In recent months, Solana’s blockchain technology has given rise to unprecedented growth and adoption — and rightly so. Solana offers one of the most advanced Layer 1 solutions currently available on the market. It excels in areas that Ethereum lacks while delivering a slew of innovations that disrupt contemporary norms.
Let’s take a look at the main distinguishing areas of Solana where it edges out Ethereum:
- Proof of History (PoH) — a powerful mechanism that unlocks network speeds
- No state usage as part of its Program, which helps to accelerate the overall network efficiency
- Pipeline — transaction processing unit for validation (increases processing speeds)
- No mempool
This is a small and far from exhaustive list, however the advantages that Solana blockchain has over Ethereum are clear.
Solana’s huge growth and increasing popularity has led to a distinct need to facilitate the creation of Solana-based projects. Consequently, Solana started a global initiative aimed at encouraging developers to build on Solana. This is the rationale behind the integration of HAPI and the organization of the biggest Solana Season Hackathon this year.
Boca Chica — New Cutting-edge IDO platform on Solana
HAPI’s integration with Solana demonstrates that the HAPI team acknowledges the irrefutable benefits of Solana Blockchain and its potential to be the biggest blockchain ecosystem. There are a slew of very crucial advantages to Solana which are impossible to overlook.
HAPI-owned Boca Chica platform will be one of the launchpads for new Solana-based projects. The main idea behind Boca Chica is to create a fertile soil for new projects on Solana blockchain that will help kickstart their advancement and growth in the crypto space as a whole.
The core development and marketing team of HAPI will be involved in developing and planning Boca Chica. We strive to create a secure and safe environment for future Solana-based projects to thrive, following already established ideals.
Boca Chica is a project of the HAPI team integrated in Solana to create an IDO platform on the Solana blockchain. Offering a unique structure that aims to reward every participant in a fair and homogenous way, Boca Chica sets new heights in terms of Launchpads. On top of that, with Boca Chica, HAPI acquires one of the most crucial token utilities yet.
Solpower
In order to succinctly explain the general notion of the structure and details of the first IDO, we will need to first harken back to the idea of SolPower. SolPower is NOT a token nor is it a traditional value asset that can be bought or exchanged. Instead, SolPower constitutes the access-giving tool that permits entry to Boca Chica.
SolPower is accounted to the Solana wallet ONLY via the Solana Staking Reward system. By staking Solana on one of the APPROVED validators, stakers also gain SolPower with the ratio 1:1 with their Solana.
HAPI Token Utility in Boca Chica Ecosystem
HAPI will be utilised as the main asset to obtain access to the exclusive HAPI round held on Boca Chica platform. The HAPI round adds a key utility case for the token, incentivising participants of all future Solana-based IDO projects to hold HAPI and partake in the Boca Chica ecosystem.
Main takeaways of the HAPI round:
- Anyone who holds HAPI can take part in the IDO
- The HAPI round takes up 6% of the total pool
- 3% of HAPI pool is burned and 3% flows into the Developmental Fund of HAPI
- The HAPI round will be the first round conducted
- Every Project on Boca Chica platform WILL have an HAPI round
To take part in an exclusive HAPI round, all you need is HAPI tokens. You don’t need to stake them.
Solana’s role in Boca Chica Ecosystem
To explain how Boca Chica will be integrated within Solana we first need to understand the inner workings of Solana Blockchain in general. Solana Blockchain works conceptually as PoS. Proof of Stake is a consensus algorithm that utilizes technology-based democracy. Unlike energy-heavy and inefficient PoW consensus, PoS employs a voting and election process that both ensures decentralization and staves off notorious issues of malicious exploitation (51% attack).
In Solana’s PoS there are:
a) Validators. They are basically node carriers who aid in upholding the network consistency, process transactions, and run the network in general.
b) Stakers. Stakers are participants who are delegating their SOL tokens to validators in order to enable them to maintain the Solana network in shape and earn rewards for doing so.
So how does all this tie in the Boca Chica ecosystem?
Boca Chica operates by the following standards:
The HAPI team chooses Solana Validators by a set of specific aspects including Social Media presence and general initiative (this will be fully detailed in the next article). Stakers for the chosen Solana validators will get Boca Chica tokens.
There will be 2 different rounds held on the Boca Chica Ecosystem:
- IDO with SolPower (94% of the total fundraising pool). To be eligible for Platform Access, a user must hold SolPower in their wallet. After the wallet has been approved with Boca Chica, 100$ worth of $ABR tokens can be purchased with sUSDT. Therefore it’s imperative that users have some sUSDT preliminary stored in their wallets.
- HAPI Round (6% of the total fundraising pool). This round is exclusively conducted with and for HAPI holders. For this round each participant will need to send HAPI (Solana Blockhain HAPI) to a given contract address. HAPI round will also include oversubscription and proportional distribution. Oversubscription aims at eliminating FCFS (First Come First Serve) method and instead distributes tokens proportionally amongst participants. There is a hard cap (6k$) that can be exceeded causing subsequent proportional distribution to ALL those who participated.
What is Boca Chica Score and its Utility
The Utility Score of Boca Chica will not have the same functionality as a token of an usual DeFi project. The Boca Chica Token is completely STATIONARY. By “stationary” we mean that the Boca Chica Token is both non-transferable and non-tradeable which means that you can’t use it as an orthodox token of value. Instead, the only way to obtain the Boca Chica token is to participate in the Solana Blockchain staking reward system. Stakers of one of the approved validators will receive Boca Chica score in a ratio of 1:1.
The Boca Chica score will be used as a ticket that allows for participation in any round on Boca Chica platform apart from the exclusive HAPI round.
Conclusion
The integration of HAPI into the Solana ecosystem will allow us to further consolidate and strengthen our position as one of the most innovative cyber security protocols on the market. HAPI is now a lot more than JUST an on-chain cybersecurity protocol. With Boca Chica, HAPI and Solana, we will now have a joint IDO platform for budding and promising projects on the Solana Blockchain that will both expedite adoption and secure blockchain from malicious actors.
HAPI is here to disrupt the whole DeFi world, in a good way. Don’t miss out — stay tuned in on our updates in the Telegram group. Just join us and see what will happen!
