DeFi On Tezos: hDAO. In this series, XTZ News takes a look at three projects that are gaining traction in the new Tezos token DeFI market developing on Quipuswap. Next, we explore, hDAO the governance token of Hic Et Nunc (Here And Now, HEN).
hDAO is the governance token for the NFT marketplace Hic Et Nunc (HEN/Here And Now). Hic Et Nunc was the first NFT platform to go live on Tezos. Tezos uses PoS (Proof of Stake) instead of PoW (Proof of Work) as consensus mechanism, which results in the fact that Tezos uses a fraction of the energy that PoW chains like Ethereum and Bitcoin use.
Applications that are built on Tezos take advantage of these factors. This is a big advantage for users of these applications.
Besides the fact that it’s built on Tezos, Hic Et Nunc sets itself further apart from other platforms with its unique appearance and low participation threshold. This has created an ever-growing community of artists that have embraced Hic Et Nunc since its launch.
Hic Et Nunc is becoming one of the larger NFT marketplaces in the NFT space. The platform has been live just short of two months and is responsible for over 2 million transactions on Tezos’ mainnet. The hDAO token has seen some explosive growth since launch and the token has seen prices above $30.
The hDAO token
Contract address is FA2: KT1AFA2mwNUMNd4SsujE1YYp29vd8BZejyKW ID:0
Total supply (capped): 650,000 hDAO
Circulating supply: 650,000 hDAO
Distribution: During the first 45 days after Hic Et Nunc went live, every sale and purchase of an NFT gave you free hDAO. Distribution has now ended and the 650k hDAO that are in circulation is all there will ever be.
Use-cases:
1. Users need to have hDAO in their account to have their NFT’s visible on the Hic Et Nunc hDAO feed.
It is stated that you need to have a registered/updated profile and/or hold some hDAO tokens to be shown on feed. How much hDAO you need is relative to how much you mint and current market price.
If you have an updated profile you may mint ~7 OBJKTs per week-window, beyond that you will need the minimum of (0.5tez, $1 or 0.1hDAO), in hDAO, per OBJKT, beyond your 7 free ones.
This was implemented to combat copyminters and shouldn’t affect regular users.
2. hDAO can also be used to promote NFTs. There is an hDAO feed on Hic Et Nunc, which sorts NFTs in order of the most “upvotes” (hDAO balances). When you click on the circle next to an artwork, this upvotes the NFT. It is stated:
When you click on the circle next to an artwork, this upvotes the NFT. You are sending a dynamically priced amount of hDAO tokens to the hic et Nunc HDAO-NFT wallet, and the balance of hDAOs listed on the NFT is increased by this amount. The amount is preset at roughly the equivalent of $0.1 USD. This operation incurs a small blockchain transaction cost of around 0.011ꜩ (sometimes known as a “gas” fee).
The creator of the NFT can choose to withdraw the hDAOs from their wallet, keep it, or use it to vote on other artworks. As the creator withdraws or spends the hDAOs, the balance will be reduced from the wallet. Right now, as of April 21:st 2021, there is no way to withdraw hDAO from a specific NFT, but it’s “on it’s way”.
3. The hDAO token is also intended to be the governance token for the Hic Et Nunc platform. Governance is still in development though.
There could be future use-cases for hDAO that are not yet available, or even thought of, especially as hDAO represents a community governance token where holders vote on Hic Et Nunc’s evolution.
hDAO is available to be traded on Quipuswap.
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