The 29th project on Binance Launchpad is Hooked Protocol (HOOK). It is understood that Hooked is a protocol paving the way for Web3 adoption by providing tailored learning and earning solutions and integrated infrastructure for users entering the Web3 world. In this article, let’s delve deeper into what is HOOK coin and the potential of Hooked Protocol.
What is HOOK coin, and should you invest?
What is HOOK coin?
HOOK coin, also known as Hooked Protocol, is a project created to connect users with the Web3 world by providing products that enable users to Learn & Earn, completing tasks to earn money.
It is known that Hooked Protocol is a SocialFi (Social Finance) project on the BNB Chain, which is an area that many people are paying attention to with many prominent projects.
Along with gamifying user experiences, Hooked Protocol also builds a positively interactive community and leverages the advantages of decentralized social networking, thus creating an ecosystem with an economy owned by the community itself.
What makes Hooked Protocol (HOOK coin) special?
As of now, Hooked Protocol has launched its first experimental dApp named Wild Cash, with the goal of becoming the Web3 community portal in emerging markets such as Brazil and Indonesia. Despite being launched less than a month ago, Wild Cash has already surpassed one million downloads and is dominating the Google Play rankings in Indonesia.
Currently, Wild Cash has included the following basic functions:
- Quiz-to-Earn: Wild Cash will provide an HGT token reward pool, where you need to correctly answer a number of questions (usually 10) to be able to share and receive this reward with other players. The questions are generally about Web3, Blockchain, and Cryptocurrency, which helps users to easily learn about this sector through Wild Cash.
- POWT-based Mining Game (Proof of Work & Time):By utilizing the traditional Proof-of-Work mechanism, this game encourages players to invest their time and effort into the platform.
- Social Referral: By sharing and creating their Web3 social graph, users can earn substantial rewards.
- Stake and Swap:Users can exchange HGT earned from the above activities for uHGT or BUSD. Alternatively, they can stake it to receive an interest rate, with the current APY for staking HGT being around 20%.
Additionally, Hooked Protocol will continue to focus on Web3 services as well as Web3 deployment solutions with products and features being developed such as:
- Hooked Soulbound Token (Hooked SBT):Used as a “web3 passport” since it can only be minted once and cannot be transferred between accounts.
- Hooked Wallet:A cryptocurrency wallet that helps users utilize Hooked Protocol products to store assets, make transactions, etc.
- Lưu trữ dữ liệu on-chain: Information and data are stored on the BNB Chain and transparent to all users and the community.
Currently, Wild Cash remains the flagship product of Hooked Protocol. This product has achieved certain milestones after a few months of launch:
Consistently hitting the top trending in the Indonesian market.
MAU (Monthly Active Users) reached 2.5 million, with about 50,000 new users each day.
Hooked is also the SocialFi project with the highest number of users over 7 days (361,000 users).
The rate of new users joining the Quiz is 90%.
Notably, Hooked Protocol also uses a dual token economy: HOOK (governance token) and HGT (utility token) – similar to leading projects in previous trends like Axie Infinity or STEPN.
Hooked Protocol Tokenomics
HOOK is the primary token of the project, which can be used for the following purposes:
- Governance: HOOK token holders can vote to determine the platform’s future direction, and those who contribute value to Hooked Protocol may have the opportunity to receive an airdrop. Additionally, HOOK can be staked to earn rewards from the platform’s revenue.
- Use as gas/payment fees within the ecosystem: Hooked is building infrastructure with Rollup technology for Layer 1s to support their Dapp, and $HOOK will be used for in-game trading activities. In the future, all projects built on Hooked will have to use $HOOK tokens to pay for on-chain transaction fees.
- Participation in exclusive NFTs: Holders are encouraged to keep HOOK tokens to gain the right to participate in exclusive NFT events of the platform and receive valuable benefits.
Some details about the HOOK token::
- Name: Hooked Protocol
- Ticker: HOOK
- Type: Governance
- Chain: BNB Smart Chain
- Contract (BEP-20): Updating
- Total Supply: 500,000,000 HOOK
- Initial Circulating Supply: 50,000,000 $HOOK (10% of the total supply when listed on Binance)
HOOK token Token Allocation
- Private Sale: 20.00%
- Binance Launchpad Sale: 5%
- Team: 20.00%
- Ecosystem/Treasury: 30.00%
- Community: 25.00%
HOOK Token Release Schedule
Information about the HGT token:
As mentioned above, Hook Protocol uses a dual-token system with HOOK and HGT. The HGT token is an ecosystem token of Hooked Protocol used to reward users. $HGT has an infinite supply, but this will be limited through $uHGT. HGT has the following features:
- Rewards for Quiz-To-Learn
- Rewards for inviting friends to join through the referral program.
- Rewards for mini-games within the ecosystem (currently a game simulating BTC POW mining)
- Used to buy, sell, and upgrade in-game items.
HGT tokens can be converted into $uHGT (a token that can be liquidated through $BUSD) at a rate according to the user’s contribution proof within the ecosystem. This means the more you contribute, the faster the tokens will be unlocked. This is designed to encourage users to increase interaction and collectively build the ecosystem.
Team, partners and Community of Hooked Protocol
Almost all information about the development team of Hooked Protocol is anonymous, and currently, there is only preliminary information about 3 people in the team, which includes:
- Jason Y: The founder of Hooked Protocol, with over 10 years of experience in growth strategy and the consumer internet sector, has built several products with more than 100 million users. Additionally, he is a former manager at Uber and Facebook.
- Jess L: CMO of Hooked Protocol, highly experienced in marketing, business development & strategy. She is also a former employee at Uber and Google, as well as having worked at several leading tech corporations in Silicon Valley..
- Mike Y: CTO of Hooked Protocol, possesses extensive expertise in consumer product development and large-scale financial service engineering.
Investors: The project has completed 2 funding rounds and received 6 million USD from investors with a Fully Diluted Valuation (FDV) in the range of 30 – 60 million USD. Among them, Binance Labs and Sequoia Capital are two prominent investors.
Community channels of Hooked Protocol: Despite being newly launched, it cannot be denied that Hooked owns a rather developed community. You can update their information on the following channels:
- Twitter: https://twitter.com/hookedprotocol
- Telegram: https://t.me/HookedProtocolOfficial
- Discord: https://discord.com/invite/2aWBxMKRFf
- Tiktok: https://www.tiktok.com/@hookedacademy
Should we invest in Hooked Protocol – HOOK coin?
So does Hooked Protocol (HOOK coin) have potential? To answer this question, let’s delve into the pros and cons of this project.
So should we invest in HOOK coin?
Personally, I evaluate that for the moment, Hooked Protocol seems to be a rather useful project for users and has an effective marketing strategy by applying an unlocking mechanism for users who contribute to the platform. However, its current challenge is that it’s quite new – so it needs more time to be accurately assessed.
Therefore, for now, you can add Hooked Protocol to your watchlist, to see how this project operates, whether it follows its roadmap? And whether it can create a new trend like StepN did before? Considering the investment perspective at the current time, HOOK coin is still a high-risk investment – Therefore, consider it with a reasonable amount of capital.
- What is HOOK coin? HOOK is the currency of Hooked Protocol, a protocol paving the way for users to enter Web 3.0.
- Hooked Protocol offers products that allow users to play, experience, and learn about the fictional world of Web 3.0.
- Hooked Protocol utilizes a dual-token system, consisting of HOOK tokens and HGT tokens.
- The main product of Hooked is Wild Cash, with over 2 million active users per month, currently experiencing significant growth in Indonesia.
- Hooked Protocol is the 29th project on Binance Launchpad.
- Hooked Protocol is supported by Binance and Sequoia.
- Currently, Hooked Protocol (HOOK) is still quite new, so it’s too early for specific assessments. However, after all, this is a well-invested project, and you might consider adding it to your watchlist and thinking about investing at an appropriate time – with a reasonable amount of capital.
- What is MAV Coin? Review Maverick (MAV) – The 34th Project of Binance Launchpool
- What is PENDLE coin? Review PENDLE – Binance Launchpool’s 35th project
The above are our shares on what HOOK coin is, along with analyses on the potential of Hooked Protocol (HOOK). We hope that through this article, you’ve gained some personal insights about this project, and decided whether or not you should invest in HOOK coin in the coming time. Overall, Hooked Protocol seems to be a promising addition to the cryptocurrency space, which is in need of reliable projects at the moment. With the support of Binance as well as Sequoia, it could be a great development that you should keep an eye on.