Hooked Protocol is one of the hottest projects recently. Since its IEO on Binance Launchpad on December 1, it has attracted a lot of attention. Let’s take a look at whether it is worth investing in.
Hooked Protocol is a Web3 social network built on BNB Chain. Its goal is to create a community-driven ecosystem that provides learning products and onboarding infrastructure to enable more people to join Web3. $HOOK is the governance token of the platform, while $HGT is a utility token used only within the ecosystem.
Wild Cash is the first product launched by Hooked and will be launched in the third quarter of 2022. It enables users to learn Crypto-related knowledge and earn corresponding rewards through simple operations, such as Quiz-to-Earn, PoWT (Proof of Work and Time) mining games, etc. The outlook is positive and ranks 15th in the game category.
Ecological development
Hooked Protocol is characterized by its simple interface, easy operation, and gamified learning experience, which makes it user-friendly. Therefore, it has attracted a large number of users in a short period of time.
According to DappRadar statistics, in the past 24 hours, Hooked Protocol UAW (the number of independent active wallets interacting with DApp smart contracts) reached 406,000 (the average number in the past 7 days was 389,000). Currently, the TVL of Hooked Protocol is about 113,000 US dollars.
Roadmap and progress
The project has disclosed a roadmap from launch to 2023. The development plan for 2023 is relatively vague, with no specific implementation details. As of December 2, Hooked has completed its seed round and IEO, and launched its first application - Wild Cash. In the next six months, it will focus on product upgrades, collaborations, and wallet integration in the first half of 2023.
Underlying technology and security
Hooked Protocol plans to build a Rollup execution layer as the scalability infrastructure of the ecosystem, while merging assets and data with the ecosystem. The expansion plan has not yet been officially launched, but according to the disclosed roadmap, it should be released in the fourth quarter of 2022
In addition to Rollup, Hooked also plans to integrate built-in infrastructure such as DID solutions, built-in wallets, and graphical interfaces, which are still under development and planned to be launched next year. The project is still in its early stages.
It is worth noting that the project has not yet made its code public, nor has it published a code audit report. Therefore, the security of Hooked cannot be evaluated for the time being.
Token Economy
Hooked has launched two native tokens. One is the governance token $HOOK, which can also be used to pay for Hooked Rollup gas fees and unlock other additional services. Support for the use of $HOOK has not yet been developed.
The total supply of HOOK is 500 million, of which 40% is allocated to private round investors and teams, which is relatively concentrated. These tokens will be unlocked from July 24, 2023, and will not be fully unlocked until October 2029.
For $HOOK, 20% is allocated to private round investors. Hooked Protocol announced two private rounds earlier this year, raising approximately $6 million with a FDV between $30 million and $60 million. Major investors include Binance and Sequoia Capital.
The second token is $HGT, which can be obtained by completing in-app tasks and has an unlimited supply. This token is not tradable until it is converted to uHGT (unlocked Hooked Gold Token). The unlocking mechanism is determined by the Bonding Curve and community proposals. The demand and value of $HGT may depend on the number of users in the ecosystem, the token destruction mechanism, and the unlocking speed. However, no further information is available at this time.
Secondary market performance
HOOK can already be traded on 10 centralized exchanges and Pancakeswap, with Binance being the main trading platform. HOOK’s 24-hour trading volume is approximately $730 million.
As for the on-chain data, there are currently only 4 addresses holding the token, with a total of 14 on-chain transactions, which means that the token is mainly traded on centralized exchanges.
Final Thoughts
Hooked has attracted a large number of users in a short period of time due to its innovative learning concept and easy-to-use product. It also has the potential to integrate with other projects such as DeFi and NFT. However, it still has a lot of room for improvement in some aspects. First, the project is still in its early stages and some major infrastructure has not yet been developed. Second, the features that are important for using HOOK have not yet been launched. Moreover, the token is mainly traded on centralized exchanges, and on-chain activities are scarce. In addition, the project has not yet disclosed its codebase, audit results, and detailed development plans, which will affect the evaluation results of the project.
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