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Leading crypto exchange Binance has announced the Hooked Protocol (HOOK) on its Launchpad with sales beginning soon.
Binance has announced Hooked Protocol (HOOK), the 29th project on the Binance Launchpad. According to the prominent crypto exchange, the token sale for Hooked Protocol will follow the Launch subscription format. In addition, the recording of the user BNB balances will begin tomorrow, November 24th.
Regarding its Hooked Protocol initiative, Binance stated that it would record user BNB balances for up to seven days. In addition, the platform will use the final BNB holding amount for each user to determine the average. Binance also provided the Daily Average BNB Balance calculation it will use to assess the user BNB holding amount.
Binance and Hooked Protocol
According to Binance, Hooked Protocol looks to build an on-ramp layer for massive Web3 adoption. The initiative also seeks to provide tailored Learn & Earn products. Lastly, Hooked Protocol aims to onboard infrastructures for users & businesses to foray into the new world of Web3. These objectives, summed up into three pillars, include Web3 community gateway, gamified learning experience, and application infrastructure.
The details of the HOOK token sale include a Launchpad Hard Cap of 2,500,000 USD and a Hard Cap Per User amounting to 15,000 USD (150,000 HOOK). Binance also gave the total HOOK token supply as 500,000,000 HOOK, and the total tokens allocated to Binance Launchpad as 25,000,000 HOOK. This sum also represents 5% of the stated total token supply.
According to Binance, the public sale token price of 1 HOOK is equivalent to 0.1 USD. However, the platform will determine the price equivalent in BNB before the subscription. The token sale format is subscription-based, and supported sessions are in BNB only.
The Preparation Period for the Binance Hooked Protocol begins tomorrow and ends on December 1st. During this period, Binance says it will calculate BNB balances in hourly snapshots each day over a week. The user’s final average daily BNB balance over the seven days determines the maximum BNB amount to be committed later on.
The Subscription Period for the initiative will take place over three hours for eligible users on December 12th from 06:00 (UTC) to 09:00 (UTC). Users would also need to sign the Token Purchase Agreement at the same time before committing their BNB. Furthermore, Binance points out that users will not be able to redeem or access any other functions once they commit. Such functions, including transfers, withdrawals, or trading, would not be possible until the final token distribution because the BNB will be locked.
Following the Subscription phase is the Calculation Period, which starts at 09:00 (UTC) on December 1st and lasts for an hour. The conclusive stage of the Hooked Protocol process is the Final Token Distribution which begins immediately after the calculation period concludes. Upon calculating the final token allocation, the user will cede the corresponding BNB from their already-locked BNB amount. Following this deduction, the HOOK and BNB tokens will transfer to the user’s spot wallet.