Binance New IE0 Hooked: Will it be the next StepN to attract Web3 newcomers?

On November 23, Binance announced that it will launch the 29th Launchpad project Hooked Protocol (HOOK) and open a BNB special sale. The sale will be based on the investment model. Binance will determine the amount of investment that users can make based on their 7-day average BNB holdings. Whether Hooked Protocol (HOOK) is expected to promote the large-scale adoption of Web3, BlockBeats will take you to find out from the official white paper.

Product Mechanism and Gameplay

In the third quarter of 2022, Hooked has launched a pilot DApp "Wild Cash" with a built-in classic Web3 mechanism. Its main functions include:

1. Quiz-to-Earn : Users can get immersive Web3 learning from the beginning while earning their first Token reward by answering quizzes correctly.

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

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

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

In addition, Hooked also provides users with a complete set of Web3 entry solutions to facilitate their Web3 transformation:

Hooked Soulbound Token (Hooked SBT): As a unique digital identity, Hooked allows community members to use Hooked SBT to enter the Web3 field and improve integrity and trust among community members.

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

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

Token Economics: Dual Token Model

The token economics of Hooked Protocol have been released recently, adopting a dual token model: the governance token HOOK and the utility token HGT (Hooked Gold Token).

HOOK is mainly used for community governance and on-chain transaction gas fees. Holding incentives include access to exclusive community events and the opportunity to purchase limited edition NFTs on the platform. 20% of the total supply of HOOK is allocated to the team and advisors, 30% is reserved for the ecosystem, 25% is allocated to the community, 5% is sold through Binance Launchpad, and 5% is used for private placement.

HGT is a token obtained by users completing tasks within the application, and rewards are given based on the duration and achievements of user activities. HGT can be used to access activities, virtual assets and properties, enhance gaming experience, and premium rewards. In addition, users will also be able to convert HGT to HOOK within a limited range.

While HGT itself is not liquid, it can be unlocked and converted into uHGT (unlocked Hooked Gold Token), creating direct liquidity incentives and rewarding the community for its continued contribution to the ecosystem.

Hooked Protocol (HOOK) White Paper Link: https://hooked-protocol.gitbook.io/hooked-protocol-whitepaper/