In the field of Web3 knowledge, the concepts involved often appear somewhat obscure and difficult to understand. For those who are eager to join the blockchain trend, the initial barrier may be quite high. However, the blockchain project Hooked Protocol, invested in by Sequoia Capital, has successfully attracted a large number of users' attention and participation by introducing the incentive mechanism of "learning is mining."
The new learning and mining incentive method provides users with a more relaxed and interesting way to participate, breaking the traditional high technical threshold for participating in Web3. This innovative approach has made Hooked Protocol stand out in the blockchain community, becoming a highlight project leading the trend.
Why Sequoia Capital is laying out Hooked Protocol
Sequoia Capital's choice to lay out Hooked Protocol is mainly due to its successful listing on Binance in 2021, quickly attracting widespread attention and discussion in the market. This is also the first project to enter the field of blockchain learning incentives, providing users with an innovative way of learning.
On the Hooked Protocol platform, users can not only easily discover and learn various knowledge, but also earn corresponding incentive tokens by completing fun game tasks. The project guides users to master knowledge points in a relatively simple way by introducing gamification and social tasks, making it easier to stimulate people's interest. At the same time, combined with social functions, users can interact and communicate, enhancing the platform's user stickiness and sense of belonging.
Currently, facing the challenges of the bear market, Hooked Protocol's Discord and Twitter followers have reached approximately 120,000. It is expected that in the next bull market, Hooked Protocol will attract millions of active Web2 users to enter the Web3 field through its unique incentive mechanism, creating and developing a Web3 education community. In the long run, the Web3 education field is considered a blue ocean market, with steady and potential growth expectations as the cryptocurrency and blockchain industry continues to develop. This is also one of the important reasons why Sequoia Capital, Binance, and other institutions choose to lay out Hooked Protocol.
What is Hooked Protocol
Hooked Protocol is a comprehensive platform for Web3 learning, rewards, social interaction, and gaming, with "Learn and Earn" as its core concept. In the early stages, Hooked Protocol successfully received investment support from Sequoia Capital, Binance, and other institutions, and its token $HOOK has been listed on Binance, providing users with the opportunity to earn tokens through learning and completing tasks, and cash them out on exchanges.
The core goal of the platform is to become the main gateway to Web3, attracting users to actively participate in the learning process of Web3 knowledge through incentive mechanisms, and driving the widespread application of Web3 by earning rewards. The vision of Hooked Protocol is not only to build the infrastructure of Web3, but also to become an important driving force leading the continuous development of the Web3 field. In this way, it will lay the foundation for the continuous prosperity of other segmented fields in the Web3 race.
Hooked Protocol Token Incentives and Application Scenarios
HOOK token is the governance token of the platform, which can be used for community governance voting and also serves as the Gas token for applications. DApps built on the HOOK platform need to use HOOK as the Gas for on-chain transactions. Community members can obtain corresponding governance rights by obtaining incentive tokens or NFT commemorative badges.
Currently, the first pilot product of HOOK, WildCash, provides users with a way to complete tasks through gamified learning and earn rewards. The official launch of the Hooked 2.0 proposal aims to incentivize users to learn Web3 through a new social system, thereby achieving profitability. Hooked 2.0 expands the system of current educational products, aiming to build the world's largest social learning metaverse ecosystem, providing participants with a unique social learning experience.
In addition, this system provides more application scenarios for the HOOK token, including support, staking, and rewards for the HOOK token. This approach helps maintain the stability of the token's value and drive its appreciation. Out of the total 500 million HOOK tokens issued, the community and treasury account for 55%, team tokens account for 20%, and the initial circulation is approximately 10%. The early circulation and unlock amount are relatively low, which will not lead to excessive selling pressure.
HOOK Technical Analysis
Since October of this year, HOOK has experienced two waves of rise and subsequent retracement. Although the price has fallen recently, it is still at a bottom position from a daily perspective. With the continuous good news of the HOOK 2.0 plan and its subsequent gradual implementation, the market may continue to see an upward trend. Currently, the upper resistance level is around 1.2. Although it is a relatively small resistance level, if successfully tested and stabilized, the main resistance above the price will appear around 1.6. There is still some upward space in the market.
Although the price has fallen and broken through the support of the first Fibonacci retracement level in the short term, subsequent support levels are gradually becoming more solid. The support formed by the MA7 daily moving average line and the Fibonacci retracement level will be an important support level at around 1.04, which can be considered as the next effective support level. Below the price, the support near 1 will be formed by the convergence of the MA20, MA30, and MA200 three moving average lines and the Fibonacci retracement level, making this position a very strong support level from a technical perspective.
The daily chart recently formed the first golden cross signal of the MA7 daily moving average line crossing above the MA200 daily moving average line, leading to a rise followed by a retracement in price. Currently, the MA20 and MA200 moving average lines will overlap again, and it is expected that the price will reach a higher level after the retracement. Combined with the upper resistance level, if successfully breaking through 1.2 and maintaining stability, there is a possibility of directly challenging the level around 1.6.
In terms of token price, we have observed that after being listed on Binance, HOOK experienced a round of rise and fall, mainly due to early investors taking profits. However, the consolidation period of nearly 10 months has basically completed the accumulation by the main force. The recent trading volume and price have shown a gradually increasing trend, indicating a possible rally. It is worth noting that Hooked Protocol has just announced a $50 million education ecosystem fund in collaboration with multiple educational institutions.
This new education fund aims to bring new applications for the HOOK token by strengthening the HOOK 2.0 ecosystem. It will provide new possibilities for the application of HOOK tokens in offline courses, realizing the organic integration of online interaction and actual education. These positive factors are expected to further enhance the market visibility of Hooked Protocol, attracting more attention and participation from Web3 users. In the last small bull market, HOOK rose nearly 4 times, showing the strong strength of the institutions. We initially set a target of 2 times, and will adjust it in the future based on the continuous fermentation of positive news and the influx of WEB3.0 users, with a growth of 3-5 times also being possible.
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