We are happy to announce that Hacken token will be listed on the biggest DEX exchange by volume Uniswap. We have learned the best practices and we see a huge value add in creating HAI token Uniswap liquidity pool.
Summary
An initial HAI liquidity pool at Uniswap decentralized exchange will be created any time during the next 10 days.
We are going to deposit 600,000 HAI tokens from the foundation reserve and equivalent of 10k USD.
Every HAI holder will be able to make his contribution to the liquidity pool through HAI acquisition via Uniswap and further liquidity deposits. There will be no further HAI from the Foundation wallets bridged to Uniswap. Only HAI holders are privileged for the bridge. With every liquidity deposit, HAI holders will become a beneficiary of the liquidity pools and will start to earn passive income.
Why now ?
HAI is actively taking part in the Decentralized Finance (DeFi) revolution. Over the past few weeks our team has received countless requests for the smart contract and DeFi auditing. We understand that we are now standing at the beginning of the DeFi era and we want all Hacken community to benefit from the DeFi exposure, and this is why we are announcing our DeFi campaign.
What is the Hacken initial liquidity pool ?
Uniswap is an exchange protocol that allows users to trustlessly swap tokens. Rather using the traditional order book model, Uniswap pools tokens into smart contracts and users trade against these liquidity pools. Anyone can swap tokens, add tokens to a pool to earn fees, or list a token on Uniswap.
Uniswap liquidity pools are autonomous and use the Constant Product Market Maker (x * y = k). This model was formalized and the smart contract implementation passed a lightweight formal verification.
Hacken liquidity pool is created to established the support to HAI price and open new trading opportunities for HAI VIP180 token.
We are going to deposit 600,000 HAI tokens from the foundation reserve and equivalent of 10k USD.
HAI liquidity pool at Uniswap decentralized exchange will be created any time during the next 10 days.
We put a strict limit for initial HAI supply at Uniswap so as to have a guaranteed smooth start of the DeFi trading journey. The initial liquidity pool creates the support for HAI price at August monthly HAI/USD average rate of 0.0167USD per 1 HAI. 600,000 HAI will be permanently removed from HAI VIP180 total supply.
Learn more about Uniswap Liquidity pool here.
What are the benefits for HAI token holders?
Every HAI holder will be able to make his contribution to the liquidity pool through HAI acquisition via Uniswap and further liquidity deposits. There will be no further HAI from the Foundation wallets bridged to Uniswap. Only HAI holders are privileged for the bridge. With every liquidity deposit, HAI holders will become a beneficiary of the liquidity pools and will start to earn passive income.
How to participate in HAI bridge to Uniswap?
All Hacken holders who want to participate in HAI bridge to Uniswap will have to make a deposit to a VeThor address, that will be disclosed any time during the next 10 days. Every week based on the First-in-First-out (FIFO) principle adjusted by Hacken Club membership status algorithm, up to 100 HAI holders who have made a HAI deposit will execute the bridge.
Only 4th level Hacken Club members will be allowed to make first HAI VIP180 token bridge into Uniswap. All next bridges will be available to all HAI holders.
VIP180 HAI that are swapped to a liquidity pool are locked. Hacken holders will be able to make a bridge back to VIP180.
What is the number of HAI allowed for Uniswap Bridge?
The number of HAI allowed to Uniswap bridge will depend on the USD liquidity support in the pool. The initial limit of 600,000 HAI at Uniswap means that with every HAI trade and USD liquidity deposits HAI/USD exchange rate will strengthen.
Every week since creation of the pool, Hacken team will recalculate the number of VIP180 HAI that is allowed to transfer to Uniswap liquidity pool based on the HAI/USD Uniswap rate strengthening.
The maximum limit for HAI VIP180 allowed for Uniswap bridge is 3% from HAI circulation supply according to Coingecko.
How to earn passive income by providing liquidity?
Uniswap incentives users to add liquidity to pools by rewarding providers with fees that are collected by the protocol. A 0.3% fee is taken for swapping between Ether and a token and roughly 0.6% is token for token to tokens swaps. 50% of this fee is divided between liquidity contributors.
So every time the transaction is made inside the HAI liquidity pool, 0,3% of this transaction is divided between the liquidity contributors. The transaction fee will be increasing, so the first liquidity contributors will receive the biggest benefits in future!
What is the impact on VIP180 HAI token?
1 HAI is always 1 HAI. The main idea behind the Uniswap bridge is to add stability and liquidity support to Hacken token. VechainThor always remains the main blockchain for the HAI token that is used for main utility features.
The Uniswap HAI token price will be listed on CoinGecko and CoinMarketCap. So it will be a clear indicator of the HAI market price. Like futures and spot prices in the traditional market, Uniswap price will be the indicator for the traders. The limited supply of the Uniswap token will play a huge role in the price formation.
More on the Hacken Club membership requirements can be found here: https://medium.com/@hackenclub/introducing-hacken-club-our-unified-community-for-cybersecurity-enthusiasts-d90c1fc8d695
How to take part in the Uniswap listing?
Here are the steps you will take if you would like to purchase HAI on Uniswap:
- Navigate to Uniswap from your browser. Make sure you are using V2 (see upper right corner of screen).
- Click on “Connect to a wallet” in the upper right corner of the screen.
- Select the wallet you want to connect with. If you want to use Metamask and haven’t installed it, you can click “Install Metamask”.
- Log into that wallet and connect to Uniswap.
- Enter the amount of ETH you want to exchange for HAI tokens.
- Click on the “Select a token” button.
- Paste the HAI contract address into the search field then click on “HAI”.
- A Token Safety Alert warning will appear on your screen. Uniswap provides these types of warnings for any newly-listed tokens. Click “I Understand”.
- Uniswap will auto-fill the amount of HAI tokens you will receive for the amount of ETH you entered.
- Click on the “Swap” button.
- Confirm your transaction.
After the transaction is executed, your ETH funds will be deducted from your account, you will receive your HAI tokens, and you’ll be able to view your transaction on Etherscan or your preferred Ethereum block explorer.
Important Note: Please do not deposit your VeChain VIP180 HAI tokens into MetaMask wallets. Metamask can only support the new Uniswap HAI token.
Conclusion
A Uniswap listing has been requested by many of our community members, so we are excited to list HAI there. We understand that we are now standing at the beginning of the DeFi era and we want all Hacken community to benefit from the DeFi exposure.
We hope that you can take part in the Uniswap listing and eventually, the liquidity program.
Follow us on our social channels:
Hacken Club Twitter: https://twitter.com/hackenclub
CER.live Twitter: https://twitter.com/cer_live
Hacken Club Telegram: https://t.me/hackenclub
Hacken Club Telegram Ru: https://t.me/hackenclub_ru
