AN OVERVIEW OF HOOKED PROTOCOL

Since its inception it has evolved to build on boarding infrastructures and decentralized applications (DApps) to help more businesses enter Web3.

It was founded by Jason Y in late 2022. Jason previously worked as growth manager at Meta and Uber. It raised $8.5 million in its ICO. It is backed by Binance Labs and Sequoia Capital.

How does it work?

There are three elements to its approach. They are:
1) Innovative educational methodology – They provide 30 second meme portal video for Web3 learning which helps people understand it in a fun way.
2) Social referrals –
3) Onboarding solution for businesses – It aims to provide seamless Web3 on boarding solution for businesses through its integrated infrastructure.

What do they provide?

They provide 4 things for their users.
1) Quiz to earn – Users can earn rewards by correctly answering the quizzes.
2) PoWT mining game – This incentivize users to spend more time on platform.
  Users can establish and monetize a new Web3
 social graph by sharing an invite which helps grow their
 community.

3) Social referral – Users can earn big rewards by sharing and establishing their Web3 social graph.
4) Stake and swap – Users can stake and swap their crypto assets with Hooked wallet.

HOOK remaining supply will be unlocked till 2029 with around 13% of total supply releasing every year which equates to around 65 million HOOK entering market every year. That amount is bigger than the current circulating supply.

Address to know token unlock
0x370a740700d99b9fc27bf6a4a3aa4c96632f0914

This is the address that holds 71% of total supply and token unlocks happen from this address only.

Out of top 5 addresses only one address is of individual which holds 0.27% of total supply. All other wallets are of Hooked token unlock and Binance.

Positives of Hooked Protocol
 It is backed by Binance which is the world’s largest crypto exchange.
 Its trading volume is around 2 times its market cap which shows big players are interested into it.
Disadvantages
 90% of the supply is still not on the market which can put sell pressure during unlock.

CONCLUSION
Hooked protocol provides a lot of fun and learning activities while at the same time users can earn rewards. It has some great backings which is a great plus. The token unlock is a bit cautionary but it’s a very high possibility they can do great in the long run.