- Binance Launchpad will be hosting a token sale for Hooked Protocol (HOOK)
- Binance will be recording users’ BNB balances starting with November 24, and the sale itself will be conducted on December 1
- Hooked Protocol is a project that’s building a platform for onboarding users to the web3 ecosystem
- This will be the first Binance Launchpad token sale since STEPN in March
Hooked Protocol (HOOK) will be having its token sale on Binance Launchpad
The Binance cryptocurrency exchange has announced the latest project that will be featured on the popular Binance Launchpad platform. Hooked Protocol will be looking to raise $2.5 million by selling 5% of the HOOK token supply to eligible participants on Binance Launchpad.
Hooked Protocol is a project that’s using gamified experiences to onboard a broader audience to the web3 ecosystem. One of the project’s products is Wild Cash, a “Learn-to-Earn” app that rewards users with tokens for demonstrating knowledge about crypto-related topics.
The Hooked Protocol ecosystem features a governance token called HOOK, as well as an incentive token called HGT. In addition to its governance functions, the Hooked Protocol also plans to implement HOOK as a gas token for the blockchain scalability solutions they will be launching.
As is usually the case with Binance Launchpad, the requirement for participating in the Hooked Protocol token sale is to hold BNB tokens on the Binance exchange. The size of a user’s BNB holdings determines how many tokens they can purchase during the token sale.
The Hooked Protocol token sale itself will be taking place on December 1, although Binance will start recording users’ BNB balances to determine eligibility starting with November 24. Here is a more detailed breakdown of the Hooked Protocol token sale timeline:
- Preparation period: Between November 24 00:00 UTC and December 1 00:00 UTC
- Subscription period: December 1, between 06:00 UTC and 09:00 UTC
- Calculation period: December 1, between 09:00 UTC and 10:00 UTC
- Token distribution: December 1, at 10:00 UTC
In total, 25 million HOOK tokens will be offered to participants on Binance Launchpad, which corresponds to 5% of the token’s total supply of 500 million. HOOK will be priced at the equivalent of $0.1 during the token sale (the actual price will be expressed in BNB), which would imply a $50 million fully diluted market cap for the HOOK token.
As is often the case, the markets for BNB have responded positively to the new Binance Launchpad token sale announcement. At the time of writing, BNB is displaying 16.3% gains on the day, with the BNB price approaching the $300 mark.
Let’s take a look at how the last 5 token sales on Binance have performed. ROI is expressed in USD, based on prices during Binance Launchpad token sales.