August 1, 2024
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This article was originally published August 1, 2024 on Genfinity.
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In a landmark event for the Hedera community, Genfinity showcased a broad spectrum of voices from the network’s burgeoning ecosystem. HashPack’s CEO and Co-Founder, May Chan, and CTO, Tyler Coté, significantly enhanced community engagement by hosting their first-ever AMA. This event shifted towards more direct user interaction, emphasizing a commitment to fostering deeper connections within the Hedera network.
The exploration didn’t stop there; Genfinity also delved into the innovative world of Dragma Labs with Fil, discussing the exciting Rocket Team Racing game. Additionally, the series of in-depth interviews featured influential figures such as Giacomo of Sirio Finance, Patrícia Carapinha from SentX, Richard of DaVinciGraph, and Batty, the creative mind behind Batty Hattie. These discussions shed light on each project’s unique journey and their significant impact on the evolving Web3 landscape.
May Chan, the CEO and Co-Founder of HashPack, and her fellow co-founder Tyler Coté joined us for the HashPack AMA. As the leading wallet on Hedera, Hashpack had never conducted an AMA before. Despite numerous requests from the community, they preferred direct interaction with their users. However, May acknowledged that it was time for a shift.
Firstly, May recounted the community’s persistent inquiries about staking. When the team launched a questionnaire for the AMA, the initial community engagement was focused solely on staking and the status of their efforts in that area.
The team had remained tight-lipped about staking, not due to inactivity, but to avoid raising false hopes before finalizing their plans. Notably, they had been investigating the feasibility of staking PACK tokens since before the token even launched. Their approach was meticulous, as they aimed to develop a sustainable staking program while carefully considering its impact on the PACK token’s release. Security was also a major focus; any staking program would require audited smart contracts.
May excitedly announced that they were indeed moving forward with staking! After considerable effort, the initiative was progressing well, and they were nearing a solution. Furthermore, she reassured the community that the HashPack community would be kept updated with the latest information as it became available. The announcement marked a significant step forward, and the team was dedicated to delivering a robust staking program soon.
The next community inquiry focused on the release schedule for the PACK token and its inflation dynamics. Tyler Coté, the CTO of HashPack, delved into the nuances of the PACK token’s circulating supply. He began by explaining that the initial circulating supply of PACK was approximately 200 million, while the current figure had risen to around 250 million.
Moreover, Tyler emphasized the importance of understanding what “circulating supply” actually entailed. In practice, only about 1 million of the 13 million PACK tokens allocated to the community had been distributed. This community-vested PACK was disbursed through various means, including PackBack, LARI rewards, and giveaways. Notably, the rate of PACK inflation was directly tied to user activity, ensuring that tokens entered the market proportionately to the engagement levels.
Furthermore, the majority of internal vesting had been directed towards centralized exchange listings, with the remainder held in the treasury for strategic initiatives. Subsequently, the token’s inflation wasn’t strictly aligned with the vesting schedule outlined in the white paper but was dynamically adjusted based on user interaction.
The CTO elaborated on the PackBack Rewards system. He explained that these rewards had been integrated into in-wallet swaps, where a portion of the swap fee was returned to users as a rebate in PACK tokens. This approach was designed to incentivize user engagement and offset transaction fees. Overall, this creates a more appealing experience for the community. As the ecosystem evolves, users will soon be able to utilize PACK rewards in various ways, fostering a more circular economy within the platform. Notably, the PackBack Rewards mechanism thus served as a primary distribution method for tokens.
Additionally, Tyler highlighted the role of LARI rewards, which were earned through providing liquidity on SaucerSwap. This system was aimed at encouraging users to engage with decentralized applications (dApps) and contribute to liquidity pools.
Giveaways also play a crucial role in increasing token visibility and fostering community engagement. HashPack’s giveaways were strategically used to promote the token and reward active participants, effectively broadening the reach of the HashPack ecosystem.
The HashPack community wanted to know when a CoinMarketCap listing would occur. May Chan discussed the progress of getting HashPack listed on CoinMarketCap, revealing that the process had been ongoing for some time. Since the token’s launch, the team had been coordinating with CoinMarketCap, but progress had stalled, leaving the community understandably concerned about the delay.
Moreover, May explained that the listing process had been complicated by a new $5,000 fee introduced by CoinMarketCap, a charge they had not previously required. Initially, the team hoped that applying would eventually lead to a listing once CoinMarketCap addressed their backlog. However, with no movement on this front, they decided to expedite the process by paying the listing fee directly.
The CEO also addressed concerns about the circulating supply data. She indicated that CoinMarketCap would use an endpoint provided by HashPack to ensure an accurate representation of the circulating supply once the listing went live. Overall, she expressed optimism that the listing would be completed within the week, providing a significant update for those tracking the token’s progress.
May Chan provided an update on HashPack’s presence in the crypto world, revealing that the token was listed on CoinGecko. Currently, CoinGecko is the globe’s largest independent source of cryptocurrency data. Additionally, PACK is available on major exchanges such as MEXC, Bitget, and Gate.io.
The CEO also addressed inquiries about listings on additional centralized exchanges. She explained that the team was continuously exploring these opportunities, always ensuring that any new listing would add value both to the token and to HashPack as a company. The process involved significant considerations and compliance with various requirements, including confidentiality agreements that prevented detailed public disclosures.
Notably, May highlighted that the launch of the PACK token benefited greatly from discussions with the SaucerSwap team. Their insights into exchange listings and token distribution had been invaluable. She encouraged other projects within the Hedera community to seek advice from established teams that had navigated the token launch process. Sharing knowledge and supporting one another was crucial to fostering a successful ecosystem. By working together and leveraging collective expertise, the community could enhance the overall success and growth of the Hedera ecosystem.
Tyler Coté answered the next community question and explained the concept of a sink as the counterpart to distribution in the context of token economics. Essentially, a sink involves mechanisms to reduce the circulating supply of PACK tokens by facilitating their use in various ways.
Currently, the team had invested significant effort post-launch to upgrade their store system, enabling it to accept fungible tokens. As a result, users could now purchase themes through the HashPack Storeusing PACK tokens — a notable technical achievement.
Significantly, he hinted at ongoing projects aimed at expanding the utility of PACK. While HashPack preferred not to create premature hype, he emphasized that integrating practical uses for the token was a crucial aspect of their strategy. The ultimate goal was to foster a circular economy where PACK tokens could be used effectively within the ecosystem. Though Tyler could not disclose specific details at the moment, he assured us that developing meaningful utility for the token would remain a top priority. Essentially, the focus was on ensuring that PACK had real value and applications within the HashPack platform.
The next question centered on whether HashPack might support tokenized real-world assets in the future. Addressing a question about the ultimate utility of the PACK token, May reiterated that the goal of PACK was to create a circular economy. Subsequently, this would ensure the token was actively used and added real value. The focus was on establishing the token as a utility asset within the HashPack and Hedera ecosystems, incorporating features like loyalty rewards and enhancing user experiences. She acknowledged that developing these functionalities required time and effort but assured that the team was committed to delivering meaningful outcomes.
Furthermore, May touched on the potential future integration of tokenized real-world assets (RWAs). Although not directly linked to the PACK token, the prospect of integrating RWAs—such as stocks and bonds—into the Hedera crypto ecosystem was something they found highly exciting. Additionally, the team had been actively engaging with various projects and foundations involved in tokenizing real-world assets.
May noted that while the regulatory landscape for RWAs was complex and still evolving, HashPack was keen on exploring opportunities to facilitate access to tokenized assets. This could include integrating them into HashPack or enabling crypto-based transactions for traditional assets. She emphasized that the team was dedicated to staying involved in these developments and pushing the boundaries of what’s possible within the Hedera ecosystem.
One community member asked if HashPack could add integration for the Karate Combat app in the future. Tyler revealed that discussions with the Karate Combat team had been ongoing for some time, and they had recently overcome several unique technical challenges. Although he couldn’t make a formal announcement just yet, he hinted that updates regarding this integration would be coming soon.
May Chan added that HashPack had established a strong relationship with the Karate Combat team. Two years ago, when the app was still in development, Karate Combat approached them for assistance. While HashPack didn’t offer consultancy services, the team’s input was valued, and ultimately, the project partnered with Blade Wallet for its development.
Furthermore, May addressed a recurring question about her potential return to the fighting pits following her performance in April. She explained that while there was interest in her participating again, several factors, such as event scheduling and finding an opponent, would influence the decision. She noted that her previous fight had come about unexpectedly — initiated by a casual conversation with Karate Combat’s team member, onlylarping, about two years prior. The opportunity arose suddenly, and she remained open to future possibilities, though it seemed unlikely she would return this year.
Addressing the final question about the PACK token giveaway, May excitedly announced that HashPack was currently running a giveaway featuring 10,000 PACK tokens. This initiative was part of their broader efforts to increase awareness of the ecosystem and attract new participants.
She also revealed that the giveaway was tied to the upcoming launch of their newsletter. The newsletter will keep the community informed about developments. To enter the giveaway, participants needed to sign up for the newsletter through links available in the HashPack Discord and Twitter channels.
Notably, May mentioned that the giveaway would be open for another week or two, with winners announced afterward. She encouraged the community to sign up for both the newsletter and the giveaway for a chance to win some PACK tokens.
The CEO also expressed openness to community engagement related to ideas for future giveaways, marketing initiatives, and campaigns. She invited feedback and suggestions, emphasizing that HashPack was eager to implement fun and engaging activities that resonated with their users. The team was keen to hear from the community and incorporate their ideas to enhance the overall experience.
In closing out HashPack’s AMA, May Chan reflected on the driving ethos behind her work and the HashPack team’s perseverance, especially amidst the challenging landscape of the crypto space. She shared that her motivation stemmed from her passion for building innovative solutions and collaborating with teams that were equally enthusiastic about their projects.
The excitement of creating something impactful and engaging was a powerful force in the crypto industry. Whether it was about revolutionizing traditional financial systems or enhancing user experiences in Web3 environments, she believed that a deep, personal passion for technology and its potential could sustain one through the ups and downs of the market.
Notably, May pointed out that focusing on these core passions helped shield her and her team from the negativity and volatility often associated with the crypto market. By concentrating on what truly excites them — both personally and professionally — HashPack could remain resilient and motivated, even during tough times. This approach allowed them to continue progressing and innovating, driven by their vision and commitment to the future of HashPack’s technology.
Our interview then shifted focus to projects flourishing within the Hedera ecosystem. We had the pleasure of speaking with Fil from Dragma Labs, who shared his fascinating career transition from the culinary world to the realm of cryptocurrency.
With two decades as a chef and the owner of a restaurant in France, he had thoroughly explored his culinary passion. However, after 20 years, Fil felt a desire for new challenges and opportunities. In 2021, he discovered the world of cryptocurrency, which marked the beginning of an extraordinary journey. The shift from the kitchen to the crypto space was not just a career change but a chance to connect with a diverse array of individuals.
Fil shared the story of Dragma Labs, an initiative founded by four friends who embarked on their journey about 18 months ago. Each member of the team brought a unique set of skills to the table, creating a dynamic and versatile group. Notably, some team members excelled in backend development, delivering exceptional work on the website and other technical aspects.
Moreover, Dragma Labs has made significant strides by hosting several NFT collections. Among their notable projects was the Founders Token, which served as both an access pass for their game and a symbol of their commitment to integrating cutting-edge technology with the Hedera ecosystem. Initially launched as a platform for NFT projects, Dragma Labs evolved into a marketplace before delving into the gaming realm. The team’s shared passion for gaming inspired this new direction, leading them to explore exciting possibilities within the space.
Fil elaborated on the genesis of CommuniFi, a concept driven by their desire to leverage cultural impact and foster community engagement within their network. The idea emerged during a period of market downtime, as they anticipated the arrival of a new bull run and sought ways to capitalize on their collective resources and relationships.
The core of CommuniFi was to harness their extensive network and collaborative spirit to build a platform that could evolve into a marketplace and, eventually, a game. They envisioned a project that would not only create brand awareness but also push the boundaries of what NFTs and digital assets could achieve.
Fil emphasized their goal of elevating CommuniFi to bring together various partners, such as Dragma Labs, Atlantis, and Rooster Cartel, into a unified effort. They aimed to showcase their collective potential and foster greater mindshare in the ecosystem.
Initially, they focused on launching an NFT platform and marketplace. However, it was their passion for gaming that ultimately drove their vision forward. For Fil and his team, gaming was the heart of their initiative, reflecting their shared interests and setting the stage for their future endeavors.
Fil described the development of their exciting new project, the Rocket Team Racing game. The initial concept centered on creating a fun and engaging experience inspired by the classic Mario Kart but with a unique, space-themed twist.
The game, still in its beta phase but nearing its official release, features multiplayer capabilities and can accommodate up to three rooms with eight players each. Players could choose from 11 different characters and navigate through 10 diverse races. Fil highlighted the game’s emphasis on fun and smooth gameplay, noting the inclusion of various race formats, such as the standard three-lap races and a more challenging five-lap format with rune stones.
Additionally, he recounted a memorable moment from a recent competition with a team member, Grill, where Grill completed the race backward, leading to a playful new move they dubbed “the Night.” This anecdote underscored the game’s lighthearted spirit and the joy it brought to the team.
The game was crafted over 16 months, with a “Founders Pack“ providing access during the beta phase. To play, users needed to obtain a Founders Token, which will act as an access pass. The game supported both Windows and Mac, and players could seamlessly connect via WalletConnect. Once logged in, they could download the game, press play, and dive into the action. You can get early access to the game and download it now at dragma.io/games.
Genfinity conducted in-depth interviews with various projects on the Hedera network to explore their origins, impact on the Web3 community, and current developments. The discussions featured Giacomo, a data analyst and co-founder of Sirio Finance; Patrícia Carapinha, the co-founder and CEO of SentX; Richard, the CEO and co-founder of DaVinciGraph; and Batty, the father of Hattie from Batty Hattie. These conversations provided valuable insights into the evolution and contributions of each project within the ecosystem.
Giacomo provided a fascinating overview of Sirio Finance, detailing its development and unique features. The journey began with a vision of creating a robust platform inspired by Compound, focusing on a lending pool architecture where users could lend collateralized assets and borrow from available markets. However, Sirio Finance set itself apart through the integration of AI into its risk management processes.
Notably, one of Sirio’s distinguishing features was its use of machine learning models to predict the risk associated with loans just moments before a transaction was executed. This proactive approach provided users with risk assessments and suggested strategies to mitigate potential downsides. Additionally, Giacomo emphasized that decentralizing their AI was a central goal, aiming to position Sirio as a multi-chain platform.
To achieve this, Sirio Finance had formed partnerships with leading protocols such as Filecoin and ECP. These collaborations were crucial for storing datasets and running machine learning models in a decentralized manner. Furthermore, Giacomo highlighted the importance of interoperability, noting that Sirio sought to build strong relationships with these partners to enhance its ecosystem and boost its TVL.
Furthermore, the platform has been making strides in its development, having recently been invited to an ECP town hall where Giacomo will discuss Sirio Finance’s vision alongside the HBAR Foundation. Sirio’s commitment to a data-driven approach was evident in its efforts to provide more than just standard analytics. The team had worked diligently over the past few months to create a comprehensive dashboard that allowed users to access detailed individual statistics, including collateral balances, supply balances, and borrowing limits.
Moreover, Sirio Finance offeres a user-friendly interface for both lending and borrowing. Users could easily supply and borrow assets, with the option to harvest interest and manage their holdings through an intuitive panel. The platform also featured global statistics, providing insights into liquidity allocation, borrowing trends, and market APRs.
Giacomo underlined the importance of community engagement within Sirio Finance, emphasizing their focus on incorporating user feedback to continuously improve the platform’s user experience. By bridging technologies from other ecosystems and enhancing its own services, Sirio aimed to attract more users, elevate its visibility, and ultimately contribute to the growth of both Sirio and the broader Hedera ecosystem. This strategic approach, he concluded, was a win-win for all parties involved.
Richard outlined the early days of the DaVinciGraph project. He described their primary objective: to create essential services that were readily available on other blockchains, such as Solana and Ethereum, but were lacking in Hedera.
Notably, one significant gap was the DeFi sector. While Hedera has a DeFi presence, it lacked the extensive range of services seen on other platforms. Richard highlighted that the growth of blockchains like Solana and Ethereum was largely due to their robust DeFi ecosystems. To address this disparity, his team embarked on developing solutions to attract and secure new investors on Hedera.
Their first major initiative was a token locker designed to protect investors from scams and liquidity drains that plagued early DeFi projects. Essentially, this new service aimed to secure tokens. Richard proudly noted that it had already achieved 493 active locks, with a total value of $1.11 million secured. This step was crucial in safeguarding the integrity of DeFi on Hedera, ensuring that fraudulent activities would not deter new investors.
Furthermore, Richard detailed the features of their token locker, including its user-friendly interface and transparency. The locker allowed users to view details such as the value of liquidity pools and the duration of locks. The smart contracts behind these services were open source, available on GitHub, and encouraged community engagement, learning, and development.
In addition to the token locker, they introduced token listings, enabling projects to release tokens gradually rather than all at once. This feature is aimed at protecting investors and providing clear visibility of the release schedule.
Moreover, Richard shared an innovative feature called DaVinciPics, which he claimed was a groundbreaking development for the Hedera network. DaVinciPics simplified the process for token creators by allowing them to upload their token logos once and have them automatically displayed across all Hedera dApps. This service supported various formats, including GIFs, and allowed for seasonal updates, such as holiday-themed logos. For developers, DaVinciPics offered an API for seamless integration of token logo management into their applications.
Looking ahead, Richard mentioned several upcoming services, including a token launchpad and an airdrop system. They also planned to launch DaVinciGraph University, a GitHub repository aimed at educating the community about Hedera, wallet creation, HTS tokens, and project launches.
Through these initiatives, Richard and his team endeavored to build a more robust and accessible ecosystem for token creators and investors on Hedera, striving to make a lasting impact on the network’s growth and development.
Patrícia Carapinha, the CEO of SentX, offered an engaging tour of the SentX platform, revealing its innovative features and how it set itself apart in the NFT landscape. Firstly, she began with an introduction to the platform’s homepage, which showcased a dynamic carousel of projects. This carousel highlighted automated metrics such as volume and floor prices, providing a visibility boost to high-performing projects. Notably, this feature aimed to reward successful projects by increasing their prominence on the platform, thereby supporting the growth of the ecosystem.
Furthermore, Patrícia explained that users could find a detailed ranking system further down the page. The top navigation menu contained all the essential tools for managing NFTs, including the marketplace, NFT manager, launch pads, and rewards tools. Among these, she pointed out features like token snapshots and the Pick-a-Winner tool. She noted that many users overlooked these tools, which were designed to enhance the platform experience beyond mere profit and volume metrics.
The CEO also highlighted the importance of exploring the full range of options available on SentX. She encouraged users to navigate through the various menus and sub-menus to discover features, like the popular collections filter, which allowed users to select different timeframes for viewing metrics. This flexibility was crucial for making informed decisions about NFTs, enabling users to assess collections based on historical performance and current metrics.
Moreover, Patrícia emphasized the platform’s commitment to providing comprehensive analytics. SentX aimed to offer detailed insights into collections, including volume, floor prices, and active status. This level of transparency was intended to help users make well-informed decisions, especially those new to the ecosystem who needed reliable data to guide their investments.
Finally, Patrícia briefly demonstrated how users could interact with collections on SentX. She pointed out that each collection page offered an in-depth view, providing additional details and metrics. This feature aimed to give users a clearer understanding of each collection’s performance and status within the broader NFT ecosystem.
Batty, the visionary behind Batty Hattie, recounted the evolution of his project with both candor and conviction. He began by providing context for Batty Hattie, highlighting its roots in personal experience and its mission to address mental health issues. Batty emphasized that youth empowerment is central to their work, positioning their project as a crucial tool for saving lives.
Notably, he shared a sobering statistic: approximately one billion people worldwide suffer from mental health issues, with around half a million people having committed suicide in the past year alone. Focusing on the younger demographic, Batty noted that 60,000 to 90,000 young people aged 10 to 24 had taken their own lives recently. Among these were 3,000 to 6,000 children aged 10 to 14. His own life had been touched by tragedy when a young boy from his son’s football team committed suicide, an event that profoundly impacted the family and community.
Batty’s journey with Batty Hattie began unexpectedly. Initially an investor in Hashgraph (now Hedera), he had overlooked its early potential. Simultaneously, he faced his own challenges when his daughter struggled with anxiety. Through creative activities and professional support, she gradually overcame her difficulties, which inspired Batty to channel his experience into the project. What started as a simple idea to share their personal journey quickly evolved into a broader initiative as others resonated with their story.
Furthermore, Batty Hattie developed into a platform combining various creative outlets. The project introduced flagship initiatives like Generation H and Pixel Drops. Generation H, a trait-driven NFT project, offered pixel tokens that provided discounts and rewards. Pixel Drops, which began with a collection of Hattie’s artwork, aimed to recreate a playground-like experience for community interaction. Notably, Pixel Drops Two, launching soon, featured 1,700 free pieces and invited young creators to contribute to future collections, fostering community-driven engagement.
In closing, Batty expressed gratitude for the support received from other projects and the community. His endeavor, supported by Generation H, not only aimed to empower youth and families but also to create a collaborative space in Web3 where creativity and connection could flourish.
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