Hakka Finance AMA Recap: February 2023
It’s that time of the month again!
And on this Monthly AMA, we were joined by the Hakka Finance Founder and Chief Scientist, Ping Chen, to give us more insight into the new Hakka 2023 Roadmap.
As usual, the AMA event was held on the official Hakka Discord Server.
Before we started, we announced the events happening on Hakka Finance this month.
- New Hakka Intelligence Round
- Hakka Year-End Exam Answer Sheet
- New Hakka Play-to-Earn Mission #5 (Level 2)
Monthly AMA: February 2023, with Hakka Finance Founder & Chief Scientist, Ping Chen
Host: How are you? Could you introduce yourself and your role in the Hakka core team, for those who just joined our community?
Ping: I’m Ping, and I’m the Founder of Hakka Finance. I used to be the CEO, but I eventually handed it down to Lucien.
However, I’m still the Chief Scientist of the Hakka team — mostly I'm the one who bootstrapped DeFi products that has the potential. Also, I did develop most of the Ethereum smart contracts.
Host: 2022 has been a tough year in the DeFi industry.
How can Hakka Finance navigate and survive in such an environment? Can you elaborate on some of the key challenges that Hakka Finance has faced in the DeFi industry and how they have been overcome?
Ping: 2022 is not a good year for the whole crypto industry, and so does DeFi.
First, we did face some frauds (LUNA-UST, FTX collapse) that hurt the industry a lot. And Hakka has been affected by those incidents.
Though we have fulfilled many of the goals we mentioned at the beginning of 2022, the outcome may not be satisfying for most.
Meanwhile, I do see some potential for Hakka. The DeFi summer has officially ended, and DeFi farming (esp. high) has proven not sustainable and actually harms the industry. The space for building legit DeFi products is much bigger now than before.
Second, we did find out that onboarding users are needed for building a successful community (DAO). Good for Hakka, our community grew, and our social content has been great.
Host: Hakka Finance has published last week its Play-to-Earn Roadmap for 2023, which has sparked a lot of discussions inside the community on Telegram and Discord. What are your comments as a Founder? Can you provide a glimpse of the future of Hakka Finance?
Ping: Play-to-Earn has high potential, but in my opinion, we can go deeper by incentivizing holders to take and get rewarded with badges, with some privileges.
Host: What can our loyal Hakka community members expect?
Ping: First, preparation for DAO. Second, a better flagship. When launching a product, the momentum of the market is important and we don't want to launch in a bad market. Third, it is good for the community members to discuss monetary proposals (farming, etc).
Host: What is your opinion on the future of DeFi in general? Where do you see DeFi in 5 or 10 years?
Ping: I see DeFi as permissionless; allows people to build experimental and innovative financial products. It will open up a space.
We are going to onboard more normal users and more world use cases that go thru blockchain and DeFi, or some institutions try to bring blockchain as a settlement layer.
After the talk with Ping, we then proceeded with the general questions asked by the community on Twitter and Discord.
Here are some of them below:
1. The HAKKA token has been on Fantom and Polygon for over 6 months. Why is there no more (updated) official information about the HAKKA tokens on Coingecko or Coinmarketcap?
Simply because updating data on market price websites is an extremely slow process, especially if a token is below a certain market cap; this is not out of a lack of interest.
2. About the token metrics or tokenomics of HAKKA, how are approximately 35 million locked HAKKA tokens currently distributed, as well as the base distribution of 564 million unlocked HAKKA?
All investor and team tokens have been vested. The remaining HAKKA in multi-sig belongs to the community and will be used for liquidity mining and staking.
3. Currently, I see the potential for iGain IRS, but there is too little liquidity. Does the team have any solutions for it?
Yes, we do have the plan to stimulate liquidity, but since the demand for fixed rates has been falsified, I don’t think it’s needed.
4. Among the Hakka Play-to-Earn perks mentioned in the 2023 Roadmap, which one do you think will attract new users? What privileges will incentivize old or existing users?
For users that just want to remain users, probably the VIP farming pools. For those who want to get more engaged in governance, preferential staking rates.
5. The Hakka team mentioned about GameFi release on April 1st this year. How will this be different from most of the GameFi projects (that have failed) in crypto?
Yes, April 1st will be the reveal and announcement of the new GameFi! But the good news is the team is actively conceptualizing and building right now.
We understand the concerns about GameFi, since it’s a very new space, with a lot of trial and error, but some interesting experiments nonetheless, like Axie back in the day, or Stepn.
A major weakness of GameFi games that fail is that they put all eggs in the same bag. Ours, on the contrary, is part of a larger ecosystem, mutually feeding each other.
Another weakness is that GameFi games focus too much on greed and not enough on the fun. We can’t tell much for the moment about what we’re preparing, but it should be a really fun game with a hilarious, but clever mechanism that a lot of traders will love, especially in this bear market.
6. About the new DeFi project of the team, has this project raised capital or has a VC/investment fund yet?
7. Does Pelith (the company behind Hakka Finance) have enough manpower, financial capability, and enthusiasm to work on 2 projects with different governance tokens (Hakka Finance and DeFi Project) at the same time? Will the new DeFi project be part of the Hakka ecosystem?
We do. Otherwise, that project would not be in the works. We know what our engineering resources are and what they can handle.
We cannot make any other comment about the new project at the moment, just be patient!
8. Why has the sHAKKA farming pool on Polygon not yet received HAKKA tokens in the next few months? The token farm is running out. In 3–7 days the pool stops completely, and users lose their benefits.
The farming reward is dynamic, so we can increase or decrease the monthly reward (if that helps).
9. Apparently, within the next 9–12 months, the 18M reserve of HAKKA tokens will run out. Are you going to use the fund from the Guild Bank to buy back HAKKA? What are your plans for it?
No, we are not going to use the Guild Bank to buy back HAKKA because that doesn’t make sense.
We will either keep it as it is and try to strike a balance by decreasing the reward amount and doing more buybacks with revenue, or we will mint tokens if there’s a good reason (via DAO proposal of course).
10. Will you grow your team?
At the moment, we have enough manpower, but in case we might need additional resources, you may find our open positions here.
If you attended the AMA for at least 20 minutes, or have asked questions on Discord or on Twitter, you are entitled to claim a Hakka AMA OAT on Galxe.