Let's Get HAIPrice

(HAI)

Let's Get HAI is a decentralized, multi-collateral stablecoin protocol built on the Optimism Layer 2 network. It is modeled after the RAI system, which uses control theory to manage stability without a fixed peg to the US Dollar. Instead of a hard target, it utilizes a floating peg where the redemption price adjusts based on market supply and demand. This allows the protocol to remain decentralized and resilient by incentivizing users to mint or burn the token to maintain equilibrium relative to its internal target price.

Unlike traditional stablecoins that aim for a hard peg to a specific currency, HAI uses a floating peg. This means its target value, known as the Redemption Price, moves over time. The protocol monitors the gap between the Market Price and the Redemption Price using a controller. If the market price deviates from the target, the protocol adjusts the redemption rate. This change influences user behavior, encouraging them to either mint more HAI or pay back debt, effectively pushing the market price back toward the protocol's target.

Let's Get HAI is a fork of the RAI protocol, meaning they share the same decentralized stability logic. However, the key difference is the type of collateral accepted. While the original model is a single-collateral system that only accepts ETH, HAI is a multi-collateral protocol designed for the Optimism network. It accepts a variety of assets as collateral, including wrapped ETH, staked ETH variants, and native tokens like OP. This flexibility allows users to utilize a wider range of decentralized assets as backing for the stablecoin.

To mint HAI, users must open a vault and deposit accepted collateral assets. Once the collateral is deposited, users can borrow HAI against it. Each asset has a specific Minimum Collateral Ratio that must be maintained to ensure the vault remains healthy and avoids liquidation. For example, if the value of the deposited assets falls below the required threshold relative to the debt, the vault may be liquidated. Users can also acquire HAI directly on supported exchanges within the ecosystem for immediate use.

Users can earn yield primarily through the Stability Pool. By depositing HAI into this pool, users help the protocol liquidate vaults that fall below their required collateral ratios. In exchange, participants receive liquidated collateral at a discount and incentives in the form of the KITE governance token. Additionally, the protocol features sHAI, a yield-bearing receipt token for Stability Pool depositors. Users can also stake KITE tokens to participate in governance, earn a share of protocol fees, and potentially boost rewards for specific collateral types.

Due to shared tickers, users often confuse Let's Get HAI with the Hacken Token. It is important to note that Let's Get HAI is a decentralized stablecoin protocol on the Optimism network, whereas the other is a separate cybersecurity-focused project. Users should always verify the official contract address and ensure they are interacting with the correct asset on the Optimism Layer 2. This distinction is critical for security, as the two projects operate on different infrastructures and serve entirely different purposes within the blockchain space.