Fueling Web3 Adoption: Learn to Earn with Hooked Protocol
With millions, possibly billions, of internet users still cautious or hesitant to dive into Web3, cryptocurrency giants actively promote the sector using enticing services and products to attract more customers.
Among these enticing offerings is Hooked Protocol, a project backed by Binance Labs and Animoca Brands.
Hooked Protocol serves as a stepping-stone for newcomers keen on adopting cryptocurrency and exploring Web3, powered by blockchain technology. The protocol lays the groundwork for fun, educational dApps with a gaming twist, offering financial incentives to users as they advance in their Web3 education.
The primary objective of Hooked Protocol is to facilitate Web3 adoption on a mass scale, using Play-to-Earn apps fortified by robust infrastructure and immersive experiences. The project also has its sights set on building an active community around a decentralized social network.
Hooked Protocol Homepage. Source — hooked.io
Wild Cash — Hooked Protocol's Flagship dApp
Launched in the middle of 2022, the decentralized app primarily allows users to participate in Web3-focused quizzes, earning HGT tokens for each correct response. In addition, Wild Cash supports gaming-style mining, referral programs, and staking. All transactions involving tokens are managed through the protocol's native crypto wallet, known as the Hooked Wallet.
The project has also rolled out applications such as Todamoon and Hooked Academy Sensei. The former is a streaming platform with a Learn-to-Earn model that caters to trivia and quiz enthusiasts. The latter is an AI-powered application designed to provide in-depth knowledge about Web3.
Wild Cash Infographics. Source — hooked.io
Hooked Protocol's Tokenomics
At the heart of the Hooked protocol is the HOOK governance token, used for transaction fees within the network. As stakeholders, HOOK holders are involved in voting on project updates and innovations. The significance of HOOK lies in its reflection of the entire ecosystem's worth, underlining the fact that the token's value hinges on user trust and dedication to the project.
The HOOK supply is capped at a maximum of 500 million tokens. It boasts a market cap of $54.6 million, with 50 million coins currently in circulation, as per Q2 2023 data from CoinGecko. The highest price ever reached by HOOK was $3.84.
The distribution of tokens is as follows:
- Treasury — 30%
- Community — 25%
- Project Team — 20%
- Private Sales — 20%
- Public Sales — 5%
HOOK Token Distribution Infographics. Source — hooked.io
Within the dApps built on Hooked Protocol, a utility token named HGT (Hooked Gold Token) is utilized. Users receive this token as a reward for their activities. To transfer these crypto assets from the application to a personal wallet, users must first unlock them. This process converts them into another token, uHGT, which can then be swapped for BUSD.
However, it seems unlikely that anyone has made substantial earnings from this token. According to the BSC network block explorer, the total liquidity of uHGT is a mere $749, and its price stands at $0.000002003. Moreover, in December 2022, after Hooked Protocol's inception, developers discovered a security vulnerability in the uHGT token.
In light of these facts, it appears that the Learn-to-Earn aspect of the Hooked Protocol ecosystem is more of a decorative feature than a lucrative opportunity.
