Anyone following Hooked Bitcoin should probably take a look at HETH
For people who already know Hooked Bitcoin (HBTC), this is an interesting one.
Hooked Ethereum ($HETH) launched only 2 days ago on Robinhood Chain. The team describes it as an improved version of the Proof of Swap idea behind HBTC.
I went through the docs because I wanted to understand what they actually changed and theres some pretty interesting stuff in there.
With HETH buying is basically mining. Every 6.9 minutes theres a new mining block. When you buy HETH you get your tokens immediately, but your buy also counts as work for that block so you can earn part of the mining reward.
They also released the Auto Miner today which makes this a lot more interesting imo.
Instead of manually buying every block you can deposit ETH, choose how much you want to use per block and how many blocks you want it to run. It then automatically makes recurring HETH buys for you.
So you’re basically DCA’ing into HETH and mining at the same time without having to sit there buying every 6.9 minutes.
Then you have the 7 Defense Walls.
Trading fees continuously fund buy orders sitting 5%, 10%, 15%, 20%, 30%, 40% and 50% below the reference price.
If price drops into one of those walls, the ETH sitting there buys HETH and the HETH bought by the wall gets burned.
This is probably the most interesting part to me. Right now the walls have enough buy liquidity relative to the circulating HETH that they can absorb a huge amount of selling. And even when a wall gets used, new trading fees start building the walls again.
So its not just one big buy wall that disappears and thats it. Buy and burn fees keep feeding ETH back into the system and rebuilding buy liquidity underneath the market.
The walls also move with the market. Roughly every 12 hours the reference moves upwards toward the market price, capped at around 12.5% per update. So when HETH moves up, the Defense Walls can slowly grind upwards behind it aswell.
Another thing I didnt realize at first is how fast the halving works.
Mining rewards halve roughly every 30 days. Kinda gives me early BTC mining vibes, just on a much faster timeline.
So basically:
Buy HETH → mine HETH
Auto Miner → automatically buys/mines each block
Trading fees → build 7 Defense Walls
Price hits a wall → wall buys HETH
HETH bought by the walls → burned
Fees → start building the walls again
Mining rewards → halve roughly every 30 days
Theres also no team/founder allocation, no owner or admin keys and the starting liquidity is protocol owned.
For anyone who already knows HBTC you’ll probably recognize a lot of the idea behind it. HETH is basically trying to build further on that concept, especially with the Auto Miner and the way the Defense Walls work.
No idea yet if it actually ends up being better than HBTC but I can see why they’re making the comparison.
Its literally 2 days old, around a $40k market cap and only has around 150 holders right now, so really early but also a high risk.
Thought it was interesting enough to share here.
DYOR
https://hookedethereum.org/
