HOKK Finance Community Update
7th June 2021
“When Airdrop? | When Marketing? | When Lambo?”
Above are a few phrases that are becoming increasingly common in the community. The response from the admin, mod, and volunteer team has remained the same. Having to patiently respond to the same questions, over and over again takes the team away from focusing on important roadmap development items that are imperative to achieving our vision.
Here is a high-level overview of the items that our wonderful community contributors, volunteers, designers, and developers are working on:
1. HOKKFi DAO Governance User Interface (UI) + Back-end Integration With Smart-Contract(s)
a. The purpose of a DAO is to shift power to the community, in true decentralized fashion. This ensures that contributors, admins, mods, volunteers, and developers working to further the project vision are acting in ways that align with that of the community at large. The DAO structure will include the following:
i. The ability for holders of the HOKK Finance ecosystem governance token ($HOKKFi) to make “proposals”. Proposals are then voted on by the community (e.g. A proposal title may be: “Utilize this month’s $HOKKFi block-rewards to fund $HOKK and $HOKKFi Uniswap liquidity proportionally”).
ii. Proposal statuses will be (Queued, Active, Executed, Defeated).
iii. When a proposal is voted on and successfully passed by the community, the status of said proposal will change to “executed”. If a proposal is unsuccessfully passed, its status will change to “defeated”.
2. HOKKX Decentralized Exchange (DEX)
a. A few weeks ago, the HOKK Core Developer Team built and released HOKKX v1.0 (www.hokkx.com). HOKKX was our solution to the visual glitch, decimal error, and load speed of Uniswap’s interface. Though the visual errors on Uniswap ultimately did not affect transactions at all, it deterred users from executing transactions for a multitude of reasons, but mainly uncertainty and fear of losing funds or receiving the wrong amount of tokens. HOKKX solved this problem.
Since HOKKX launched in the middle of May, its number of users has steadily increased (far exceeding our expectations). We have maxed out API calls, hosting servers, wallet-connects, and traffic limits multiple times and have had to upgrade plans with our back-end service providers in order to keep HOKKX online and maintain growth of the platform.
To our surprise, the minor problem that we solved was very well received by not only our community, but hundreds of thousands of token holders across other communities (as seen in the DEX user data).
As of this announcement, HOKKX is being used for hundreds of thousands of transactions (weekly) and the development team is working hard to granularize user data to further improve the platform and user experience.
3. HOKKX → HOKKFi Decentralized Exchange (DEX)
a. While reading this, you may be wondering, “Wait, what is HOKKX… When I visit www.hokkx.finance, it redirects me to www.hokkfi.com”? No, this is not an error! We simply changed the name of HOKKX to HOKKFi. After lengthy discussions amongst key community contributors, it was decided that HOKKFi better represents the name and messaging of HOKK Finance and is a better fit for branding of the HOKK Finance ecosystem and its future products.
Initially, HOKKX was going to be the ecosystem utility token ($HOKKX). Although the name sounded cool, and had a slight similarity to SpaceX, it was decided that the name could be replaced with something better and more fitting. This is how HOKKFi was born!
HOKKFi is now the official name of the platform that will house all future products and developments within the HOKK Finance ecosystem (DEX, DAO Structure, Utility and Governance Token ($HOKKFi), Single-Asset Staking, Liquidity Pool Mining (LPM), and potential future products such as HOKK Wallet, HOKK Pay, HOKK Remit and much more).
4. Certik Audit of $HOKKFi
a. Certik is the market leader for blockchain security and audits. The developers agreed that $HOKKFi will play an integral role in powering the HOKK Finance ecosystem, and that it should be audited by none other than the firm with the best reputation in the industry.
On May 28th, HOKK Finance commissioned Certik to conduct a multifaceted audit on the $HOKKFi utility and governance token smart contract. Certik has completed stage one of the audit, and provided us with a Skynet Scanning Report showcasing the results of stage one of the audit.
We are excited to announce that the $HOKKFi smart contract received exemplary scoring (source-code score of 94.67) in stage one of the audit. Certik is now in the process of stage two of the audit, which includes more comprehensive and manual stress testing of our smart contract(s). Certik has informed us that they are nearing completion of stage two. Upon completion and receipt of the full audit report, we will be posting it publicly on the www.hokk.finance website and in our official Telegram channel.
5. Airdrop of Utility and Governance Token ($HOKKFi)
a. As many of you already know, the airdrop has not yet occurred. The airdrop was delayed due to broader market conditions (Bitcoin and Ethereum volatility) and general market instability that is out of any individual person’s control. As stated in prior announcements, the core team has voted and feels that it is best for the airdrop to take place when markets are stabilized. The core team has been and will continue to actively monitor market conditions to ensure the airdrop takes place as soon as possible and at the best time possible to maximize its impact.
6. Single-Asset Staking Integration
a. Single asset staking is similar to depositing your money into a bank account, whereby you will deposit $HOKK and earn $HOKKFi in return. We will also bring other Doggy coins onboard to our platform such as $DOGE and $SHIB. This means you will earn rewards for depositing your $DOGE and $SHIB. Deposit $DOGE, Earn $HOKKFi. Deposit $SHIB, Earn $HOKKFi. Single asset staking traditionally does not have as high rewards as liquidity pool mining.
7. Liquidity Pool (LP) Mining Integration
a. Liquidity Pool (LP) mining is the same concept as single asset staking except that you deposit your LP tokens. What are LP tokens? These are the UniSwap liquidity tokens that are generated when you create liquidity on a decentralized exchange to enable trading. LP Mining generates higher returns than single asset staking as it helps to support the price of $HOKK and $HOKKFi by increasing the liquidity pool. This reduces the price impact of sell transactions thereby increasing the price floor.
8. HOKK and HOKKFi Website Redesign
a. Currently, the main “entry portal” and educational website for HOKK Finance is www.hokk.finance, and the v1.0 of our dApp is www.hokkfi.com. We are working with our core developers to align branding of both the main website and dApp. From a design perspective, this includes logo and symbol redesign, color scheme and typeface cohesivity, user interface improvements, among many other improvements that will link the main website and dApp together in a more connected fashion, with a primary goal of improving overall user experience.
We hope that this announcement sheds light on the hard work going on behind the scenes. We love and appreciate every member of the community and are thankful for each and every one of our amazing contributors, volunteers, moderators, admins, designers and developers.
We will continue pushing day in and day out until we achieve our vision on a global scale. Always remember:
“We are HOKK Finance: The community-powered, autonomously run, decentralized solution to a broken global finance ecosystem.”
- HOKK Finance