Dear Hoo users,
Hoo Token(HOO), the platform token for the entire Hoo ecosystem, is scheduled to be issued in a total of 1 billion. The initial distribution of 100 million tokens includes an airdrop of 10 million tokens and 90 million tokens from the HooPool (including liquidity mining and lossless mining), leaving 900 million tokens to be issued in an undetermined manner.
Hoo team have consulted over 1,000 community global members on how to distribute the unreleased 900 million HOO. Taking into account the opinions of the community users, Hoo team has decided to permanently burn the unreleased 900 million HOO this week, and after this destruction, the total number of HOO tokens will be reduced to 100 million.
In addition, HooPool liquidity mining was originally scheduled for eight rounds and has now reached the sixth rounds. After discussion, the HooPool will officially stop liquidity mining of HOO tokens after the end of the sixth round on March 15, 2021. The remaining 20 million HOO will be used to build the future HOO ecosystem and will no longer be produced through liquidity mining.
In the future, Hoo plans to use 20% of the returns from transaction fees to buy back HOO token and burn them on a regular basis.
We sincerely hope that through the series of optimisation adjustments mentioned above, HOO's supporters will all be able to enjoy the increased value brought by the continued empowerment + deflation of the HOO token.
The applications of HOO include but not limited to:
1. Discount on transaction fees
It is planned to deduct 50% of the transaction fees in the first year, 25% in the second year, and no more from the third year.
2. Repurchase destruction
Hoo will use 20% of platform transaction fee to regular repurchase HOO token and Burn.
3. Participate in super node plan
Large holders of HOO token can participate in platform super node plan while enjoying corresponding benefits, rights and growing together with platform.
4. VIP privileges
Hoo platform token rights will correspond to Hoo VIP rights in the near future, holding Hoo tokens can enjoy the VIP privileges of Hoo ecosystems products.
5. Exclusive activity rights
Platform token holder can enjoy the special rights of co-marketing and co-promotion activities in future.
6. Contract margin
Platform token can be used for contract margin.
7. Discount on listing fee
Platform token can be used for paying listing fee to enjoy certain discount.
As the Hoo global ecosystem is built and partners are expanded, more Hoo application scenarios and ecosystem benefits will be introduced on the Hoo platform, stay tuned.
February 23, 2021