9 June 2021
The HOKK Finance developer team has been hard at work chipping away at each exciting new update to the backend of our DEX (Decentralized Exchange), HOKKFi (www.hokkfi.com).
In order to provide the best possible avenue for testing and to ensure everything runs smoothly, we’ve decided to push everything we’ve built onto Ropsten Testnet, an Ethereum-based testing network that will allow us to further test each upcoming feature without the need for real ETH tokens, including LP Mining, $HOKKFi smart contracts, and their interactions with single-asset staking and DAO UI.
Our hope is that by having these developments live on Ropsten, we’ll be able to show the community that these items are actually being built and tested, not just being talked about. Anybody will be able to interact with all of these items on Testnet. www.hokkfi.com (HOKKFi DEX) will also be active on Testnet with LP mining, staking, and DAO.
We plan on deploying the following three items on the Ropsten Testnet within the next 5 to 9 days:
1. HOKKFi DEX (www.hokkfi.com). Status: in-progress.
2. Liquidity Pool (LP) Mining. Status: in-progress.
3. $HOKKFi Utility + Governance token. Status: in-progress.
After successful deployment of the above items, we will deploy the following two items on the Ropsten Testnet:
4. DAO voting smart contracts, mechanism and UI. Status: in-development.
5. Single asset staking contracts + UI. Status: in-development.
Development on the previously promised Live Gas Tracker tool has been completed and it will be deployed live on www.hokkfi.com within the coming few days.
Once all these features are deployed and live, we will introduce $HOKKFi as the utility and governance token of the HOKK Finance ecosystem. $HOKKFi will be airdropped to current $HOKK token holders.
At this point, we will have a fully-functioning DAO for Proposals and Voting, which will allow the community to choose what we do next, which areas dev efforts should be focused on, and what we do with the revenue generated from $HOKKFi. Wait, revenue? What revenue?
It’s simple. LP (Liquidity Pool) mining and staking will incentivize holders to lock their $HOKK and $HOKKFi to earn more rewards in the form of more $HOKKFi. In turn, these mechanisms significantly decrease token sell pressure due to the appealing upside of LP and staking rewards. That’s not all. Staking and LP mining will generate revenue for HOKK Finance via token emissions and protocol transaction fees. This generated revenue can then be used to further build and develop the HOKK Finance ecosystem, add liquidity to $HOKK and/or $HOKKFi, be used for marketing, or for any further development the community desires.
All of these features and utilities are paving the foundation of the HOKK Finance ecosystem, and this is only the beginning.
Our journey to an accessible and affordable global payment and remittance system is well under way, and we’re all incredibly grateful for the support shown by our wonderful community, volunteers, moderators, admins, designers, developers, and contributors.
- HOKK Finance ♥️