Binance has unveiled its 29th Launchpad, namely Hooked Protocol (HOOK). This project develops ways to educate people about Web3, including a quiz-to-earn concept. Let’s see how to participate in this new launchpad in order to win HOOK tokens.
Hooked Protocol (HOOK) is coming to the Binance Launchpad
The 29th Binance Launchpad will feature the launch of Hooked Protocol’s HOOK token. The Binance Launchpads are open to all users of the exchange as long as they have NBB on the platform.
The principle is simple: investors are allowed to buy a quantity of tokens calculated according to their holdings of BNB before its official launch. This allows for a capital gain if the launch is successful, and sometimes for nice multiples. However, it is important to keep in mind that as with any investment, gains are not guaranteed in advance, especially in a bear market.
How to participate in this launchpad
Each Binance Launchpad begins with a preparation period, during which the average NBBs held by each user are calculated. In this case, the calculation started on 24 November at 1am Paris time and will end on 1 December at the same time.
A snapshot is taken every hour to calculate the daily average NBB of each Binance user:
Hooked Protocol Binance Launchpad preparation period
From 1 December between 7am and 10am Paris time, it will then be possible to deposit eligible NBBs into the Binance Launchpad. After that, a calculation period will be triggered and then the HOOK tokens will be distributed to participants on the same day at 11:00 am.
HOOKs will be sold for $0.1 each. If we take a completely arbitrary example where a participant with $500 of BNB would be eligible for 100 HOOKs, then Binance Launchpad will convert $10 of BNB into HOOKs. This participant would then have to wait for the official listing of the HOOK token on Binance, to expect to realise any capital gain.
What is Hooked Protocol (HOOK)
Hooked Protocol aims to be an ecosystem developing learning tools on various concepts related to the blockchain such as Web3, non-fungible tokens (NFT) or GameFi for example.
The project has already deployed an application called Wild Cash, which allows to get crypto rewards through quizzes. Hooked is built around 2 tokens: the HGT as a reward token for its various applications, and the HOOK as a governance token.
Regarding the HOOK, no lock-in period will be required after the launch on Binance. This means that Launchpad participants will be able to sell it, if they wish, as soon as it is listed.
