The first half of 2022 was not the best for the crypto industry as the prices of top crypto assets like Bitcoin and Ethereum were down more than 50% from their all-time highs. But towards the end of 2022, November 24th to be precise, Binance, one of the top crypto exchanges by trading volume, announced its intention to launch the Hooked Protocol.
According to Binance, Hooked Protocol will be a blockchain-powered project to facilitate massive Web3 adoption across a broader audience. It launched the Hooked Protocol on the Binance Launchpad. The launch followed up with listing the $HOOK token for sale on Binance. To learn more about this new token, keep reading as we elaborate more.
What is the Hooked Protocol all about?
Hooked Protocol ($HOOK) is the 29th project on the Binance Launchpad. The project aims to give users economic value by gamifying the learning process. As such, anyone, regardless of their prior cryptocurrency experience, can access, earn and own a share of the crypto token.
The Hook Protocol is also building the on-ramp layer for massive Web3 adoption, which aims to enable and hasten the Web3 transformation for applications and developers. Its Web3 capability will help to create a thriving community with engagement and scalability and capitalize on viral growth and decentralized social networks.
One of the reasons the Hooked Protocol was launched on the Binance Launchpad was to raise funds by offering tokens to Binance users. While Binance is one of the key players in the launch of Hooked Protocol, the platform is also backed by Sequoia.
Within a few hours of its launch, its price soared to over 20x from its original token price. While the $HOOK token was designed for play to earn games and gas payments, it soon became a crypto incentive. A total of 25,000,000 $HOOK tokens were reserved for the Launchpad. The total Hooked Protocol token sold at the Launchpad was 5% of the token’s total supply.
Ideally, there will be a total of 500,000,000 $HOOK token supply. Out of this total supply, 20% of the token will go to the team, another 20% will go to HOOK private sale, 25% will go to the community, and 30% will go to the ecosystem/treasury.
The 5% that went to the Binance Launchpad sales ran for seven days from November 24th, 2022, till December 1st, 2022. And from the Launchpad sale, the team met their goal of raising $2,500,000 in the $HOOK token sale on Binance.
What makes hooked protocol different?
Whether or not to invest in the Hooked Protocol is a question that perplexes many investors. If you are considering investing in $HOOK but wondering what features you stand to get, below are some of the top features that make it different.
● Gamified learning
One of the top features of the Hook Protocol is that it adopts a streamlined education system that combines inquisitive learning and immersive learning. With the Web3 emulation experience of the Hook Protocol, users can participate in crypto buzz sectors such as GameFi, and NFT. Furthermore, Hook Protocol comes with innovative content, includes community-formed DAO, and so on to reduce users’ learning curve and enrich the learning experience.
● Quiz to earn
The gamified learning experience with this platform imparts the Web3 with concepts like the Quiz-to-Earn DApp Wild cash. As such, it becomes easier for users to acquire knowledge of Web3 while earning their token as a prize when they answer the quiz correctly. This gets users to start immersive Web3 learning and participation.
● POWT (Proof of Work & Time) mining game
Hooked Protocol also incentivizes users for their effort and time by using Proof of Work & Time in mining games. Users get educated on what mining is about and what to expect through the classic Proof-of-Work mechanism. It is a fun way to get users to participate and be interested in the actual mining of crypto assets.
● Social referral
Rewarding users for referring friends and family to a platform has long been one of the best ways to get new users. With the Hooked Protocol, users get a Web3 social graph which expands by sharing the platform with their social connections. And with the Hooked Protocol, users can earn solid monetary rewards when they share the platform with other users.
The Hooked Wallet is one of the first-ever crypto wallets used by several users of the Hooked Protocol. Also, the interface of the wallet and its infrastructure to store Web3 assets makes it stand out. Also, the Hooked Protocol equips users with a complete suite of Web3 onboarding solutions, such as the Hooked wallet.
Interestingly, users can own and store their crypto assets in wallets with the Hooked Protocol. It is more like an all-in-one crypto wallet to perform all your common transactions. But unlike most wallets, users can conduct staking, swapping, and transferring options. These options make the Hooked Wallet one of the most versatile in the industry, thus standing out from the crowd.
● Hooked Soulbound Token
Another onboarding solution the Hooked Protocol offers is SBT; its community members can enter the Web3 realm with ease. The Hooked SBT is useful and unique for improving the truth and integrity amongst community members.
● On-chain protocol interactions
The Hooked Protocol also accumulates substantial on-chain behavior data. This data engages all protocol interactions on the BNB Chain, enables extensive behavioral insight and analysis, and lays the foundation for ecosystem and community formation.
Conclusively, the Hooked Protocol is a great crypto asset to add to your investment portfolio. While a significant amount of its tokens have been mined, its price is still relatively affordable. Compared to when it was first launched, its price has soared considerably. And its price is still expected to increase in the near future. The Hooked Protocol offers several benefits that make it standout from other crypto assets. So, with the enlightenment in this article, hopefully, you can ascertain if this crypto asset is right for your portfolio.