The Hundred Finance (HND) Token is Go!
It’s been a long road of building, deploying, testing and retesting but the day has finally arrived; the Hundred Finance (HND) token has been launched!
Since our last post in mid-June, we on the Hundred Finance Team have been hard at work continuing our development of our vision of the perfect multichain borrowing and lending platform. While the majority of this work is now hidden behind our intuitive and information rich dashboard, with the recent generation of the HND token a new and essential ingredient has been added to our permissionless finance application. Hundred Finance is pleased to announce that it is now ready to provide the functionality offered by protocols such as Compound Finance and more, with the addition of a tokenized incentive system that will contribute to the platform’s decentralization and community governance.
The Token Contract
The Hundred Finance (HND) token has the following address: 0x10010078a54396f62c96df8532dc2b4847d47ed3 Please ensure that any interactions with contracts or parties that claim to list the HND token are verified to ensure that they conform with this address.
Distribution
The Hundred Finance Team has sought to design a token distribution that acknowledges past contributions and future stakeholders. The HND token will thus be made available according to the following distribution:
- 40% of HND is assigned to the project treasury for liquidity and partner mining
- 20% of HND is allocated to the development fund and operations, subject to a 4-year vesting schedule
- 20% of HND is granted to Compound DAO, also with a vesting schedule of 4 years
- 20% of HND goes to a Percent (PCT) token migration with 90% of the HND subject to 1-year of vesting
At launch, the first to have access to HND includes token holders of Percent Finance (PCT), the project whose foundations Hundred Finance has largely been built on. A migration contract has been deployed that will allow PCT to be exchanged on a one-to-one (1:1) basis with HND, with 10% made available immediately and the remaining 90% vested over the course of a year. This migration can be carried out using the following page of our website: https://migration.hundred.finance
Another significant recipient of HND is the Compound DAO. We do this to acknowledge their efforts in creating the smart contracts upon which we at Hundred Finance based our own, as well as their projects broader contribution to the cryptocurrency ecosystem and DeFi in particular. This portion of the supply will be under a strict vesting schedule. We hope that in this action we will be setting the scene for future fruitful collaborations between our two projects and communities.
The last of the three 20% portions of the HND total supply will be set aside according to a four-year vesting schedule that will make it available to contribute to our onward development and operations as we bring this project to as wide a usership as is possible.
Finally, the largest portion of the token supply, 40,000,000 HND, will be assigned by the project treasury to liquidity mining incentives and partner acquisition. This will be done with the aim of bootstrapping a large and active community around the project, one that is properly incentivized to adopt our offering and play a role in seeing it grow.
Launch
The Hundred Finance application is already live on the Ethereum mainnet and accessible at Hundred.Finance. Likewise, the migration section of the website has been brought online today, allowing PCT holders to swap their tokens for their 1/9 released/vested HND.
We have also taken the initiative of creating our first decentralized exchange (DEX) listing. A liquidity pool has been seeded on Balancer with a HND/ETH ratio of 8/2. As of writing, the pool has already accumulated more than $250,000 USD of liquidity within less than 24 hours. This pool creation also allows us to apply for HND to be listed on token and market information aggregation sites like CoinGecko, and dApps such as the AnySwap cross-chain protocol.
With these tasks complete, the next items on the agenda include the commencement of liquidity farming on our stablecoin markets and an airdrop to those who participated in our testnet program. With these important phases up and running, it will then be time to make cross-chain bridging operational and launch these arms of the project. Our plans allow us to do this with exceptional timing, as the first chain we will integrate is the Arbitrum Layer 2 platform, one that has experienced a recent explosion in popularity.
Conclusion
After having spent such time and energy crafting the protocol, the mainnet launch of Hundred Finance has brought us great pleasure today. We are thrilled to see how the cryptocurrency community responds to the broader array of assets that will be available on our platform thanks to our implementation of ChainLink oracles on top of a familiar and simple-to-use interface. We will be observing operations very carefully in the coming days, ensuring that our old and new users alike have the best experience possible, allowing them to join us in anticipation of our growth in popularity and across chains. To conclude, we thank you for your patience and look forward to you joining us in being a part of a decentralized and more financially accessible future.
The Hundred Finance Team
