Hakka Finance AMA Recap: December 2022

Last Wednesday, we held our last Monthly AMA for the year on our official Discord server, and we were joined by around +200 people from the Hakka Community.

• We had a recap about the Hakka Intelligence World Cup betting round that happened last week, Dec.7th — 9th. Participants were reminded to calculate their scores on Monday, December 19th, in order to receive their rewards.
• There will be a last campaign before we end this year. Stay tuned!
• More Hakka Play-to-Earn Missions to come in the next few weeks.

All the while, here are some of the questions that were asked by the community:

1. What does the Hakka Finance team think of the current market environment?

The current market environment is tough and the macroeconomic conditions and the misbehavior of some CeFi actors did not help.

We’re confident we’ll go through it and better days are ahead. Our team is building and developing no matter what since our products are not dependent on market fluctuations; quite the contrary.

iGain IRS for example is a product that allows you to deposit your stablecoin and earn at a fixed rate no matter what and you can complete one Play2Earn Mission by doing that.

Some products are even antifragile and thrive in a turbulent environment, like 3F Mutual, which would compensate active users with about 2000 ETH if DAI de-pegs or MakerDAO shuts down.

2. What are your plans for next year?

We’ll keep on building our community and developing our features.

We are also pretty excited to prepare for the launch of more Play2Earn Levels and Missions. Level 3 should grant exclusive perks for users because of their proven commitment to the ecosystem.

3. How many Missions are planned for Play2Earn?

The sky is the limit! What is sure is that there will be a Level 3 granting privileges to users.

The purpose of this game is to educate people about DeFi, and the Hakka ecosystem, and explore it one step at a time! It is also a way to encourage ecosystem engagement.

4. Is there some secret that the team is preparing for the next year?

If it’s a secret, then that’s something we can’t tell now!

So far, the token is used for governance and it is backed by real assets in the Guild Bank, which guarantees a minimum intrinsic value. We are thinking of improving it and we will soon ask the opinion of the community!

5. Do you have plans to release a mobile app?

Nope! Our ecosystem is for web only. The closest thing that we have in an app is thru adApp browser via third party wallets, like imToken Wallet.

6. They say that regulation will come after the crypto market next year. Can HAKKA survive the regulation?

Who is “they”? HAKKA can virtually survive any kind of regulation since it is decentralized and based on the Ethereum blockchain. Therefore we do not depend on any country’s jurisdiction.

7. Does the team have any idea to improve liquidity on iGain?

There are farming rewards, and more recently we have introduced a Play2Earn Mission inviting users to provide liquidity on iGain IRS, and that had a tremendous effect on the platform’s liquidity.

8. Can we swap the MKR token in the guild bank for ETH?

It should be possible! Last month, the Hakka community voted on Snapshot to end the purchasing of MKR tokens in favor of buying and storing ETH.

Swapping MKR is theoretically possible. However, we’d need to ask the community for that.

9. Can we consider staking the ETH in the Guild Bank to increase HAKKA’s intrinsic value? It would likely create an issue with “rage quit” so would this be possible?

This is something we are discussing internally! We are not opposed to the idea despite the downsides you mentioned.

10. Does Hakka have a report at the end of 2022 and a roadmap for 2023?

Yes, a roadmap should be on the way! It should be ready by early 2023.

Here’s our previous roadmap from our CEO, Lucien Lee.

11. Most investors focus only on the short-term price of the token instead of the actual value of the project. What are the benefits of HAKKA for long-term investors?

The benefit is that HAKKA tokens are backed by established crypto assets received from transaction fees across the Hakka ecosystem, like ETH, stablecoins, etc.

So, no matter what happens, our intrinsic value is tied to the fate of the blockchain industry. If it goes well, and we believe it will, it is a good thing for all HAKKA holders.

Another benefit is your voting power. With voting power you have the ability to decide the strategic direction of Hakka Finance as an organization. This is something completely unthinkable in traditional finance and banks.

12. Do you have plans to burn HAKKA tokens in the future to reduce the supply and increase their investment attractiveness?

We do not plan to mint more tokens, but any user has the power to burn their tokens and obtain ETH, USDC, etc. in return with the ragequit() function on the Guild Bank!

13. Could you introduce yourself to the community and tell us about your background?

Hakka Finance is led by its Founder and Chief Scientist, Ping Chen, who’s an early adopter and contributor to the Ethereum ecosystem, and Lucien Lee, the CEO. Our core team is based in Taiwan but we’ve got friends and backers all around the world!

14. What is the best way to follow all Hakka Finance news and updates?

You may receive news about the Hakka ecosystem on Twitter, as well as here, on Discord, especially if you hold HAKKA since it would give you access to exclusive channels.

15. What does the word “Hakka” mean?

“Hakka” is the name of a Chinese ethnic group known for its hard work and diligence in business, even in hostile conditions. At Hakka Finance, we want to follow the same kind of work ethics regardless of market conditions.

16. How do you evaluate support from the community?

Support from community has vastly improved with our Play2Earn game!

We plan to double down on that strategy with more missions and privileges for our most committed users. And for those listening to us, the most important thing to remember is that Hakka Finance is decentralized.

Therefore if you have suggestions on how to run the DAO, feel free to discuss on Discord!

Propose snapshot votes ideas to us! Propose Hakka Intelligence prediction rounds to us! Propose anything! We also invite you to explore our Play2earn game and our whitepaper.

17. Is the team planning to build iGain IRS on Arbitrum?

Not for the moment. For now iGain IRS remains on Polygon and Fantom.

18. I like projects that use Layer3.xyz to help users experience their products. How does the team feel about putting the product on Layer3.xyz?

We are thinking about it. Several users have reached out to us asking for the same thing. We will certainly approach them.

19. Burned tokens on Hakka Guild Bank returns incorrect value. Why is there a difference?

Can you give an example? The thing is HAKKA tokens correspond to a very specific proportion of guild bank assets, and that proportion never changes, no matter how how Guild Bank assets change in value or how the HAKKA market price changes in value.

Market prices can fluctuate, and sometimes it creates discrepancies with burning value. Whenever the market price is lower than the guild bank price, it’s an arbitrage opportunity for you!

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