HODL — Proof Of Strong Hands
Not too often does an interesting new prospect in the DeFi landscape come along that incites curiosity and excitement purely from a gamification standpoint.
Enter “Hodl — Proof of Strong Hands”.
This project aims to reward only the strongest and most loyal holders of the token with an interesting new take on what the market currently offers.
Here’s a brief summary of what we aim to carry out:
- Passive Yield Farming
Ohhhhh that’s new you may say, but what does it mean?
Simply put, the smart contract was developed to provide an incentive for holding your tokens as long as you humanly can.
To make this as easy as possible, all you have to do is hold these tokens in your wallet and let the passive effects of yield farming happen, that’s it!
While you hold your tokens, you earn a percentage of the taxed trades for buying and selling that happens on the exchange. So each sell, you get a distributed 1% of all those fess, same with buys.
This effectively ramps up as more players play the “The Game”.
Weak hands punished and strong hands rewarded, the way it should be!
How long will you last HODLing?
The Game
One of the most unique aspects of this experiment into human psychology is the Game Master function hard baked into the contract. What is that though?
Mechanics
- The game can be switched on and off by the game master (i.e. me) or anyone who holds at least 5% of the total supply
- The game switch has a 12-hour cooldown period (once it’s on, it cannot be switched off in 12 hours, and vice versa)
- We can adjust this if necessary later to keep things fun for all
When the game is on:
- For each $HODL token transfer, 1% of the transfer amount will be taxed and redistributed pro-rata to $HODL holders
- This means strong hands who hodl will see their balance increasing while weak hands selling and new hands buying the tokens
The interesting part of this is how balances will shift dynamically as the game is either on or off. So say you are a game master holding 5% of the supply, well if you feel the need to cave to your weak hands and sell off a portion of your wallet holdings, you can turn the game off and avoid the tax. There are several other strategies you can exploit, but what fun would it be if we told you everything you could do?
This also works inversely for other participants, they have a chance to accumulate more and keep weaker hands from acquiring that amount while also avoiding the temporary lull in the fees.
Conclusion — Are You Ready To Play?
As you are probably already calculating how this will all work, we are getting preparations ready to start the first season of the game, with more implementations to come about in the near future.
Consider this the beta, and you get first dibs. The only question is, how strong are your hands?
We will announce the start time of the game on our official Telegram channel and on Twitter.
Thank you for reading, and enjoy!
$HODL Token Address: 0x9b574599822642b04d0ff7e5776df3a06f4540ba
