Hook Protocol Launches Incentives Program to Reward Early Adopters
Hook, the NFT-native call options protocol, has announced the launch of its incentives program, the Hook Treasure Hunt. The program aims to reward early adopters for their contribution to creating liquid options markets on the Hook platform.
Participants in the Hook Treasure Hunt will have the opportunity to earn treasure chests as they engage with the platform.
To join the Hunt, interested individuals can visit hook.xyz and connect their wallets. As soon as the wallet connection is established, participants will immediately discover their first treasure. The rarity of the treasure they uncover will be influenced by their level of interaction with Hook on both tesnet and mainnet, their transactions with other NFT finance protocols, and the valuable assets they hold in their wallets.
Moreover, those who have actively participated in Hook's testnet and possess a Hook Explorer badge will be rewarded with an additional chest upon completing the onboarding process. For more details refer to the project's documentation.
The Treasure Hunt will be divided into multiple seasons, with Season 1 commencing on June 28. Each season will consist of two-week cycles, during which participants can discover chests and enhance their rarity. The treasure chests can be revealed at the end of each cycle.
During each cycle, participants can earn up to two treasure chests per NFT collection. One chest can be earned for making option offers, while the second can be obtained for writing options.
Hook is a decentralized derivatives protocol focused on facilitating NFT call options. The versatility of options makes well suited for both active trading and passive holding of NFTs.
One of the key features of Hook is the ability to write covered call options on vaulted NFTs, allowing holders to earn premiums. By selling call options, NFT holders can generate income based on their belief that the value of an NFT will increase up to a certain point. Even if the price movement doesn't exceed that threshold, holders can still keep the premium earned.
For traders seeking exposure to NFT price increases, Hook offers the option to purchase call options. This allows traders to establish long positions with higher capital efficiency. By investing only a small amount of ETH upfront, traders can capture a significant portion of the potential upside if the NFT's value rises.
The launch of the Treasure Hunt program coincided with the announcement of Hook's successful fundraising round, in which the team secured $3 million. The funding was led by Collab + Currency and Lattice, with support from Slow, Sfermion, Maven11, Contrary, as well as notable angel investors such as gmoney, jdh, Salvino D’Armati, Flamingo DAO, Neon DAO, and The LAO.
