In the last two years, the X-to-Earn model has become the greatest attention grabber of blockchain applications. In the first half of 2021, the game Axie Infinity went viral in Southeast Asia thanks to its Play-to-Earn model. With its daily active users (DAU) soaring from 16,000 to 800,000 in just a few months, the game recorded its peak at over $40 million in daily revenue. STEPN, launched with its Move-to-Earn model in the first half of this year, generated more than $100 million in monthly revenue and attracted 3 million to 4 million monthly active users (MAU). Recently, a Web3 application called Wild Cash has come under the public spotlight and is taken by many users as the next Axie or STEPN.
Hooked Protocol: The future traffic hub for Web3 applications
Wild Cash is launched by the Hooked Protocol team. Hooked Protocol aims to build the on-ramp layer for massive Web3 adoption. Specifically, it helps Web2 users transition into the Web3 ecosystem effortlessly through gamified experiences and forms an engaging ecosystem of future community-owned economies. In this way, it can address the lack of new users, a pain point in the crypto world and the Web3 space.
As shown by the roadmap below, Hooked Protocol is in its infancy, and relies on Wild Cash’s Learn&Earn model to attract and educate users outside the circle. With the increasing inflow of users, Hooked Protocol will introduce middleware solutions such as the wallet, Soulbound Token (SBT) and on-chain protocol interaction, making it an important traffic hub for Web3 projects. Besides, Wild Cash educates its users through Learn&Earn, thus reducing users’ cost of learning other Web3 applications.
Wild Cash: The first step by Hooked Protocol
Wild Cash represents the first milestone in Hooked’s roadmap. Only when Wild Cash successfully attracts a large number of users outside the circle can it bring inexhaustible user traffic to Web3 in the future. Wild Cash attracts users through the X-to-Earn model. With Quiz-to-Earn, Invite-to-Earn, POWT mining, and Staking incentives available, Wild Cash boasts over 3 million users with 2 million-plus MAU.
Quiz-to-Earn is a gamified feature of Wild Cash. The platform provides quizzes on blockchain, cryptocurrencies, Web3 and other related circles every day. Users can win the utility token HGT (Hooked Gold Token) if they solve all quizzes.
Invite-to-Earn is a decentralized user growth engine designed by Hooked. Users who invite their friends to Wild Cash can get HGT after the invitation is accepted. When the invitees start mining, the user will also get a percentage of their mining income as a referral reward. As of November 2022, more than 250,000 users have engaged in Invite-to-Earn on Hooked, with more than one new user brought to the community by every two existing users.
POWT (Proof of Work Time) is a mining game in Wild Cash. Users can start mining with one tap, and can upgrade the mining tools to improve efficiency and earn more mining. Hooked hopes to simulate the crypto mining process through POWT and make Web3 a more intuitive experience for users.
Staking is a model commonly used in Web3. Under this model, users can stake their HGT to earn more tokens, with the annualized staking reward varying based on the conditions of the network.
HOOK+HGT: Dual-token economy model
The token economy model has long been viewed as the most important part of X-to-Earn. Similar to Axie and STEPN, Hooked adopts the dual-token economy model of HOOK + HGT.
HOOK, as a governance token with an initial offering of 50 million, is designed for activities such as community governance, on-chain gas consumption, exclusive community activities and the purchase of limited-edition NFTs. As a utility token, HGT mainly serves as an incentive to users. The offering of HGT depends on user activity, so there is no upper limit. Different from HOOK, HGT can only circulate after being unlocked as uHGT (unlocked Hooked Gold Token). The conversion mechanism of uHGT is dynamically adjusted by the community to ensure the sustainability of HGT.
Overall, Hooked’s Wild Cash boasts a robust user base and adopts a token economy model similar to STEPN. However, the HGT consumption mechanism described in the whitepaper has not yet become a reality, and the scenarios of token usage are far from diverse, which will compromise the sustainability of the token. It remains to be seen whether it will follow the development path of STEPN. Judging from the trends of Axie’s AXS and STEPN’s GMT, governance tokens with an X-to-Earn mechanism and a user base are often chased by the market during its early days of offering.
To provide you with more trading options, after rigorous reviews, CoinEx will list HOOK (Hooked Protocol) and support its trading soon.
New Listing：https://www.coinex.com/markets/new
Disclaimer: This article is for reference only and does not constitute any investment advice.
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