$HOKK Now Available on BSC!
Hey HOKKers, it’s been a while.
In case you somehow missed it in our Telegram and other social media channels, $HOKK has officially launched on Binance Smart Chain as of July 31st!
We understand there may be a lot of questions, confusion, and misconceptions surrounding exactly what this entails and what it means for our beloved holders, so let’s get right to it!
What‘s BSC? Why not just stay on ETH? What’s happening to ETH $HOKK? Are there two $HOKK tokens now?
Binance Smart Chain (or BSC for short) is another blockchain that’s similar to Ethereum’s, only with much cheaper gas fees. BSC’s native token used for transactions and gas is called BNB.
To keep in line with our core values of inclusivity and accessibility, we decided to launch $HOKK on BSC in order to allow for even more investors to join our ever-expanding community.
Rest assured, ETH $HOKK is NOT going away and won’t be left behind or abandoned in any shape, way, or form. Development is still moving forward full steam ahead!
Our devs are currently working hard to release a bridge ASAP that will allow holders to swap their ETH $HOKK for BSC $HOKK and vice-versa, which over time will naturally cause the prices of the two tokens to be more or less the same due to arbitrage trading (more on this later).
“[The prices] may fluctuate slightly, but long-term, the ETH and BSC price will be the same.” — Stompz Fi
Until the bridge is released, the $HOKK tokens on BSC and ETH are temporarily each an independent coin. They both have their own supply, their own market caps and their own tokenomics. However, they pertain to the same project with the same dedicated team and wonderful community, and are both equally as important for the success of HOKK Finance as a whole.
The tokenomics for BSC $HOKK are as follows:
Initial Supply: 1 Quadrillion
Max transaction is 10T (1%) of supply and so is max wallet size.
Sell tax is 8%, broken down as:
4% ETH rewards
2% DAO wallet
The contract address of BSC $HOKK is: 0x36a92f809da8c2072b090a9e3322226c5376b207
ETH rewards, you say? That’s right! One major difference to note with BSC $HOKK is that 4% of every sell transaction is used to buy BEP-20 ETH (BSC compatible-ETH) and distribute it across all holders — based on the percentage of the holding that they own — at random intervals throughout the day, approximately every 4–6 hours. Conversely, with ETH $HOKK, it’s a 2% redistribution method on every buy and sell transaction, rewarded as more $HOKK.
*Remember to add the contract address for BEP-20 ETH to your wallet so you can see your rewards accumulate: 0x2170ed0880ac9a755fd29b2688956bd959f933f8
We also released a handy reward tracker where you can enter your BSC wallet address to see your total and upcoming ETH rewards (ETH $HOKK rewards tracking is on its way too!): https://hokk.finance/rewards
For those wondering about why we made the BSC $HOKK supply fewer than ETH $HOKK, this has to do with the fact that it’s much more difficult for exchanges to handle a token with so many in circulation, so we decided to lessen the supply to make things a little easier for them.
I’ve been a loyal holder of $HOKK on ETH, how will this benefit me?
We’re glad you asked. As mentioned earlier, bringing $HOKK to BSC in addition to ETH will only expand our HOKK family and allow for more investors to join the community, which means more growth and more trading volume on both chains. Remember that the bridge will help balance out the prices, so there won’t be any division or preference given to one chain or the other. Despite being on two chains, we’re all still part of the same HOKK Finance community, together as one.
Once the bridge is released and has equalized the prices, as the project is further developed and fleshed out, the prices are apt to continue to rise together! Additionally, $HOKK holders on the ETH chain will exclusively be getting the upcoming $HOKKFi airdrop alongside LP mining and staking on hokkfi.com at launch (more on this later).
What’s a bridge? What does it do? When is it coming out? Why was BSC $HOKK released before the bridge was done?
A bridge is simply a platform that allows you to transfer tokens to and from different blockchains. In our bridge’s case, holders will be able to swap their ETH $HOKK to BSC $HOKK and vice-versa. Due to the differences in supply (1Q BSC $HOKK vs 100Q ETH $HOKK), the tokens will be swapped at a ratio of 1:100.
Because of arbitrage trading, this bridge will cause the prices of $HOKK on both chains to slowly get closer and closer together until they find a natural equilibrium, meeting somewhere in the middle.
The bridge is actively being fast-tracked and we are hopeful it will be live within the week(s) that follow the $HOKKFi launch. The dev team’s #1 priority is launching $HOKKFi, the $HOKKFi Airdrop, and LP Mining + Staking UI.
How will this affect the market cap? Rest assured, The joint marketcaps will find a balanced middle ground.
Why was BSC $HOKK launched before the bridge? At the inception of $HOKK, the dev and team had no idea what the token would end up being and its full potential. There were no plans for a cross-chain token and all the supply went to the hands of the investors and early adopters. Because the ETH $HOKK contract is renounced and no supply was set aside for a mint and burn bridge, launching with a pre-built bridge would not be possible without significant capital raised from the entire community as 1Q of $HOKK would have had to be raised to burn it on the ETH end and mint it on the BSC end.
Additionally, by letting the two tokens find a market value and by setting up a staking and unstaking bridge, this is an optimal way for an existing token (ETH $HOKK) that has no supply set aside or had any pre-planning to accomodate a bridge, to actually accomplish it successfully.
What about $HOKKFi? Has the snapshot been taken? When airdrop and staking? Will BSC $HOKK holders receive the airdrop too?
Once it’s launched on the ETH chain, $HOKKFi will only be available on that side, though this is changing in the future as BSC and HECO are chains we have $HOKKFi testnets running and intend to deploy with the bridge that is under construction, along with planning to reserve $HOKKFi supply for these cross-chains and some future ones.
This means that for the time being, only ETH $HOKK holders will be able to claim the $HOKKFi airdrop and have access to the features available on the upcoming hokkfi.com DEX upgrade (Staking, LP Mining, and more). If you’re holding $HOKK on BSC, you’ll always still be able to swap your tokens to the ETH side using our bridge and stake your tokens for $HOKKFi there.
When snapshot? For now, we cannot confirm nor deny whether or not the snapshot has been taken, but please stay tuned for more announcements regarding $HOKKFi closer to its launch!
Was BSC $HOKK a fair launch? Who owns the top wallets?
Our amazing whales over on the ETH chain of $HOKK were given the opportunity to provide the initial liquidity for BSC $HOKK in the form of a small private presale. Why? They’ve proven to be trusted allies of HOKK Finance, having held up the price since launch, donating $1 million to the ETH burn wallet, continuously funding our marketing efforts, helping guide the overall direction of HOKK, and have made it clear that they don’t plan on selling their bags any time soon. A few 1% top wallets belong to these whales.
As for the other top wallets, there are multiple 5% wallets that are to be distributed for the upcoming DAO, which will allow the community to vote on various propositions to help decide the future of the project, including what these funds should be spent on. These wallets also have some of the supply that will be used to stake and unstake when the bridge launches.
Another small percentage of top wallets are reserved for liquidity, and a small allocation has been reserved for the “HOKKchads”/core team members for the time and effort they have put into keeping the project running.
So should I sell my ETH $HOKK for $BSC HOKK? Which one is better to buy now?
There is no need to sell or transfer any $HOKK tokens from ETH to BSC or vice-versa, it’s mainly up to personal preference and what works best for you.
Without giving any kind of financial advice — and with the upcoming bridge slated to help balance out the price on the BSC and ETH side — it’s really more up to convenience and personal preference.
BSC $HOKK has 4% ETH rewards on sells only and a lower market cap for the time being, which in theory means there’s a higher chance of a higher multiplier to earn, but on the flip side, ETH $HOKK has 2% $HOKK rewards on buys and sells — which you could use to stake for $HOKKFi — and there is objectively more investments placed in this chain.
Feel free to pick one chain or both chains, whichever you feel is right for you! After all, the bridge will equalize the prices of each in time.
When it comes down to it, there is only one HOKK, and that’s YOU, the community. It doesn’t matter how many chains the token is on, or what the naysayers may think, we are all ALL HOKK Finance. When we work together, united as one entity, we can achieve anything imaginable.
Our mission to create an inclusive and accessible financial system based on blockchain technology is only just beginning, and we’re incredibly grateful to have you all here with us on this journey.
As always, we want to give a heartfelt thank you to all our developers, designers, creators, volunteers, mods, and community members for your continued patience and support.
♥️ HOKK Finance