Hegic (HEGIC) Price Spikes Over 70% in a Day

Hegic (HEGIC) Price Spikes Over 70% in a Day
  • Hegic (HEGIC) price has increased over 70% in a day.
  • Hegic is an on-chain options trading protocol.

Crypto token Hegic (HEGIC) price has increased over 70% in the last 24-hours. According to CoinMarketCap, the HEGIC price is at $0.1048 with a 24-hour trading volume of $49,194,646, at the time of writing.

Hegic (HEGIC) Price Chart (Source: CoinMarketCap)

Quick Background on Hegic (HEGIC)

Hegic is an on-chain options trading protocol which is based on hedge contracts and liquidity pools on Ethereum (ETH). More so, a hedge contract is an options-like, on-chain contract. This provides the holder or buyer a right to buy or sell an asset at a certain price. And also imposes an obligation on the writer or seller to purchase or sell an asset at a specific time period. 

However, these hedge contracts are trustless, non-custodial, and censorship-resistant. Even more, the hedge contracts guarantees through the liquidity locked into them. Ethereum Virtual Machine (EVM) that provides the code autonomously.

Furthermore, Hegic offers a mechanism that enhances a pool model for liquidity providers which want to enhance trustless options trading. Moreover, the ETH related platform is an option trading portal in which traders could engage for profit, or directly participate as a liquidity  provider for a transaction fee share. Each contract is created, maintained, and settled in a decentralized manner.

All-in-all, the HEGIC token is an ERC-20 utility token. This is utilized for the distribution of 100% of settlement fees between the token holders. In addition, the transaction fees accumulated is distributed to all HEGIC holders throughout each quarter. Added to this, the holders can then participate in governance by identifying the rates, the settlement fee sizes, the strike price multipliers and the various assets supported.

With the ongoing developments and upgrades within the platform, HEGIC has a bright future and also can reach great heights soon. 

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Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.