Emergency Shutdown Mechanism

The Helio Protocol is a smart-contract system that backs and stabilizes the value of HAY through a dynamic combination of Vaults, autonomous system of smart contracts, and appropriately incentivized external factors.

HAY will always be redeemable to at least $1 worth of crypto assets. The shutdown process will be used as a last resort to directly enforce the $1 USD redeemable value to HAY holders and the Vaults, as well as protecting the Helio Protocol against attacks on its infrastructure.

The shutdown stops and settles the Helio Protocol while ensuring that all users, both HAY and Vault holders, receive the net value of assets they are entitled to. The Helio Protocol follows MakerDAO’s emergency shutdown process and will intend to provide more details in the technical documentation.