Protocol for decentralized finance Hegic also announced the introduction of a soft governance program to compensate long-term consumers.

Hegic plans to reward its most faithful users with its latest gHEGIC governance token, according to an April 19 announcement, departing from the public airdrops and yield farming initiatives that have become common ways to spread governance in the DeFi market.

gHEGIC users will be able to vote on potential Hegic Improvement Proposals.

Hegic is a decentralized on-chain derivatives protocol that allows users to trade Ethereum and Wrapped Bitcoin by purchasing call and put options (wBTC). By offering options to customers and receiving a percentage of the premiums charged to the pools, users may add liquidity to the protocol.

“With the soft launch of Hegic governance, the most active and long-term oriented users of Hegic will own the protocol in terms of their influence on its future.”

Traders who have purchased four or more options contracts since the start of Hegic v888, as well as liquidity suppliers who have given at least one ETH or 0.05 wBTC to pools for more than 100 days without withdrawing, will be eligible to engage in Hegic governance.

Participants in the Hegic initial bonding curve bid, or ICBO, who have not sold a single HEGIC token since the promotion began in September 2020, as well as the project’s most involved members on Discord, will collect the governance tokens.

Buyers and LPs who apply for governance will receive $500 in HEGIC in exchange for providing feedback about the platform, in addition to being able to receive the protocol’s upcoming governance tokens.

The governance token will be mined and distributed on May 1, according to the existing schedule.

Hegic v888, the protocol’s beta version, was released in October 2020 and has gained a lot of interest since then.

Individual traders purchased 3,200 ETH options and 1,500 wBTC options worth a total of $291 million in the first quarter of 2021. According to DeFi Llama, the gross valuation locked at the end of the quarter was $59 million, but it has since dropped to $57 million.

According to Coingecko, HEGIC tokens has gained an increase of 3.2 percent in the last 24 hours and were trading at $0.175.

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