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Binance Announces Hooked Protocol as 29th Project on Its Launchpad

Binance Announces Hooked Protocol as 29th Project on Its Launchpad

Binance has announced Hooked Protocol (HOOK), the 29th project on the Binance Launchpad. According to the prominent crypto exchange, the token sale for Hooked Protocol will follow the Launch subscription format. In addition, the recording of the user BNB balances will begin tomorrow, November 24th.

Regarding its Hooked Protocol initiative, Binance stated that it would record user BNB balances for up to seven days. In addition, the platform will use the final BNB holding amount for each user to determine the average. Binance also provided the Daily Average BNB Balance calculation it will use to assess the user BNB holding amount.

Binance and Hooked Protocol

According to Binance, Hooked Protocol looks to build an on-ramp layer for massive Web3 adoption. The initiative also seeks to provide tailored Learn & Earn products. Lastly, Hooked Protocol aims to onboard infrastructures for users & businesses to foray into the new world of Web3. These objectives, summed up into three pillars, include Web3 community gateway, gamified learning experience, and application infrastructure.

The details of the HOOK token sale include a Launchpad Hard Cap of 2,500,000 USD and a Hard Cap Per User amounting to 15,000 USD (150,000 HOOK). Binance also gave the total HOOK token supply as 500,000,000 HOOK, and the total tokens allocated to Binance Launchpad as 25,000,000 HOOK. This sum also represents 5% of the stated total token supply.

According to Binance, the public sale token price of 1 HOOK is equivalent to 0.1 USD. However, the platform will determine the price equivalent in BNB before the subscription. The token sale format is subscription-based, and supported sessions are in BNB only.

Subscription Timeline

The Preparation Period for the Binance Hooked Protocol begins tomorrow and ends on December 1st. During this period, Binance says it will calculate BNB balances in hourly snapshots each day over a week. The user’s final average daily BNB balance over the seven days determines the maximum BNB amount to be committed later on.

The Subscription Period for the initiative will take place over three hours for eligible users on December 12th from 06:00 (UTC) to 09:00 (UTC). Users would also need to sign the Token Purchase Agreement at the same time before committing their BNB. Furthermore, Binance points out that users will not be able to redeem or access any other functions once they commit. Such functions, including transfers, withdrawals, or trading, would not be possible until the final token distribution because the BNB will be locked.

Following the Subscription phase is the Calculation Period, which starts at 09:00 (UTC) on December 1st and lasts for an hour. The conclusive stage of the Hooked Protocol process is the Final Token Distribution which begins immediately after the calculation period concludes. Upon calculating the final token allocation, the user will cede the corresponding BNB from their already-locked BNB amount. Following this deduction, the HOOK and BNB tokens will transfer to the user’s spot wallet.


Binance Announces Hooked Protocol as 29th Project on Its Launchpad

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AAVE Seeks Proposal To Clear Itself Of Bad Debt – Can It Overcome These Obstacles?

The lending platform AAVE has been enjoying positive news lately. According to reports, AAVE has passed a governance proposal that would eradicate all bad debt it accumulated when Avraham Eisenberg, orchestrator of the Mango Markets exploit, targeted the platform’s Ethereum V2 liquidity pool back in November 2022. 

However, the governance token of the platform, AAVE, has not responded either positively or negatively. According to data from CoinGecko, the token registered losses in the daily and weekly time frames. But these losses are too miniscule to revert the token’s gains from the start of the year. 

 With the launch of AAVE’s V3 on its mainnet, the crypto might be in a position to tally new highs if the situation permits it. 

The Gist Of The Proposal & On-Chain Developments

Based on the proposal, the token has over 2,677,749 units of CRV in debt on its Ethereum V2 CRV reserve. This is worth, at the date of the proposal, over $2.5 million. The proposal would use V2’s stablecoin reserve to buy the necessary number of units of CRV to pay the debt.

This obviously was accepted by the community positively, being implemented immediately by January 25th. This would reverse the damage of the exploit attempt, proving the liquidity of the protocol. 

The deployment of AAVE’s V3 on Ethereum was also implemented. According to DefiLlama, the crypto is in the top 4 among all platforms. AAVE V3, the Ethereum pool deployment, has over $526.52 million total value locked. 

At $86.02, What’s In Store For AAVE? 

The token is currently consolidating around the $85.8 support range. This could be a sign that the token still has room to regain lost ground from 2022’s bear market. However, this can only be achieved if the token closes with a green candle to continue AAVE’s rally when the year started. 

Investors and traders should target the token’s current resistance at $90.15. If the bulls can consolidate at the token’s present support, we can see an upward push towards $94.70. 

Investors should also monitor the token’s correlation with Bitcoin and Ethereum as these would have a big influence on its price movement in the short to medium term.

As these major cryptocurrencies retest their crucial resistances, a breakthrough by either one or both of these coins would boost AAVE’s momentum to regain lost ground. 

With this in mind, investors and traders should exercise caution in the short to medium term as the token can still be clawed by the bears to revert back to $78.65.

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Litecoin (LTC) Displays Consolidation – Can We Expect A Reversal Soon?

The Litecoin price has shown considerable recovery ever since it reached its bottom in December 2022. LTC secured almost 50% appreciation in January this year. Currently, however, the altcoin has witnessed a price pullback and is consolidating on its daily chart.

Over the last 24 hours, the Litecoin price moved down by 0.3%, which signified a range-bound movement. The altcoin also lost close to 3% of its market value. The technical outlook of Litecoin pointed towards bullish momentum as demand for the altcoin remained high on the daily chart.

Accumulation also reflected the same. Price noted a decline as LTC receded from the overbought zone. Buyers still have the upper hand on the chart.

A continued fall in accumulation will cause bears to secure Litecoin’s price action. That momentum would continue for the upcoming week, causing LTC to fall below its nearest support level. At the time of writing, LTC was trading 78% below its all-time high set in 2021.

Litecoin Price Analysis: One-Day Chart

LTC was trading at $88.11 at the time of writing. The coin has pierced through several resistance lines over the past several weeks but has failed to hold on to the momentum. LTC met with two rigid resistance levels before it started to move south again.

The two important resistance lines for the coin stood at $90 and $92. Immediate resistance stood at $90. If demand for the altcoin remains steady, then LTC might attempt to breach the $90 price mark.

On the flipside, the nearest support line for the Litecoin price stood at $86, and a continued price correction will force LTC to fall below the $86 price mark and settle at $82. The amount of LTC traded in the last session was red, indicating a fall in buyers.

Technical Analysis

The altcoin has been hovering in the overbought region for several weeks now, and at the moment there is a slight fall in demand for Litecoin. The Relative Strength Index stood a little below the 60-mark after it noted a recent downtick indicating that demand was shrinking.

A reading close to the 60-mark, however, signifies that buyers outnumbered sellers. In accordance with that, LTC price shot past the 20-Simple Moving Average (SMA) line as buyers were driving the price momentum in the market.

The coin was also above the 50-SMA (yellow) and 200-SMA (green) lines, indicating increased bullishness.

Concerning the fall in buying pressure, the LTC chart displayed a sell signal on the one-day chart. The Moving Average Convergence Divergence (MACD), which depicts market momentum, underwent a bearish crossover and formed red signal bars tied to sell signals.

This could also imply that the price will fall in the coming trading sessions. The Parabolic SAR, the indicator that reads the trend and change in price momentum, was still positive. The dotted lines were below the candlesticks, suggesting that the LTC price was still positive.

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U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors

The U.S. government is set to tighten regulations to mitigate the growing risks associated with the crypto industry. This development comes after increased scrutiny following the collapse of FTX and Terra Luna in 2022. 

In a press release on January 27, the White House put forward a comprehensive roadmap designed to protect investors and hold bad actors accountable. The roadmap highlighted several measures for more effective regulations in the crypto industry. 

A Two-Pronged Approach By U.S. Government

The U.S. government revealed that it had spent the past two years identifying the risks of cryptocurrency and finding ways to mitigate them. To ensure these measures are implemented, the White House intends to utilize a two-pronged approach. 

Firstly, the U.S. government has developed a framework for individuals and organizations to safely and responsibly develop digital assets. This includes addressing the risks they pose as well as highlighting poor practices within the crypto industry. 

Secondly, agencies have been mandated to increase enforcement and develop new regulations where needed. While there’s an increase in public awareness programs designed to help consumers understand the risks of buying cryptocurrencies. 

Related Reading: US Federal Regulators Warn About Crypto Activities

The White House also pointed out that Congress had a major role in expanding regulators’ powers and passing transparency laws for cryptocurrency companies. It also warned about passing legislation that would reverse the current gains and tie cryptocurrency with the U.S. financial system. 

In addition, the government intends to commit significant resources toward digital assets research and development, and this would help technologies power digital currencies and protect investors by default.  

Crypto Industry Still Reeling From FTX Collapse

The crypto industry is still recovering from the bearish markets resulting from several CeFi platforms’ high-profile collapses. 3AC, Voyager, BlockFi, and FTX were among the top platforms to file for bankruptcy, with the quartet holding more than $100 billion in assets. 

The nature of FTX collapse brought about increased scrutiny of the crypto industry. Congress testimonials exposed the risk-averse nature of crypto companies’ executives as details emerged that Sam Bankman-Fried misused clients’ funds through his trading firm Alameda Research. 

The ripple effect was massive as several individuals and firms exposed to the platform suffered huge losses, with some companies forced to shut down. These events caused concerns and reactions from within and outside the crypto space. It is, therefore, unsurprising that the U.S. government is looking to tighten its grip on regulations. 

Related Reading: Crypto-Friendly Bank Silvergate Suspends Dividend Payouts

Months after the FTX crash, there’s still increased skepticism about the crypto industry. There’s an increase in the amount of bitcoin withdrawn from exchanges, and earlier this month crypto bank, Silvergate revealed that clients withdrew almost $8 billion of their crypto deposits. 

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