed at a collateral ratio of approximately 152% by providing BNB as collateral on the protocol. This allows users to leverage their funds with a collateral debt position (CDP). HAY can also be used for liquidity mining on LP DEXes, providing users with an opportunity to receive sustainable returns on their borrowed HAY. Additionally, HAY can serve as a means of payment to transfer value for goods and services, further enhancing its utility within the cryptocurrency space.

HAY was developed as part of the Helio Protocol, a decentralized over-collateralized lending and liquid staking platform on the BNB chain. The Helio Protocol was designed to provide a new form of digital currency that is capital efficient and decentralized. The protocol introduced the concept of a destablecoin, a new type of asset class within the crypto space that seeks to label a more accurate term in the current stablecoin landscape. Destablecoins, like HAY, utilize decentralized crypto assets only as collateral and do not strive to achieve absolute price stability with fiat-based currencies such as USD. The maximum mint cap of HAY was initially set at approximately 5% of the total market capitalization of BNB, but this could change depending on subsequent DAO proposals and votes.