Yield Farming on Huobi ECO Chain — Ultimate Guide

The DeFi space is evolving from day to day. Decentralized protocols and projects strive to improve experience of investors to attract more liquidity. Today, we can say with confidence that Ethereum’s mainnet with lots of DApps and web-wallets connected to it started a long journey of decentralized financial system development.

However, this development is not issueless: the growing Defi demand caused overload of the ETH network. According to the De.Fi Gas Cost Tracker, the average cost of the slowest transaction broadcasting amounts to 25$ during rush hour.

This forced the industry to search for solutions for overcoming the scalability problem. One of them is **Huobi ECO Chain (Heco)** that is building a free, open market where we can choose our favorite platforms or networks, flexible transaction pricing and advanced DeFi features.

Since De.Fi`s audit of Beefy performed on the 10th of December, the project’s token went 10x. There will be “another Beefy” on Huobi ECO Chain. Beefy finance also announced joining Huobi Eco Chain. You can get acquainted with the ecosystem at this tweet:
https://twitter.com/HuobiECOChain/status/1347154723707633665

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First, a little overview: “Heco is a decentralized, high-efficiency and energy-saving public chain, also the first product launched by the Huobi Open Platform. It is compatible with smart contracts and supports high-performance transactions.” What are the main pros and benefits of using the Heco mainnet? Be sure, there are plenty. Let’s point out the most prominent ones both for users and developers.

For users:

• Low transaction costs;
• Low transaction delay;
• High transaction concurrency;
• Cross-chain asset transfers;
• User support.

For developers:

• Compatibility with smart contracts, which reduces development/migration costs;
• High-quality projects can be listed on Huobi Global;
• Possibility to apply for marketing service packages;
• Opportunity to get an official news report supported by Heco.

Heco has a clear and detailed description of their roadmap until 2023 Q1. In December 2020, Heco officially launched its first stage named “Tinder”, which is focused on improving the on-chain infrastructure, as the developers say in their official docs. Moreover, major chains like Polkadot, Cardano and Tezos will be a ghost town in this bull run cycle. Their roadmaps are far from being fulfilled. On the contrary, Ethereum forks like Binance chain and Huobi Chain will have millions of new users, because solidity devs will easily build on top of them, and the fast success of Binance Smart Chain demonstrates it.

Top Most Used Huobi Token Wallets

As HT token is the fuel of the Huobi Chain, one needs to store it somewhere.

1. **Ledger**. Ledger hardware wallets are a series of multicurrency wallets that are used to store private keys for cryptocurrencies offline. Besides Bitcoin (BTC) and other top assets, they also support Huobi Token(HT).
2. **Trezor**. Trezor is the most secure and most ubiquitous hardware wallet in the world. It uses cutting-edge cryptography to protect digital money and any valuable online assets such as passwords. Like Ledger, it also supports HT.
3. **MetaMask**. It is an Ethereum web browser extension that acts as an Ethereum wallet and an interface for Ethereum-based dApps. Even though Huobi has its own chain — Heco, the wallet supports HT.
4. **MyEtherWallet** is a free and open-source interface for Ethereum and ERC20 tokens that allows users to directly interact with the Ethereum blockchain on just their web browsers. However, it also works with Binance Smart Chain and Heco.

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Heco Partners

Even though Heco is a relatively new project, it has already partnered with a few platforms. The first one is the MXC exchange. Conditions of the collaboration are the following:

• MXC will connect to Heco as a cross-chain asset.
• Huobi Global and MXC platforms will provide deposit & withdrawal access to MX and Heco.
• MXC will launch Heco Asset Zone.

MXC traders can also purchase HT without the need to switch to Huobi exchange. Such an option will be useful for the US customers who cannot enter Huobi.

Another partner is HyperPay. The sides have reached a strategic cooperation. Meanwhile, HyperPay is a robust online payment gateway driving the future of cashless payments in the MENA region.

One more option is BitKeep. It is the most important wallet Huobi ECO Chain cooperates with that is going to co-build Heco ecology and boost developer’s evolvement.

Highest TVL Projects on Heco

Binance Chain vs Huobi Chain vs Ethereum

Being the biggest and the most popular centralized cryptocurrency exchange, Binance managed to develop its own blockchain — BSC that enables smart contracts and successfully competes with ETH. Now, it takes a fairly large market share for obvious reasons: low gas costs and fast execution of transactions. Transactions are paid in the native BNB token.

Now, Ethereum with dApp interaction costs between 30–90$ is only for whales. Huobi ECO Chain can host all the non-whales willing to get yield.

How to connect the Heco mainnet using Metamask

Please follow these step-by-step instructions:

1. Metamask > Settings > Network > Add Network.
2. Fill in the following data:

• Network Name: heco-mainnet (optional)
• New RPC URL: https://http-mainnet-node.huobichain.com
• Chain ID: 128
• Currency Symbol: HT (optional)
• Block Explorer URL: https://scan.hecochain.com

How to connect Heco Test Network

Fill in / change the following data:

• Network Name: heco-testnet (optional)
• New RPC URL: https://http-testnet.hecochain.com
• Chain ID: 256
• Block Explorer URL: https://scan-testnet.hecochain.com

Important: You can top-up your Metamask Huobi Eco account from Huobi Global.

How can the USA access Huobi ECO Chain?

The exchange is about to return to the United States a year after the termination of services for residents of the country — the company received a trust license in the state of Nevada.

Huobi Tech announced that it had obtained a Nevada Financial Services Division trust license for its subsidiary Huobi Trust Company. The license will allow the firm to offer custody services in compliance with US legal requirements from early 2021.

As Houbi Global is not active in the USA and every citizen is forbidden to interact with Heco in Metamask, you can use an alternative to Metamask to access Heco.

Possible solution: buy HT tokens needed as gas on some exchange (MXC or BitMax), then use Hyper Pay wallet to transact within Heco.

The Bottom Line

Based on our research, one can state that the network is pretty well built and has a large growth potential despite its currently underdeveloped infrastructure.

However, financial risks and possibility of future technical issues are always present.

Don’t forget to read the official documentation by the link: https://docs.hecochain.com/#/en-us/intro.

Also, some interesting projects are already live on the Huobi ECO Chain:

• asset management protocols;
• yield aggregators;
• lending & borrowing platforms.

The most attractive pools with high annual yield stats could be added to daily APY infographic charts by De.Fi so that earlier investors and farmers wouldn’t miss new opportunities. One can find them in our Telegram group: https://t.me/DeDotFi.

Every interested user can leave a request for an audit at our feedback page. The most voted protocols will be reviewed by our solidity auditors.

As the mission of De.Fi is to facilitate search for the best profit opportunities in the yield farming space, we will review an opportunity of adding new pools including yield aggregators and dexes from Huobi ECO chain.

What is more, De.Fi is about to launch the investing dashboard shortly, where users can track their deposits in various projects. Besides Binance Smart Chain and Ethereum networks, there will also be Heco. As a result, customers will be able to manage their investments in platforms on Huobi Chain.

Protocols mentioned on the APY stats infographic:

• HashBridge — Oracle
• Starlink — NFT
• Sovi Finance — Game
• HecoFi — Yield aggregator
• Filda — Lending

Let’s get acquainted with HashBridge. It is a one-way digital agent, which can find and verify the real data under the chain and submit the information to the smart contract in an encrypted way. It is the data entry of the decentralized world.

According to announcements made by Huobi, Huobi Eco Chain is about to launch 19 anchor assets such as AAVE, ARPA, BAL, BETH, CNNS, DAI, GOF, HBC, LAMB, LINK, LRC, PAX, SKM, SNM, SUSHI, SWFTC, UNI, USDC and YFI, enriching its asset diversity. The team will explore more high-quality assets to promote development of the industry. Please wait for the official announcement of the specific opening time.

Other useful links to know:

1. Heco website: https://www.hecochain.com/en-us/ — for checking all the necessary info to start.
2. HecoScan: https://scan-testnet.hecochain.com/ — for checking on-chain activity.
3. https://twitter.com/HuobiECOChain — Official Twitter account to check the latest updates and announcements.
4. The most developed DEX: https://mdex.com/#/
5. Mdex Analytics: https://info.mdex.com/#/home
   Liquidity pairs info, trading volume charts, adding/deleting liquidity

Here you can check yield farming opportunities on Huobi Eco Chain: https://de.fi/explore/network/heco

Before staking/investing in the protocols mentioned, double-check all the possible information, on-chain activity and contracts.

Find answers on the early Heco farming and any questions concerning DeFi in our Telegram channel.

Check our other guides:

Solana Network Ultimate Yield Farming Guide [Infographics]
Fantom Network Ultimate Yield Farming Guide [Infographics]
Huobi ECO Chain Ultimate Guide for Yield Farming
Polygon Network Ultimate Guide for Yield Farming
Binance Chain Ultimate Guide for Yield Farming

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