Over the last few months, there has been a lot of buzz around a new crypto token called $HOKK. $HOKK is engineered to work alongside the upcoming ecosystem utility token, ($HOKKFi). The vision is to “create a community-powered, autonomously run, decentralized solution to a broken global finance ecosystem”. Since launching on April 17th, this unassuming crypto token has raised its market cap from zero to over $700 million at its peak. As of June 5th, $HOKK has over 55,000 holders and an active community on Telegram with nearly 27,000 members and 30,000 Twitter followers.
With early success comes high expectations, and the community is now asking what HOKKFinance’s admin team and developers are doing to ward off a downturn in the midst of recent turmoil in the crypto market, world politics, and other factors that affect every crypto currency. And in true fashion, they have come back with a laundry list of planned implementations that will inevitably push HokkFi to the head of the crypto token market. Here are a few of the current goings on within HOKK Finance:
HOKKFi DAO Governance User Interface (UI) + Back-end Integration With Smart-Contract(s) with the express purpose of shifting power to the community, in true decentralized fashion. This ensures that contributors, admins, mods, volunteers, and developers working to further the project vision are acting in ways that align with that of the community at large. The DAO structure will include four tenants:
- The ability for holders of the HOKK Finance ecosystem governance token ($HOKKFi) to make “proposals”. Proposals are then voted on by the community (e.g. A proposal title may be: “Utilize this month’s $HOKKFi block-rewards to fund $HOKK and $HOKKFi Uniswap liquidity proportionally”).
- Proposal statuses will be (Queued, Active, Executed, Defeated).
- When a proposal is voted on and successfully passed by the community, the status of said proposal will change to “executed”. If a proposal is unsuccessfully passed, its status will change to “defeated”.
In the middle of May, the HOKK Finance core developer team built and released HOKKX v1.0 (now renamed to HOKKFi – www.hokkfi.com). HOKKFi is the solution to a visual glitch, decimal error, and load speed of Uniswap’s interface. Though the visual errors on Uniswap ultimately did not affect transactions, it deterred users from executing transactions. But in true HOKK style, the developers solved this problem quickly and decisively.
Since HOKKFi launched, its number of users has steadily increased, far exceeding expectations. The platform has maxed out API calls, hosting servers, wallet-connects, and traffic limits multiple times along with upgrading back-end service providers to stay ahead of continued growth of the platform.
On May 28th, HOKK Finance commissioned Certik to conduct a multifaceted audit on the $HOKKFi utility and governance token smart contract. Certik is the market leader for blockchain security and audits. The developers agreed that since $HOKKFi will play an integral role in powering the HOKK Finance ecosystem, it should be audited by the firm with the best reputation in the industry. Certik has completed stage one of the audit, and provided us with a Skynet Scanning Report showcasing the results of stage one of the audit.
HOKK Finance recently announced that the $HOKKFi smart contract received exemplary scoring (source-code score of 94.67) in stage one of the audit. Certik is now in the process of stage two of the audit, which includes more comprehensive and manual stress testing of our smart contracts. Certik has indicated that they are nearing completion of stage two. Upon completion and receipt of the full audit report, HOKK Finance will be posting the results publicly on the www.hokk.finance website and in their official Telegram and Twtter channels.
HOKK’s dev team is also working on launching single-asset staking (SAS) integration which is similar to depositing money into a bank account, whereby you will deposit $HOKK and earn $HOKKFi in return. The platform is slated to bring other dog coins onboard such as $DOGE and $SHIB. This means users will earn rewards for depositing $DOGE and $SHIB.
To augment the SAS integration, HOKK plans to integrate Liquidity Pool (LP) Mining in the near future. LP mining is the same concept as single asset staking, except that users deposit LP tokens, or what is also known as UniSwap liquidity tokens. LP Mining generates higher returns than single asset staking as it helps to support the price of $HOKK and $HOKKFi by increasing the liquidity pool. This reduces the price impact of sell transactions thereby increasing the price floor.
Alongside all of the technology HOKK Finance is working on, the developers are working on redesigning their website. Currently, the main “entry portal” and educational website for HOKK Finance is www.hokk.finance, and the v1.0 of the dApp is www.hokkfi.com. Admin is working with core developers to align branding of both the main website and dApp. From a design perspective, this includes logo and symbol redesign, color scheme and typeface cohesivity, user interface improvements, among many other improvements that will link the main website and dApp together in a more connected fashion, with a primary goal of improving overall user experience.
To say HOKK Finance is looking to make a name for themselves in the cryptocurrency world is an understatement. The overall mood within the community is positive as the core keeps lines of communication open. HOKK Finance’s administration is truly thankful for each and every one of the amazing contributors, volunteers, moderators, admins, designers and developers who continue to help this amazing project move forward.