According to a spokesperson, Flex Yang, the previous CEO of Babel Finance, has introduced a new stablecoin named HOPE, along with a DeFi ecosystem that is connected to it. The goal of the HOPE ecosystem is to bridge the gap between centralized finance (CeFi), traditional finance, and DeFi applications, which rely on smart contracts to provide financial services to users without intermediaries. Yang resigned from Babel Finance in October 2021 and declared a leadership transition in December 2021 to pursue personal projects in the crypto industry, one of which was the development of HOPE.
HOPE stablecoin's initial investment will be utilized to establish bitcoin and ether reserves, which will be used to create a pricing peg. Later, users will be able to purchase HOPE coins to interact with the DeFi apps in the ecosystem. At the time of launch, prominent investors and Flex Yang will support the stablecoin, and eventually, the governance will transition to a decentralized autonomous organization (DAO).
The ecosystem will start with HopeSwap, an Ethereum-based swap protocol that employs an Automated Market Making system to deepen liquidity and act as an onramp for users to acquire HOPE.
HopeConnect, a derivatives trading platform on CeFi platforms, will be launched later, and will provide self-custody security through DeFi smart contracts. Additionally, HopeLend, a non-custodial lending platform with multiple liquidity pools, and HopeEcho, which creates synthetic assets that track real-world asset prices, are among the other upcoming applications in the HOPE ecosystem, along with third-party DeFi applications developed on the platform.