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Binance New IEO Hooked: Is it the next step to attract new Web3 hooked?

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Hooked uses a dual Token model: governance Token HOOK and practical Token HGT (Hooked Gold Token).

BlockBeats Note: Binance announced on November 23rd that Hooked Protocol(HOOK), the 29th Launchpad project, will soon be available, along with BNB. The sale will be based on an input model, Binance will determine how much a user can invest based on their average BNB holdings on the 7th day.Whether Hooked Protocol(HOOK) is expected to spur mass adoption of Web3,BlockBeats takes youTake a look at the white paper on the website.

Product mechanics and gameplay

In the third quarter of 2022, Hooked has launched the pilot DApp "Wild Cash", which has the classic Web3 mechanism built in and its main functions include:

1. Quiz-to-Earn: Users can get immersive Web3 learning right from the start and earn their first Token reward by answering the quiz correctly.

2. PoWT (Proof of Work and Time) mining game: The game uses the classic proof-of-work mechanism to motivate users to contribute energy and time within the platform.

3. Social recommendation: Users can earn generous Token rewards simply by sharing and building their Web3 social graph.

4. Stake and Swap: Users can have their first crypto Wallet and store crypto assets, and use Hooked Wallet to Staking, Swap, and transfer transactions.

Hooked also offers users a complete suite of Web3 starter solutions to facilitate their Web3 transition:

Hooked Soulbound Token (Hooked SBT) : As the only digital identity, Hooked allows community members to use Hooked SBT to enter the Web3 realm and enhances integrity and trust among community members.

Hooked Wallet: The first encrypted wallet for most members of the Hooked community, with a user-friendly interface and infrastructure to store Web3 assets and conduct future transactions.

On-chain protocol interaction: Hooked has accumulated solid and rich on-chain behavioral data by participating in all protocol interactions on the BNB Chain, enabling extensive behavioral analysis and insight, laying the foundation for community and ecosystem formation.

Token Economics: Dual Token model

Hooked Protocol's Token Economics has been released recently and uses a dual Token model: governance Token HOOK and utility Token HGT (Hooked Gold Token).

Hooks are mainly used for community governance, Gas fees for on-chain transactions, and holding incentives include access to exclusive community events and the opportunity to purchase limited edition NFT of the platform. 20% of the total HOOK supply is allocated to the team and consultants, 30% is reserved for the ecosystem, 25% is allocated to the community, 5% is available through Binance Launchpad, and 5% is available for private placement.

HGT is based on tokens earned by users for completing tasks within the app, and is rewarded based on the duration and achievements of the user's activities. HGT can be used to access events, virtual assets and property, enhance the game experience, and advanced rewards. In addition, users will also be able to convert HGT to Hooks with limited scope.

Although the HGT itself is not mobile, it can be unlocked and converted into uHGT (unlocked Hooked Gold Token), resulting in a direct liquidity incentive and rewarding the community for its continued contribution to the ecosystem.