HEGIC Coin is the native cryptocurrency of Hegic, an options trading protocol built on the Ethereum Blockchain. Users can execute all option transactions using Hegic.
On the other hand, options are described as a vital building block of financial services. Being the foremost form of market insurance, options allow investors to implement robust risk management strategies. Therefore, the Hegic platform is also regarded as a promising platform for the future.
What is Hegic (HEGIC)?
Hegic (HEGIC) is a cryptocurrency that grants its holder both economic and governance rights. Additionally, fee payments on the platform can be made with HEGIC coin.
Meanwhile, as Ethereum’s DeFi space becomes more diverse, there emerged a need for a comprehensive solution for creating and trading options, and Hegic is trying to meet this need with integrated and verifiable options on the chain.
Furthermore, to purchase an option on Hegic, investors need to pay the premium valid for the option they want to buy. As Hegic’s option features follow American-style execution, these options can be exercised at any time.
According to statements, selling options on Hegic is easier than selling traditional options. The only thing investors need to do is deposit money into the ETH or DAI pools. Capital in the ETH pool is used for selling options, while the DAI pool is used to cover sales.
Moreover, it is stated that Hegic’s options are more expensive than competitors like Deribit or Opyn. This is because Hegic uses American-style options that offer flexibility in execution, while Deribit and others use European-style options. American options allow option holders the choice to exercise at any time instead of waiting until the contract expires, meaning higher premiums for the sellers.
In addition, like Yearn Finance, Hegic is also a project that emerged through the efforts of a single developer known by the pseudonym Molly Wintermute, with no information available about the developers’ backgrounds. Wintermute announced the project in the EthResearch forum in February 2020 and deployed the protocol to the mainnet in April 2020.
The project’s Discord and Telegram channels are also managed by Wintermute, proving that this is a one-person operation.
HEGIC Coin Review
HEGIC Coin seems to be attracting investors’ interest as a stakable cryptocurrency, especially as staking has become quite popular recently. In addition, Hegic brings a new perspective to the options market, but this also means a different set of risks from traditional options. Hence, investors seem to be cautious in this regard.
To better understand the comments about HEGIC coin, it will be useful to look at historical data and current figures.
At the time of writing, HEGIC Coin was trading at $0.1992 and at 0.00001044 BTC against Bitcoin. According to CoinMarketCap, HEGIC Coin ranks 274th with a trading volume of $45,663,458, and its 24-hour trading volume is $1,405,112.
In addition, HEGIC Coin reached a low of $0.0422 on September 23, 2020, and a record high of $0.3018 on November 25, 2020. There are currently 227,916,031 HEGIC Coins in circulation, and the goal is to reach 3,012,009,888 HEGIC Coins.
How to Buy HEGIC Coin?
HEGIC can be quickly and securely purchased through Binance, the largest cryptocurrency trading platform in terms of market capitalization. It is worth mentioning that HEGIC was listed on the Binance exchange on November 25, 2020.
In addition, Binance users can currently trade in HEGIC/ETH and HEGIC/BUSD pairs.
