Popular crypto blogger BitBoy has posted an amazed tweet at the sudden rise in the price of Binance Coin (BNB). $BNB has surged around 17% as Binance Launchpad kicks off a new project and launches its token sale.
Hooked Protocol is the 29th project on Binance Launchpad. It is building a community-driven social network with an on-chain tokenomics design. Users can learn, earn, and enjoy a gamified experience all in the Hooked ecosystem.
The applicability of Hooked Protocol is defined by three key pillars: identification, engagement, and attribution. The team is integrating wallets and decentralized identifiers (DIDs) into the Hooked ecosystem, allowing users to access their Web3 identities automatically.
In an official blog post, Binance also shared details of the upcoming token sale of HOOK, the governance token of the ecosystem. The token sale for Hooked Protocol will follow the Launchpad subscription format, with the recording of user BNB balances starting at 2022-11-24 00:00 (UTC). Binance will record user BNB balances for seven days from 2022-11-24 00:00 (UTC) to 2022-12-01 00:00 (UTC). The final BNB holding amount for each user will be determined as the average of the seven days, using the Daily Average BNB Balance calculation previously announced.
The total tokens allocated to Binance Launchpad is 25 million (5% of total token supply). Public sale token price is 0.1 USD but the price in BNB will be determined prior to subscription.
Binance has also made a strategic investment in hardware wallet maker NGRAVE and will lead its upcoming Series A round.
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