What is the HAKKA token?
- HAKKA is a governance token
- HAKKA is backed by actual crypto assets via its guild bank, that you can withdraw anytime, permisionlessly
- To participate in governance, your HAKKA must be staked, to become sHAKKA (staked HAKKA)
- Farming your sHAKKA can compound your gains
- HAKKA also offers some miscellaneous perks!
You got it. Hakka Finance is an ecosystem of Decentralized Financial instruments. A lot of new exciting ways to make money, and reach financial sovereignty! This ecosystem revolves around one token when it comes to its governance: HAKKA.
However, DAO tokens are the object of misconceptions of all sorts.
Let’s make a quick recap.
Wait… what is HAKKA worth exactly?
Many think that a governance token is simply a speculative altcoin-like asset, purely driven by its supply and demand in exchange platforms.
Well… that’s not really true. At least for HAKKA.
What is Hakka Finance’s business model?
Easy: users of Hakka products (iGain, BlackHoleSwap, 3FMutual, etc) pay protocol fees when making transactions.
Those fees do not go to the pocket of any individual in particular. They are moved directly to the Hakka Guild Bank, which is proportionally owned by all HAKKA holders!
As a consequence, HAKKA is not an empty governance token: it’s backed by actual digital assets with intrinsic monetary value that goes increasing with the number of transactions done on Hakka platforms!
To take advantage of that intrinsic value, one just needs to burn his HAKKA, and unlock a corresponding amount of tokens from the Guild Bank.
So regardless of market conditions, HAKKA will always have some minimum intrinsic value that you can take advantage of.
HAKKA enables you to participate in the governance
But HAKKA cannot just be summed up by its ties to the Guild Bank.
As we said, Hakka Finance is a DAO.
A Decentralized Autonomous Organization.
Concretely, what does it mean?
That Hakka Finance does not really belong to anyone.
It’s permissionless. And trustless.
Anyone, anywhere, can have access to Hakka Finance products. Without relying on any third party. Without submitting any proof of ID.
What does it also mean?
That anyone can potentially have a say on Hakka’s decision-making process… as long as they own AND stake some HAKKA token! Hakka is therefore an organization that is actually run in a decentralized way. Holders of HAKKA tokens can submit any kind of proposal, that will be discussed with fellow holders, who will decide whether it is in the interest of the whole community to proceed with it.
Staking: show commitment to Hakka and earn rewards!
As we have hinted above, merely holding HAKKA is one but not the only prerequisite to have a voice in the governance system. Indeed, it would be too easy for any whale to simply buy a massive amount of HAKKA at once, engage in a sort of DeFi-style hostile takeover against the interests of the community, and dump it.
To be truly involved in the Hakka Finance community, a user must prove his commitment to the DAO and have skin in the game by staking his HAKKA tokens, from at least 3 months to up to 4 years, across the chain of his choice.
Staking HAKKA will give that user a corresponding amount of sHAKKA.
Aka “staked HAKKA”.
Aka voting power.
Voting for what exactly? For any proposal submitted by the community on Snapshot, the decentralized and transparent governance voting platform.
Initially, staking was exclusive to Ethereum Mainnet. But thanks to the vote organized by the Hakka community, staking has been expanded to BNB and Polygon Network to allow HAKKA stakers to avoid gas fees!
Farming: show commitment to Hakka and earn rewards… even more!
Staking is great to make your HAKKA compound and enjoy your voting rights.
But guess what? There’s more!
Farming your sHAKKA allows you to multiply your gains from staking, with 3-digit APR!
And that’s not all!
Owning some HAKKA also grants you the permission to access VIP channels on our Discord server, and discuss privately with fellow Hakka community members!
All you need is to connect your wallet on the “🔑┃connect-your-wallet” channel, and new channels that are not visible to regular users will appear! Exclusive airdrops, programs and governance discussions will be awaiting you!
That’s it! Explore the Hakka Finance ecosystem and get your HAKKA now!