HUNT (ERC20)
Last updated
Last updated
HUNT token is an ERC20 based cryptocurrency that works as the key currency for Hunt Town ecosystem to accelerate builders onboarding/bootstrapping within the Hunt Town guild and using its Web3 tools.
The minting permission for HUNT tokens has been permanently removed, ensuring that no additional HUNT tokens can ever be minted in the future.
Announcement: https://x.com/steemhunt/status/1759454344548671803
HUNT Token is a:
Base token to mint the HUNT Building NFTs
Key currency for the Hunt Town tools
Fair launch token for cross-platforms that target Hunt Town guild members
HUNT token is used as a binding token for the Town Hall Contract. Minting a new Building NFT requires users to lock-up HUNT tokens for one year. The locked-up tokens will be bound to the NFT, meaning that the ownership of locked-up tokens will belong to the owner of the Building NFT.
Minting 1 HUNT Building NFT requires 1,000 HUNT tokens to be locked-up for one year. After this lock-up period, the NFT holder can burn his/her Building NFT and the 1,000 HUNT tokens will be returned to the person.
This minting/locking-up and burning/releasing process between the Building (ERC721) and HUNT (ERC20) tokens is managed automatically by the following smart contract, and no one including the team has access to withdraw the locked-up tokens or change the logic of the smart contract. Again, the contract below does NOT have upgradeability or admin functions (learn more about this - https://ethereum.org/en/developers/docs/smart-contracts/upgrading/).
Town Hall Contract: 0xdC5c31B0e0cA00FbC9e2C506414e50a8Cd6D605C
The HUNT token serves as the fundamental asset for Mini Building NFTs. Creating a new Mini Building NFT necessitates 100 HUNT tokens, which are subsequently locked in its bonding curve liquidity pool. When an individual sells a Mini Building NFT, 95 HUNT tokens are returned to the seller as the NFT is burned through the Mint Club platform.
Mint Club Bonding Curve:
The total supply of HUNT tokens is capped permanently at 198,912,688, with no possibility for an increase as the minting permissions have been permanently removed. For further details, please refer to this announcement:
Given this fixed cap, the primary demands for HUNT tokens as of July 2024 include:
Minting Main Building NFTs: Each NFT requires 1,000 HUNT locked up for one year. You can view the total HUNT tokens locked in this NFT contract here - https://etherscan.io/token/0x9aab071b4129b083b01cb5a0cb513ce7eca26fa5?a=0xb09a1410cf4c49f92482f5cd2cbf19b638907193
Minting Mini Building NFTs: Each NFT requires 100 HUNT locked in its bonding curve liquidity pool. The total HUNT tokens locked in this contract can be seen here - https://basescan.org/token/0x37f0c2915CeCC7e977183B8543Fc0864d03E064C?a=0xc5a076cad94176c2996b32d8466be1ce757faa27
Tokens/NFTs Based on HUNT: Community members in Hunt Town use HUNT as a base asset for creating tokens or NFTs via the Mint Club platform. For example, see this meme coin called HEPE - https://mint.club/token/base/HEPE
Based HUNT: As the user base and ecosystem on the Base chain expand, more HUNT tokens are transferred from the Ethereum main net to the Base chain. The volume of HUNT tokens moving from Layer 1 to Layer 2 can be monitored - https://etherscan.io/token/0x9aab071b4129b083b01cb5a0cb513ce7eca26fa5?a=0x3154cf16ccdb4c6d922629664174b904d80f2c35
Hunt Town, as a Web3 builders guild, supports a variety of Web3 tools for guild members. Hunt Town not only provides its native no-code or low-code tools that the guild members can utilise right away, but also gathers the Web3 tools that are developed by the members and also tools from outside that target Hunt Town members.
HUNT token works as the key currency for Hunt Town tools to empower the Web3 builders’ activities. It can be directly used in each tool or be utilised as a vehicle token for different purposes. It can also be used as a means of payment for consuming services/products or instruments of rewards within the Hunt Town tools. The following cases are some examples of how Hunt Town tools can utilise the HUNT tokens.
Nomadtask (https://nomadtask.com/) is an on-demand task marketplace that enables individuals and businesses to utilise crowdsourced workers to achieve their marketing missions. These tasks include promoting content or social channels, increasing downloads or new users, creating review content about their products/services, running a survey, performing a beta test and much more.
Workers can join tasks and complete missions in exchange for a rate set by the task launcher (also called “Makers”). Workers receive their rewards in the form of USD Points that can be transferred into cryptocurrencies (HUNT, ETH, XRP, STEEM, TRX) or a Nomadtask coupon.
When a maker launches a task, the maker needs to set the total reward fund for his/her task and make the payment via HUNT token, or other methods such as ETH, BTC, STEEM, or credit card. As a key currency of HUNT Network, the conversion fee for HUNT is smaller than other methods.
Neverlose.money (https://neverlose.money/) is a lock-up smart contract HODL protocol on Ethereum that uses the losers penalty to pay a bonus to the long-term holders. It’s a first-ever gamified protocol for long-term crypto holders to motivate their long-term investment along with other holders led by the lock-up period breach penalty system.
Neverlose.money consists of the following sections:
Long-term locked-up asset element: users can create an asset element that is locked-up in a smart contract with a set binding period.
Breaking penalty fund: to enhance the long-term value investment, the users who break the smart contract within the binding period will be charged a 13% penalty fee. 10% of this penalty fund will be distributed to the active lock-up asset holders as a bonus, and 3% will go to the platform fees. There are no fees for the assets that complete the lock-up period.
The Neverlose Money contract supports Bitcoin (BTC), Ethereum (ETH), and HUNT tokens. As the key currency, the HUNT token’s TVL (Total Value Locked) on the Neverlose Money contract consists of more than 93% of the total TVL (as of November 17, 2022).
When a tool or platform tries to attract the Hunt Town guild members, the TGE (Token Generation Event) can be designed by a fair-launch token model rather than a simple airdrop event. In general, the fair launch model consists of the following criteria:
The exact same token generation rules are applied to all the participants for the TGE including the team/investors/advisors, etc.
TGE is designed to form a community-driven token system rather than focusing on funding or profits for the team or investors.
Mint Club (https://mint.club/), a bonding-curve backed token building protocol without the need for coding or providing liquidity, followed this fair launch model by utilising HUNT tokens to form a Hunt Town community-driven token system.
MINT token, the platform token of Mint Club, was distributed during a pre-sign up period and the total supply of the token was set by the one time token swap event. There was no token sale, and MINT token was only minted by burning HUNT token during that period. The swap required people to burn their HUNT (Ethereum chain) tokens to receive MINT tokens (BNB Smart Chain) with a 1 : 100,000 ratio. During this period, a total of 10,775,286 HUNT tokens (about 2 million USD market value at that time) were burned and swapped to set the initial MINT token supply.
Through this fair launch model utilising HUNT tokens, Mint Club has successfully formed strong initial supporters from the HUNT community and become a complete community-driven protocol.
