Hakka Finance Transparency Report

All you need to know about HAKKA

Hakka Finance is committed to our community, providing radical transparency. This report details information regarding the history of Hakka Finance and outlines our roadmap for the near future.

Financial Statements (Sep 22nd 2020):

https://medium.com/hakkafinance/financial-statements-of-hakka-finance-646674369a3d

Origin

Hakka Finance originally began as an agile engineering team that focused on the research and development of decentralized finance in mid-2019. Experimental projects were built during this phase. One of our products, the Crypto Structured Fund, was selected as a finalist project in the Kyber DeFi Hackathon.

Bootstrap

Due to the long-lasting bear market in the second half of 2019, we postponed the launch of our products. To cover the expenses of the team, we raised a seed fund from the 3Fs. Our early stage supporters include established journalists in blockchain media, the owner of an Ethereum mining pool in Taiwan, crypto enthusiasts, and prominent developers in the industry.

This marked the beginning of Hakka Finance. Hakka Finance issued HAKKA tokens as a “proof of sponsorship”, dedicating them to the construction of a fully decentralized ecosystem with the token holders.

72,014,500 HAKKA tokens were released at $0.0005 by the end of 2019 to cover the following expenses: payroll of the developing team (~$3,000 per month per person, including compensation, insurance, and rent, considerably inexpensive😢). According to the announcement on Sep 6th, 60% of the HAKKA released in this phase will be kept locked in the foundation’s multi-sig wallet for half a year. After February 17th 2021, all HAKKA will be returned.

Pre-Launch

Innovative DeFi products are being built nonstop. Right up until July 2020, our flagship product BlackHoleSwap, was created as we welcomed the bull market and the explosion of decentralized finance. At last, it is the right time for us to launch our products. To be prudent, we decided to get our contracts reviewed by experts before the official launch, requiring expenditure. Luckily, two individuals (also known as HAKKA’s advisers — Ian Hsu and Wego Chen) invested in HAKKA, covering expenses in exchange for tokens. At the current stage, Hakka Finance is all set and ready to launch.

Another 150,000,000 HAKKA tokens were released at $0.001 by the end of July 2020. 40% of the tokens in this phase is released right after product launch. The remaining 60% will also be locked up for half a year, the same as token released in the bootstrap phase.

HAKKA tokens are well-distributed to the major worldwide DeFi communities by the two advisers in order to build a fully decentralized ecosystem of Hakka Finance.

Approximately 10% of HAKKA tokens are distributed to the community during the bootstrap and pre-launch phase. Overflowed tokens (7,266,135 HAKKA) in the early phase will be deducted from the Team and Adviser reserves, which is the other 10% of the initial supply.

Team and Adviser reserves (10%) are allocated for core team members, releasing linearly for one year (1/12 per month) from product launch.

Mission

The ultimate goal of Hakka Finance is to create a prosperous ecosystem with exceptional DeFi products administered by the governance token: HAKKA. The development work of Hakka Finance will not stop until a mature ecosystem is established. Distinguished DeFi products will be continuously developed and released to the community along with liquidity mining programs of HAKKA tokens.

By distributing HAKKA directly into the hands of the community and users, an increasingly large ecosystem will be incentivized to continuously develop the protocol and collectively steward the protocol into the future with excellent governance.

Token Metrics

NAME: Hakka Finance
TYPE: ERC-20
SYMBOL: HAKKA
PLATFORM: Ethereum
INITIAL SUPPLY: 2,147,483,647
CIRCULATION SUPPLY: ~121,953,284
[ 0.4*72,014,500 (Bootstrap) + 0.4*150,000,000 (Pre-Launch) + 2,147,484 (Uniswap) + 1,000,000 (IQ 180 Airdrop) ] + Liquidity Mining

TOKEN ADDRESS: 0x0E29e5AbbB5FD88e28b2d355774e73BD47dE3bcd
UNISWAP POOL: https://app.uniswap.org/#/swap?outputCurrency=0x0E29e5AbbB5FD88e28b2d355774e73BD47dE3bcd
PRICE CHART: https://uniswap.chartex.pro/?symbol=UNISWAP:HAKKA

• All the listings on centralized exchanges are NOT backed by the team.

Distribution

Usage of Ecosystem Fund

20% of Hakka tokens will be used as an Ecosystem Fund for contributor incentive programs, bounty, and community events.

Contributor Incentive Programs

There are funds set for developers who help build the products or infrastructure of Hakka Finance, including but not limited to: smart contracts, web interfaces, and documents. Contributes submitted for Hakka Finance’s admin and accepted will receive funds soon after adoption.

Bounty

After the launch of new products, we will set bounty programs for those who discover bugs in our smart contracts and completely report to the core developer of Hakka Finance. Further information will be released after product launch.

Community Events

We will occasionally host events in our community for passionate Hakka members, such as “Proof of HAKKA” 180 IQ Airdrop. Those who closely pay attention to our products and information will receive additional HAKKA awards.

Future Work

Right after the official launch of BlackHoleSwap, liquidity mining will be implemented shortly thereafter. 40% of the token will be distributed to users of Hakka Finance’s products in 4 years. Further details about the implementation of liquidity mining will be released in September. The last 20% will be kept as a reserve for Future Sales regarding development thereafter, which means there are currently no tokens allocated for venture capital.

Recent Events

• 2020.08.15 15:00 UTC “Proof of HAKKA” 180 IQ Airdrop Event
• 2020.08.17 14:00 UTC BlackHoleSwap Launch
• 2020.09.03 13:37 UTC Liquidity Mining Initiation