Our native token- $HAKA is at the core of the TribeOne ecosystem. Ever since its launch, $HAKA serves as an essential asset for users who wish to explore the investment opportunities within the NFT space. Before going further into numerous utilities of $HAKA, here is its back story:
Our native token takes its name from Haka- a ceremonial Māori war dance. It is usually performed in a group and represents a display of a tribe’s pride, strength, and unity. A community-driven platform, TribeOne’s native token’s name stands for the same values. We aim to create a platform that will endure the test of the Web3 age, so that our community- in other words, the Tribe, will have a strong token they can rely on throughout our journey.
Utilities of $HAKA
$HAKA is a deflationary token, designed with mechanisms in place that ensure its supply reduces over time whereas demand increases with increased protocol usage — thus leading to a gradual increase in the token’s valuation itself.
Currently, our native token, $HAKA, is supported on our platform for the purchase of NFTs through our dApp which can be considered a primary utility.
You can easily get the necessary finances on our platform for a simple downpayment of 25% that can be paid using $HAKA, which is currently listed on 3 exchanges:
Pancake Swap: https://pancakeswap.finance/info/tokens/0xd85ad783cc94bd04196a13dc042a3054a9b52210…
Another proven method to maintain the stability of $HAKA is providing staking investment options. Staking would lead to locking a significant circulating supply of our token which would ensure that the demand does exceed the supply. As of writing this article, we have had around 12 million $HAKA staked from our total circulating supply into various staking pools, granting excellent APRs to stakers.
Following the release of our dApp, the revenue that was generated from all the NFT financing solutions taken by our users was used to buy back and burn 300,000 $HAKA. This was the first-ever burn TribeOne has conducted which has significantly boosted the deflationary utility of our token.
A token-burn lead to a reduction in the total supply of the token or in other words creates a “deflationary” event that would significantly boost the value of the token.
Our protocol model is designed in such a way that token-burns would be a frequent event through the NFT self-liquidation option we offer on our dApp.
This refers to the option where a user who has applied for a loan can cancel it in between & the NFT they had selected for purchase will be sold back onto the open market. 80% of the revenue that would be generated from liquidating this NFT would be provided to the custodian and 20% of the liquidated profits is set to be used to buy back $HAKA from the market & burn.
Adding on to this mechanism, TribeOne will also use 10% of the revenue earned from every successful transaction to buy-back & burn tokens, therefore, creating a deflationary ecosystem.
This combined with other utilities of $HAKA shows a viable growth in the long run for $HAKA hodlers, especially considering the various utilities the token holds as well. We aim to launch $HAKA on more chains to reach out to more users and further grow our community. $HAKA lending pools which will boost the deflationary aspect of our native token, are also on our agenda.
TribeOne is the world’s first decentralized financial and NFT platform, that gives you the best of both worlds. On our instant NFT-lending dApp Users can avail a loan to purchase NFTs with just a 25% downpayment and zero collateral. Providing the community with a platform to lend, borrow and invest in NFTs through our integration with various NFT marketplaces where they can choose from the vast variety of NFTs available on our platform. Therefore, offering an unconventional experience for all. The platform is breaking barriers in the traditional financial ecosystem and revolutionising the DeFi sphere as a whole.
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