It’s been a raffle-filled week, but we haven’t let that divert us from our real goal — to innovate. We ultimately want to change the way in which NFTs are acquired for smaller fish in the crypto ‘sea’. Not everyone can afford to spend the amount required to enter into some of the most well known, web3 defining collections. For example, acquiring land in The Sandbox can prove to be costly (1.6ETH floor at time of writing), yet still remains lower than the vast majority of popularized collections. This is our mission — to deliver web3 defining collections into the wallets of participants in the Hooty Protocol.
Changes to the Hooty Protocol
We quickly realised our current system of raffling to be imperfect, failing to distinguish between holders of $HOOTY (which can include Maximum Economic Value (MEV) bots, which do not contribute to the Hooty Protocol) and genuine participants in the Hooty Protocol. Effectively, this meant that NFTs were being distributed (in some cases) to literal black-holes, wallets which would never feel the web3 interaction of a human. Additionally, we wanted to ensure that genuine participants in the protocol had their chances at winning maximised, so as to align with our mission.
In order to do this, we have decided to implement Nesting (Staking) as a requirement to enter into our NFT raffles. Nesting is simple and requires no locking. Simply Nest your $HOOTY to receive access to NFT raffles and generous rewards paid out in $ETH!
Additionally, we debated on the trade-off between 1) Implementing time-locked Nesting, or 2) Increasing the trading tax. Both options serve to boost the APR paid out to Nesters. In-line with our goal of frequent raffling and paying out sustainable ETH rewards, we have decided to increase the trading tax to 7/9%, as opposed to the previous 5/7%. The additional 2% added to the buy and sell side will be utilised as additional liquidity for ETH rewards and NFT raffles, enabling higher APR and more frequent raffling.
Simply nest (stake) your $HOOTY to receive guaranteed entries in each raffle, as well as APR paid out in $ETH => https://hooty.vercel.app/
The future
We aren’t going anywhere, and only plan to increase the rate at which we perform raffles with the new Nests. Additionally, our vision for the Hooty Protocol doesn’t simply end at giving away NFTs. We have big ambitious ideas and plans for the entire NFT ecosystem, and will continue developing to bring said ideas into fruition.
HOOT HOOT
tldr; nesting (staking) added as a new minimum-requirement for participation in raffles, ETH rewards paid out to nesters. No lock required. Buy/sell tax raised to 7/9% from 5/7%, respectively, to boost liquidity for ETH rewards and NFT raffles.
