Support From the Community
Hi, this is Ping from Hakka Finance.
Launching our product is extremely fulfilling, and we can’t wait to see the market’s response. Besides from our own work, the community plays an important role in the development of our product. We have received useful feedback that helps streamline the product insofar as tokenomics, marketing, community management etc. Also, there’s a sticker set for Hakka Finance available now!
Addressing all the support from our community, I would like to highlight some important updates and bug fixes.
Bug Report
After BlackHoleSwap passed its second audit, we announced the details of our liquidity mining program implementation . One of our community members reported a bug in the staking reward contract. That’s <24 hours before LM officially takes place. We immediately fixed the bug and redeployed the smart contract. Though the broken contract won’t cause loss of users’ funds, it can still bring inconvenience to all depositors. As a result, we decided to reward the reporter some HAKKA to show our thanks.
Donation
A few days ago, I noticed someone sent 100K to the deployer’s wallet address. I found out it was from two Hakka’s early supporters’ (or say, investors) donation. People might consider that as another form of investment, but it’s undoubtedly generous of them to back up the development without asking anything in return. Especially when the gas price is sky high and I’m almost running out of Eth… Helpful! Really appreciate it! 🙏
Voluntary lockup
Besides price and TVL, another concern of Hakka Finance is token distribution. Due to the existence of early supporter rewards, even though we are spreading tokens to users via liquidity mining, it’ll take a long time to surpass the supporter’s portion, which weakens the value of governance.
Mining reward in next 6 months: 8.5% of total supply
Early supporter holdings: 10% of total supply
In order to achieve meaningful decentralization faster, we coordinated our early supporters to voluntarily lockup their token. Fortunately, all of them accepted. Locking 60% of their token for half of a year. (to clarify, some of them used to have a lockup but with different unlock terms, you may refer to our previous transparency report.) In conclusion, this will directly decrease ~33% circulation supply and let us reach our goal of decentralization, 3 months earlier.
Again, a very big thanks to the Hakka community. Cannot be more grateful for all of you not only helping us build better products but also showing resolution to Hakka Finance’s long term success.
Hakka’s next big thing is 3FMutual — a mutual insurance of MakerDAO. It’s going to be the biggest game-changer in the market. If you’re on Telegram, be sure to follow Hakka’s channel and Announcement for the latest updates on Hakka!
