What Is Hoge Finance (ERC20)?
HOGE is an ERC-20 Ethereum-based token fair launched as a “DOGE but DeFi” meme currency on February 7, 2021. 1 trillion coins, which is the max supply, were minted with half of it burned at launch. HOGE is a deflationary asset, which means that its circulating supply has been constantly decreasing. To achieve this, HOGE founders introduced a 2% tax on every transaction, which is split between the burn address and all the HOGE holders. The founders describe this token redistribution process as autostaking – to get rewards, the holders don’t have to do anything except have HOGE in their wallets. Burning the tokens increases the remaining supply’s value, while autostaking motivates HOGE holders to use it often, since every transaction benefits everyone.
As many other meme tokens, HOGE is being driven by active community participation like meme making, public discussions, art creation, etc. HOGE supports and encourages this in various ways like developing the NFT Platform, opening the Gaming Lab for public game creation, launching eSports community, with the plans to expand the ecosystem even further.
Since its launch, HOGE has gotten a copycat, which raises an interesting point about crypto projects: because developing your own project is so easy and this market is not regulated, we might see more of these parasitic tokens. Notice that the real HOGE lives on Ethereum, not Binance Smart Chain.
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