HotCross has successfully completed its first round audit and will be launching its Launchpad on all chains in its effort to help builders launch their projects
Initial Hot Cross Offerings (IHOs)
Hot Cross aims to be the pulse for the entire blockchain builder’s community. They announced an Initial Hot Cross Offering (IHO) on Binance Smart Chain (BSC), a launchpad across numerous blockchains, and an improved tokenomics with attractive incentive schemes.
The multi-chain launchpad offers builders the capability of launching on any blockchain that Hot Cross supports. Hot Cross announced the compatible chains in its blog post on September 7th: BSC, Ethereum, Polygon, Huobi ECO Chain, KuCoin Community Chain, Harmony, and Avalanche.
“In short, here’s what’s launching: IHO’s, cross-chain launchpads on every single chain that we support, a new reflect token called $HOTVIP that adds deflation into $HOTCROSS, and the second round of audits on the smart contracts to make sure that we’re staying innovative but safe at the same time,” the blog concluded. “What a time to be alive.”
Hot Cross has completed the first round of audits for Cross Send by Beosin, a blockchain security company based in China. Any information regarding the new features, as well as the second round of audits, is forthcoming.
Two main products have been added to the tool suite: IHO on Binance Smart Chain and a new reflect token called $HOTVIP. This token adds deflation into $HOTCROSS and balances incentives into the protocol.
Hot Cross brands itself as a tooling and infrastructure solution for builders. The IHO model–– although admittedly is not a new concept and has been adopted by PancakeSwap and ApeSwap–– was designed as a solution from a builder’s perspective. It aims to facilitate on-chain launches and guide teams that wish to make their primary debut a success.
The first IHO is targeted to take place in October, followed by a launch and listing. Hot Cross is at liberty to choose any Automated Market Maker (AMM) and has identified PancakeSwap and ApeSwap as its liquidity candidates on BSC.
On the Avalanche chain, Hot Cross identified Pangolin and Trader Joe for launches. The team assures that any project deployed on the chosen Ethereum Virtual Machine (EVM) Network is supported by an AMM with liquidity.
Reflect Token Model
The dual token model is aimed to incentivize its community for their contribution to the protocol. With the goal of rewarding loyalty to its community, the launch of $HOTVIP allows the holders to get a share of the 2% fee proportional to their holding by just having the token in their wallet. This is called a reflect token, coined by Reflect Finance and Safemoon.
The other benefits for holding the $HOTVIP tokens are as follows:
Exclusive perks like giveaways and events;
Access into IHO’s and VIP pools on Cross Pool;
Access into Launchpads on other blockchains, even if the $HOTVIP is stored on Binance Smart Chain;
And participation in protocol governance and voting when the Gov portal goes live.
Holders of $HOTVIP and $HOTCROSS can transition between the tokens, but entry into $HOTVIP will have an entry tax. This entry tax is the deflationary mechanism to $HOTCROSS.
Hot Cross offers an exciting and attractive value proposition that applies to both its token holders via the dual token system and the builders through its multi-chain launchpads. A deflationary mechanism is fast becoming a common practice. The contracts are adequately audited to ensure that no exploitation can take place.
Hot Cross also allows for active participation in its governance protocol that will soon go live. The project is a promising venture, and if given enough traction on its launchpad and coupled with an active community, this platform will likely see a positive start.
Where to find more about Hot Cross:
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