Polygon Hive-Backed Dollar: PolyCUB is to HBD what Anchor is to UST
The Hive-Backed Dollar (HBD) is one of the world's oldest stablecoins. It has existed since the inception of the Hive blockchain and - as the name suggests - it is an algorithmic stablecoin that is backed by the HIVE cryptocurrency.
Recently, the Hive blockchain has introduced a fixed-rate of return for staking HBD directly on the Hive blockchain. The interest rate was set to be competitive with other algo-stablecoins like UST - the rate is 20% APR for staking HBD on-chain.
This solved the #1 issue facing HBD as a stablecoin: demand. HBD needed more utility and this fixed APR has put it in the diamond-class tier of algo-stablecoins.
Now we believe the only issue that remains for HBD is supply. PolyCUB has aimed to solve this by launching the pHBD token.
In short, pHBD is a wrapped version of the HBD token on the Polygon blockchain. With the launch of pHBD, we also introduced the pHBD-USDC Vault on https://polycub.com/farms where you can stake pHBD-USDC SLP (Sushi Liquidity Pool) tokens and earn daily yield.
If you expand this section, you'll find a number of guides talking about HBD, pHBD and how everything works along with walkthroughs on how to use them. If you need help with any of this, we highly recommend jumping into our LeoFinance Discord Server: https://discord.gg/E4jePHe