GateLive AMA Recap-HashPack

Q1. What are the planned utilities for PACK?

At its core, $PACK is a loyalty token designed to reward users for participating in the HashPack platform and connecting to our NFT and DeFi eco.

For this AMA, we can share four key utilities of $PACK:
(1)PackBack Rewards
The first utility of PACK that will be available on the launch of the token is our PackBack reward . From day one, users who use the in-wallet swap functionality within HashPack will also receive PACK as a reward.

(2)$PACK Store Purchases
The second utility of PACK that we have planned are PACK exclusive purchases on the HashPack Store. With the entry of $PACK into the Store, we aim to expand the variety of things offered in the store whilst maintaining the objective of enhancing the user experience through the items listed within it.

(3)$PACK Governance
The third utility of PACK will be the ability for holders to participate in governance. For clarity, this utility will be rolled out after launch and so it will not be available immediately. PACK holders and HashPack Concierge Collectible holders can participate in governance and voting with HashPack initiatives.

(4)$PACK Collaborations
HashPack has always been a community-minded team. We have always emphasized the importance of collaboration with community projects and the launch of $PACK provides us with exciting opportunities. The first $PACK collaboration that we will see going live in the future is the integration of $PACK inside of the Earthlings game.

Recently, we also partnered with SentX, Hedera’s leading NFT marketplace. You can trade your NFTs on SentX with $PACK! It’s our vision to make $PACK widely used throughout the entire eco.

This is just the beginning. We have a lot more planned for the future of $PACK!

Q2. What are the tokenomics of PACK?

The maximum supply of $PACK is 1 billion tokens, which will all be minted at the Token Generation Event (TGE), or ‘genesis’. At genesis, 800 million tokens will be locked up in HashPack-managed vesting contracts and 200 million will enter circulation. The locked up tokens will vest through the next six years according to the predefined vesting schedule below.

Q3. What is the current circulating supply?

The initial circulating supply is 200 million PACK.

What is HashPack’s position inside of the Hedera eco?
HashPack Wallet is the interface to the Hedera eco. Back in 2020, right after launching our MVP, we built the first signing solution on Hedera called HashConnect, which jump started the entire DeFi and NFT space. Through our efforts, we saw marketplaces, DEXes, staking platforms and many other use cases come alive on Hedera building up a $100M+ USD TVL in a matter of months.

Building off of our successes we’ve released numerous features and supported numerous projects and teams, all with the aim of making DeFi and NFTs on Hedera as accessible, fun and secure as possible.

Q4. What sets HashPack apart from other wallets?

The HashPack team focuses on delivering products and services that address the needs and problems faced by our community. We have always strived to provide as much value as possible whilst delivering a user experience that competes with the best in the industry.

Some of our accomplishments are:
(1)Built the first secure dApp connection library, HashConnect, allowing users to securely interact with dApps without exposing their private keys to Hedera.

(2)Wrote the NFT metadata standards (HIP-412) that the entire NFT eco is built on. HashPack continues to be active in the HIP process, supporting development of the Hedera platform.

(3)Introduced Secure Trade, allowing trustless atomic peer to peer trades for any combination of NFTs and fungible tokens.

(4)Worked with many community dApps and projects, raising awareness and building tools to make the user experience on Hedera simple and secure for all users.

(5)Introduced numerous features that have been adopted by projects and community members to improve the Web3 experience on Hedera.

(5)Services over 95% of the monthly active users in the Hedera eco.

Q5. Could you talk a little bit about the history of HashPack?

It’s been almost three years since we began our journey!

HashPack was born from the community. In March 2021, the four co-founders, May Chan, Jacob D’Rozario, Tyler Coté, and Nick Hanna, met on the infamous Club HBAR Discord server.
Six months later, we tested our beta and then publicly launched in October 2021.

Our vision since day one:
“HashPack is dedicated to developing products and services that reduce friction and spark adoption of the Hedera network.”

As HashPack began to grow, we hired directly from the Hedera community. We welcomed Marc Ugas Reinon, David Adele, Patrick Woo-Sam, and SooYoung Kim to help us achieve our vision.HashPack wouldn’t be what it is today without their help!