Update of the Farming Model to support Hacken Ecosystem
For the last 9 months, Hacken Foundation has launched 4 amazing projects (HAPI, disBalancer, PureFi, and ArtWallet) that have allowed their HAI investors to farm more than $4mln USDT in projects’ tokens: over 35,000 HAPI, 466,000 DDOS, 620,000 UFI, and 2,000,000 1ART tokens. We strongly appreciate the support for these initiatives from the side of our loyal Hacken Community members. And now it’s high time to demonstrate our support for the Foundation projects.
Hacken Foundation is announcing the update of the existing Farming Model. The new farming will increase the liquidity and promote the greater demand for the HAI token as well as the Hacken Foundation projects’ tokens. As a result, the Hacken Foundation community members will be able to get higher rewards for their support for the Foundation projects while facing lower investment risks.
Why to change the Farming Model
Hacken Foundation helps talented cybersecurity engineers launch their projects and supports them in their sustainable development. The Hacken Foundation goal is to meet the interests of all stakeholders.
Together with the partners of the Hacken Foundation projects, we have decided to update the HAI farming incentive program. We will add a DeFi liquidity element to rebalance supply and demand for HAI and Hacken Foundation projects’ tokens.
These changes will lead to:
- increased demand for Hacken Foundation projects’ tokens
- lower sell pressure on Hacken Foundation projects’ tokens
- increased liquidity for Hacken Foundation projects’ tokens
- increased liquidity for HAI
- meeting the interests of both Hacken Foundation projects’ tokens and HAI holders
The new model will add a new liquidity utility to HAI token thereby making it a more attractive investment instrument for the Hacken investors, in particular, and the global crypto community, in general.
New Mechanism of Farming
There will be 2 types of farming under the new Farming mechanism:
HAI LP Farming
From 1 December 2021, HAI holders will be able to add liquidity to the pairs HAI/1ART, HAI/HAPI, HAI/DDOS, and HAI/UFI on PancakeSwap. The farming with LP tokens will be introduced on 1 December 2021.
The 50% of rewards earned by staking LP tokens will be allocated to HAI LP farming.
In order to maximize the farming yield, just restake the farmed tokens with HAI to the Liquidity pool with selected tokens.
HAI Farming will remain the core element of Hacken Ecosystem, but the amount of HAI Farming pool tokens will be decreased to 50% of the total farming pool.
The New Farming model will be applied to all Foundation projects: ArtWallet, HAPI, disBalancer, and PureFi.
When will the changes take place?
The new farming model will become operative from 1 December 2021. All already farmed tokens will be available for claiming on the ETH or BSC networks when the new model is implemented. The upcoming release of the farming model update will not affect the current farming process, thus, our investors will not experience any inconvenience. Also, please be informed that 1ART claiming feature will be added on 22 November 2021.
The HAI farming feature will remain in the HackenAI App, but claiming will be switched to the BSC Network. Now you will not need to pay a huge gas fee to claim farmed tokens. It will be possible to restake all farmed tokens into the Liquidity Pool. Soon after, you will have the possibility to stake LP tokens in the HackenAI App.
LP Farming will be available on the Hacken Foundation Website through the MetaMask wallet. Just connect your MetaMask on the BSC Network to stake your LP tokens. Farmed tokens claiming will be available on demand on BSC Network.
Hacken Foundation retains the right to adjust the Farming model to respond to the changing market conditions and ensure the sustainable development of the Foundation projects. The number of tokens allocated to Farming will always remain the same.
The detailed instruction on how to get and Stake the LP tokens will be provided closer to the date of release.
About Hacken Foundation
Hacken Foundation is the startup accelerator platform that gives a boost to innovative projects developing promising cybersecurity solutions for individual and corporate clients. 4 projects have been already launched with the Hacken Foundation platform:
- HAPI: on-chain cybersecurity protocol preventing both centralized and decentralized exchanges from being involved in money laundering practices.
- disBalancer: innovative solution with a network architecture aimed at making businesses resistant to DDoS attacks by utilizing the free computing power and bandwidth of users’ devices.
- PureFi: the one-stop compliance protocol that will serve the needs of the DeFi market players by functioning as a full-cycle solution for crypto asset analytics and AML/KYC procedures.
- ArtWallet: Smart&Secure NFT App for Artists, the 21st-century version of iTunes and Spotify via NFTs. ArtWallet is solving the real challenges existing in the market including security threats, privacy and integration issues, and environmental impact of NFTs.