Hoge Finance

The HOGE Financetoken is a standard ERC20 token running on the Ethereumblockchain. HOGE is a meme token and a deflationary currency with a burn mechanism. As a native token, it serves as a store of value on the blockchain and is easily usable as collateral for smart contracts. In brief, cryptocurrency burning is when a fraction of tokens are sent to a wallet with no private key. This means the tokens are lost forever. Tokens are usually burned to reduce availability and increase market value. Also, smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on a blockchain.

As per the whitepaper, HOGE Finance is a decentralized finance (DeFi) project. In other words, the HOGE community drives the project. Also, the platform rewards users for holding HOGE. The ecosystem's prime aim is to promote the adoption of blockchain technology and especially HOGE Finance for the advantage of “all of humanity.”

As HOGE is a community-owned brand, HOGE’s applications are diverse, and the ideas developed by its members are endless. Several community-started projects include the Hoge NFT Marketplace, Hoge University, Hogeswap, and the Hoge Aerospace Institute. Each of these projects is not just limited to the blockchain space; it also extends to the outside world. HOGE’s core values include upholding the project's independence, establishing governance of the association for continued development, empowering the community through education, expanding the reach and accessibility, and many more. Like the ecosystem, the HOGE token is owned entirely by its community and is available on trading exchanges. HOGE is a decentralized community project with no team allocation at launch. So, no developer wallet or revenue structure is built into the token itself.

One of the notable features of the ecosystem is HOGEMint. HOGEMint was developed by the HOGE community. The mint works with Web3decentralized application (DApp) wallets to create and hold NFT collectibles. Holders can upload their favorite meme and turn it into a collectible trading card. NFTs exist on the blockchain forever in the world of Web3. In short, Web3 refers to a new, decentralized online ecosystem based on a blockchain.

Each transaction taking place with HOGE is charged a transaction tax of 2%. Out of this 2%, half of it (1%) is transferred to the HOGE holders as an incentive, and the other half (1%) is burned or removed from the supply. This is how the deflationary mechanism works, thereby increasing the scarcity and, in turn, the value of HOGE in circulation.

On Binance Smart Chain (BSC), HOGE can be used as “Wrapped HOGE” with no tokenomics (no deflationary/burn tax) for a much lower fee. This means users won't receive any autostaking rewards holding BSC Wrapped HOGE, but they can send Wrapped HOGE for much lower purchase fees. However, it is possible to move BSC HOGE through a bridge over to ERC20 to get autostaking rewards.

HOGE was first minted on February 7, 2021. One trillion tokens were minted for the initial supply. Half of the tokens (500 billion) were immediately burned to a non-recoverable wallet address. Burning the initial supply balanced the starting transactions.

Moreover, HOGE's initial developers abandoned the project and left the smart contract and socials in the hands of the community. In March 2021, the community members entered to support the project. They established a new team and a corporate structure. The HOGE corporate structure enabled the community members to structure themselves and take initiatives. But, later, the corporate structure was dissolved, and the HOGE DAO (decentralized autonomous organization) hybrid concept was explored. The ecosystem has an association called HOGE Association. This association was created in early 2021 to give its members the tools needed to develop the project. Lastly, Certik performs the security audit of the platform.

Users can earn HOGE by holding HOGE. Because the tokens in the wallets are autostaked, the transaction tax is redistributed proportionally to all holders. Importantly, no new tokens can be minted beyond the initial supply. So, there is no room for mining.