Introducing Initial Hot Cross Offerings (IHOs), $HOTVIP, and Multi-Chain Launchpads by Hot Cross
A new dual-token model comes to Hot Cross, as well as IHO's and launchpads.
Hot Cross is proud to announce that we have successfully passed the first round of audits for Cross Send, as well as two additional products into our tool suite: IHO’s on Binance Smart Chain and a new reflect token called $HOTVIP that adds deflation into $HOTCROSS as well as balanced incentives into the protocol.
Additionally, we’re officially announcing that we have finalized smart contracts for a multi-chain launchpad which offers teams the capability to launch out on any blockchain that we support, including Binance Smart Chain, Ethereum, Polygon, Huobi ECO Chain, KuCoin Community Chain, Harmony, and Avalanche.
IHO’s: Initial Hot Cross Offerings
The IHO model is not a novel one. It’s been done well by the likes of PancakeSwap and ApeSwap, two of the leading AMM’s on Binance Smart Chain. In fact, Hot Cross launched as an IFO on PancakeSwap, and we intimately understand the pain points and upside that comes with launching out on-chain as a primary debut location.
Why build it? Because we’re into tooling and infrastructure, are a project with a max cap token (this has proven to be incredibly beneficial to our development), see an incredible influx of teams needing guidance on how to launch and how to do it well on Binance Smart Chain, and took up the challenge to build IHO’s into our suite so that $HOTCROSS stakers/LP’s and $HOTVIP holders get benefits from the fruits of our labor. We built this because our community has asked for it, and it just makes sense.
No, the IDO and Launchpad spaces are not overcrowded. We’re long-term fundamentally bullish on the EVM ecosystem and believe that builders will continue to build. We’re here to help facilitate that.
⏰ The first IHO will likely be announced during the latter part of October with an immediate follow-on launch and listing. Because we do not have a DEX, our IHO’s will have the choice of utilizing absolutely any AMM that we support, with PancakeSwap and ApeSwap as the two primary BSC candidates for liquidity that we have identified.
For blockchains like Avalanche, we’ve run tests on Pangolin and Trader Joe and found them to be good candidates for launches. Every EVM network we’ve deployed on has an AMM with liquidity that we can tap into and build up with the right teams, ideas, and execution. This is the beauty of the cross-chain IHO model, and it’s how we also plan to tackle the Launchpad model.
More information about our Launchpad will come soon, but it’s coming, and it’s similar but different to how IHO’s will work. In both cases, $HOTCROSS and $HOTVIP holders and participants will be rewarded for their contributions to the protocol and ecosystem-wide suite of tools that we’re working on.
$HOTVIP: A New Reflect Token with a 2% Transfer Fee Distributed Back to Holders
We’ve been thinking of ways to increase loyalty into the Hot Cross ecosystem for a while now. There is a misconception that our only purpose is pools, which is understandable given how much focus we’ve put on them since May. We’re shaking things up a bit and launching our most anticipated products in tandem with the launch of $HOTVIP, a reflect token inspired by Reflect Finance and Safemoon.
$HOTVIP holders get a share of the 2% fee proportional to their holdings just by having it in their wallets. Not only that, some of the benefits out of the box for $HOTVIP holders will be the following:
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.
There is an entry tax into this box of benefits, and the general model at present is as follows (these were original mockups - we’ll flesh things out closer to deployment):
Something important to note about this is that you can always transition back from $HOTVIP to $HOTCROSS at any time you wish. That’s the beauty of the dual-token model that we’re building. You can come in at a tax to enjoy everything that we give you, and you are also free to leave as you wish when you are satisfied with your contributions to the protocol. This introduces both gamification into the Hot Cross platform and ensures an alignment of incentives for all without hyper-inflating $HOTCROSS supply on the different chains we deploy on.
Doing a little math on this, it should be clear that this also adds a deflationary mechanism to $HOTCROSS itself without the burns. Burns don’t make sense in the context of a max cap token right now. If they do, we’ll likely wait until Gov is live (soon) to vote on how to handle that.
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.
What a time to be alive.
More to come in the days and weeks to follow. This is just the appetizer.
🤝 Interested in participating in a Hot Cross IHO or launching out your idea on any ETH and EVM Network we support? Get in touch. We’re waiting to hear from you.
Ongoing Work at Hot Cross
Ongoing feedback loop for the products we’re building, including the minter
📣 Tell a friend about @hotcrosscom, @hotcross, @hotcrossann. It would really mean the world to us. We have been building since last year, but we work like it's still the beginning. Bookmark Linktree and subscribe to our updates for more.
About Hot Cross
Hot Cross is an extensive multi-chain and cross-chain tool suite that enables blockchain teams and their communities to thrive. At its core, Hot Cross aims to be the best toolbox for ETH and EVM networks. Their development philosophy is agile, and they are a cohort of builders who aggressively seek out opportunities to meet the demands of the now for both B2B and B2C. The core thesis that Hot Cross presents is that users and teams will migrate in part to new networks that feel familiar when presented with sufficient tooling and freedom. Hot Cross is a company and an ecosystem in and of itself, and our goals are towards allowing communities to flourish using our technologies, whether or not they know we are the ones building them.