Explain in detail the Hooked economic model and product gameplay of the Binance Launchpad project

Original title: "Detailed Explanation of Binance Launchpad Project Hooked Economic Model and Product Gameplay"

Original author: sea of fog, PA News

On November 23, Binance announced that Binance will soon launch the 29th Launchpad project Hooked Protocol (HOOK). The Launchpad is a BNB session this time. Based on the investment model, the user's available investment amount is determined according to the user's 7-day BNB daily average holdings. BNB position snapshot period: from 08:00 on November 24 to 08:00 on December 1 (Eastern Eighth District time).

Hooked Protocol is a community-driven social network with Token economics design, users can get a gamified experience, and the team is currently integrating wallets and DIDs. Previously, Binance officially disclosed that Binance Labs and Sequoia Seed Fund led the seed round financing of Hooked Protocol, and A&T Capital participated in the investment. The financing amount was not disclosed.

Hooked Protocol aims to build an entrance for Web3, providing users and enterprises with a tailored Learn&Earn product experience and infrastructure to enter the Web3 world. Hooked has launched a quiz earning product called Wild Cash in Indonesia and Brazil, and currently has more than 2 million monthly active users. The app is equipped with gamified learning and has grown exponentially through its built-in social recommendation mechanism.

This article will give you a detailed explanation of Hooked Protocol's team, economic model, product experience, and how to earn coins.

Team

Jason Y is the CEO of the Hooked protocol and worked at Uber He Meta (formerly Facebook), engaged in consumer Internet and strategic growth for more than 10 years, has created a variety of products, and has experience in managing web2 users with over 100 million users. According to A&T Capital’s disclosure, the members of the Hooked protocol team come from the text growth platform of Midu (subsidiary of China Reading Group) invested by Tencent. The core team has rich experience in 2C marketing and strong product capabilities. In Jason Y LinkedIn, he hides his work from 2018 to 2022, but according to multiple media reports, Midu CEO Yang Ji’s working hours at Facebook and Uber are the same as Jason’s. In October this year, there were also rumors that Yang Ji Resigned from Midu. Jess L is the chief marketing officer and has worked for Uber and Google. Judging from the information on LinkedIn, the two of them were colleagues at Uber.

Dual currency economic model

Hooked protocol adopts dual currency model , where HOOK Token Is the governance that reflects the value of the ecosystem in the Hooked protocol Token , HGT (Hooked Gold Token) is the only utility in the ecosystem Token , which is used to dynamically motivate the community to continuously make contributions.

HOOK Token It is mainly used for community governance, Gas during economic activities on the chain within the agreement, pledge incentives, social elements, and longer-term goals. Its governance rights are reflected in the rights and votes in the Hooked ecosystem proposals, and actions that are beneficial to the platform will receive initial airdrops. Social elements are embodied as HOOK Token With the exclusive privilege of purchasing limited edition NFTs (game tools, secret boxes, etc.) within the Hooked protocol and accessing exclusive community events, the platform promises Token Proceeds will be destroyed. Overall economic model, similar to the StepN model.

In addition, HOOK Token Will be put into innovative practice, benefiting the ecosystem of individual participants and enterprises as a whole, ensuring considerable liquidity and Token The value grows in direct proportion to the value of the entire community.

HOOK Token Based on the BNB chain, the total amount is 500 million. 20% of it goes to private placement, 20% to the team, 30% to the ecosystem and treasury, 25% to the community, and 5% to Binance Launchpad. The private placement price is 0.06-0.12 US dollars, and the Binance Launchpad price is 0.1 US dollars, which is a valuation of 50 million US dollars.

HOOK Token The initial circulation is 50 million, and the circulation will be 19.16% after one year, and will be released until 2029. According to Binance Launchpad price, HOOK Token After going online, the initial circulation market value is 5 million US dollars, and the full circulation market value is 50 million US dollars. According to CoinMarketCap data, the market capitalization of the full circulation ranks around 320 in the whole network.

HGT Token There is no upper limit for issuance, and the number of issuance depends on the earning status of users completing in-app tasks. HGT Token Outputs are only available to users who complete in-app tasks. Specifically, earn coins by answering questions, earn coins by invitation, POWT mining, etc., and drive users to experience Web3 in the game through incentives.

HGT earned through various in-app tasks and actions Token can be unlocked and converted to uHGT (unlocked HGT Token ). HGT Token It cannot be traded itself, so the uHGT mechanism is used to manage the liquidity of HGT. uHGT adopts a community-driven and algorithm-adjusted unlocking mechanism to ensure a sustainable model, and adjusts the reward amount, frequency, and unlocking cap based on user proof of participation and community contributions to reduce Token Speculative risk to reputation and value as prices fluctuate.

The consumption mechanism of HGT is to purchase NFT in the app, enhance the game experience, and unlock advanced rewards. Earned HGT Token Can also be used with HOOK Token to convert. uHGT current Token The price is 0.00000065 USD, and the amount of USDT in the liquidity pool is 9900.

The screenshot above is from Dexscreener

Product Experience

The Hooked protocol has launched the first pilot application, called Wild Cash. According to Binance Research, soon after its release, Hooked became the first and only Web3 application in Indonesia to dominate the Google Play rankings for 9 consecutive days, with more than 2 million monthly active users.

Wild Cash can only be downloaded through the Google Play store at present, you can log in with your Google account or Facebook account, and then select the language in the app according to the product guide to participate in the game earn. It should be noted that once the language is selected, it cannot be changed. After the user successfully registers Wild Cash, it will assign a cryptocurrency wallet address to the user, and there is no entrance for exporting the private key of the wallet and importing the user's own wallet.

Wild Cash reduces the probability of being picked up by robots at zero cost through the question bank and the correct answer rate mechanism. According to feedback from the community, the efficiency of rolling out multiple accounts through simulators and scripts is extremely low, and more rewards can be obtained by answering questions seriously. However, the invitation rewards are extremely high, and users can implement Sybil attacks by inviting multiple accounts, thereby gaining a large amount of Token .

How to Earn Coins

Currently, the methods of earning coins in Wild Cash include answering questions and earning coins , invite to earn coins, POWT mining, pledge to earn coins. earned by users Token It is Gold, which is only used in the app and can be used to upgrade in-game props (more efficient mining hoes, minecarts, etc.).

Earn coins by answering questions

Earn coins by answering questions and activities are divided into prize quiz and quiz training camp . In both activities users have a chance to win Gold Token award.

Users can first participate in the prize-winning quiz to answer the question scene, familiarize themselves with the content of the question bank, and prepare for the special question-and-answer session. There are two modes of prize guessing, one is to share 500 million Gold in a limited time Token , a way to share 1 billion Gold for a limited time Token . Users can participate in any event from the time of the first answer to 24:00 of the day.

The way to participate is to answer regularly. Token Rewards are distributed the next day. There are 10 questions in each guessing activity. If the user answers the wrong question or fails to answer the question within the specified time, it will be regarded as a failure in the guessing. You can use the resurrection card to revive. Each activity has 3 resurrection opportunities per day. Every time the user successfully invites others to download and register the Wild Cash app, the user can get 5 resurrection cards as a reward, and the number of resurrection cards is unlimited.

Quiz Camp has 3 training areas, each with different levels of difficulty and Token award. The question bank consists of 10 basic questions related to the currency circle, and the answering time for each question is 60 seconds. If the user answers 10 questions correctly, there will be 1 chance to get Gold Token award. If you do not answer all 10 questions correctly, you will continue to answer the questions in a loop until you answer all 10 questions correctly. If you quit midway, you will lose the reward.

The quiz training camp will set the number of questions that the user can answer every day based on the user's historical correct rate. more. According to the PANews test, you can get 1100-1800 Gold for each answer Token .

Invite to Earn Coins

Users copy in the Invite to Earn Coins interface Invite friends to participate in the personal link, and successfully invite a single user to get 5000 Gold Token . At the same time, the invitation ladder rewards are set up. The first successful invitation can get 30,000 Gold rewards, the successful invitation of 3 people can get 31,000 Gold rewards, and so on.

When the user you invite starts mining, you will be able to get 5% of the invitee's mining reward. This reward is a platform reward, and the invitee's mining reward will not be reduced. On the invitation interface, you can click the corresponding button to remind the invitee to participate in mining, and you can remind once every 24 hours.

POWT Mining

POWT means Proof of Working Hours Mining Mining, the method is to simulate Bitcoin mining, and users can use in-app functions (such as Token Mining game) to mine a limited amount of Gold Token , thereby cultivating and enhancing the daily Web3 experience of Hooked users.

The default mining efficiency of the application is 1 Gold per second, the mining time is 1h, and the upper limit of a single account is 10,000 Gold per 24h. Users can click the Tap button to increase mining efficiency, and they can also forge hoes with higher mining efficiency. The casting price of a hoe with 2HGT/s efficiency is 9600 Gold, and the casting price of a hoe with 3/s efficiency is 19800 Gold. At the same time, the capacity of minecarts can be increased to increase the number of mines that can be mined per day. The casting price of 16000/24h minecarts is 36000 Gold, and the casting price of 33000/24h minecarts is 68000 Gold.

According to the system settings, the first task is to upgrade the mining efficiency and mine car capacity, and increase the daily coin output to the highest.

When the hoe is upgraded to level 3, the mining efficiency is 3/s, and you can get 10,800 mining pieces at normal speed for 1 hour. At this time, the capacity of level 1 minecart is sufficient. If the user clicks on the screen to improve mining efficiency, you need to buy a level 2 minecart. Therefore, after you start mining, you can upgrade the hoe first, continue to upgrade the hoe to level 3 after the next 24h, and then upgrade the capacity of the minecart after the second 24h. The hoe is upgraded after the third 24 hours. The efficiency is currently in the form of a blind box, so the subsequent operations are determined according to the efficiency of the hoe.

Staking to earn coins

HGT earned through the above methods Can earn more by staking Token , with an annualized return of 20%, the pledged Token It can be stored and withdrawn at any time. When the earned Gold reaches 800,000 pieces, the user can convert it to uHGT in the app, and then convert it to BUSD. According to the in-app display of Wild Cash, the conversion ratio of Gold and uHGT is 1:1. According to the current secondary market price of uHGT, 800,000 Gold Token It is worth $0.50.

Post-Planning

Hooked Agreement Announced October 24th Launched on the BNB Chain main network, it is expected to expand to other Layer 1 networks (such as Solana, Avalanche, etc.) in the fourth quarter of 2022. At the same time, it will expand the global market and launch the guessing experience in more regions.

In the first half of 2023, launch a more diverse gamified learning experience, establish continuous cooperation and partnerships with more Web3 projects, and launch a wallet for Hooked community users solution. In the second half of 2023, it will become one of the largest Web3 explorer communities and launch the exploration of the DAO governance structure of the Hooked protocol. At the same time, use the Hooked ecosystem infrastructure to launch more different applications, launch application middleware solutions (wallets, DID, etc.) for ecosystem developers, and explore business models.

According to the information disclosed by Binance, the Hooked protocol and the BNB chain will have a long-term and lasting cooperation, thereby inspiring the Hooked community to explore attractive benefits and diverse experiences BNB chain ecosystem.

Summary

In summary, from the perspective of product experience, the application is highly complete, and the official The risk of sub-coin HGT being wiped out by robots in batch accounts is also reduced through the answering rules, and the limited time and limited purchase of tools to improve mining efficiency slows down the speed of mining output, making users need to spend more time and effort to participate. However, there are huge loopholes in the invitation reward mechanism, and Sybil attacks can be completed at zero cost. Moreover, the current in-app economic ecological cycle path is extremely single, and the demand cannot meet the supply. This mode will result in HGT Token In the short term, the price has no supporting value. It needs to be observed whether Hooked officially improves the invitation mechanism and builds a richer ecological internal economic cycle.

From the perspective of the economic model, the circulation of the mother currency HOOK is extremely low in the early stage, and the market value of the full circulation is only 50 million US dollars, which may be used by market makers to achieve the purpose of strong control . In addition, Hooked officially held Halloween activities and issued more than 40,000 Hooked Party Passes (in the form of SBT, non-transferable) to the community. According to official information, the Pass card can be regarded as an early user certificate. If the official airdrops HOOK to the Pass card Token The way to attract market heat, there will be a lot of zero cost in the short term Token Selling, need to pay close attention to official information.

From the perspective of ecological needs, in addition to the short-term FOMO triggered by Stepn in the current Binance ecosystem, which makes the economic activities on the BNB chain extremely active, the current No other similar phenomenal products have appeared, and the Hooked protocol has the potential to attract more users to the BNB chain. But this depends on the economic cycle in the Hooked agreement being diverse enough, otherwise it will be a silence after a while of FOMO sentiment.

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