First let's take a look at $HOTCROSS economic model
According to the information on the website, the team has prepared a fair and transparent plan for token distribution by using Gnosis Safes, which requires the agreement of multiple signers.
Furthermore, Hot Cross team has listed the wallet addresses for each receiving groups on their website. Anyone can verify the position of the big holders based on these addresses.
The circulating supply is 93,250,000, including the 6 millions tokens from the Pancakeswap syrup pool, and the 7,5 million from the cross pool initial launch emission.
$HOTCROSS is a utility token created to facilitate the participation in the "Hot Cross" protocol/network which, when fully developed, is envisaged to be a multichain and crosschain tool suite for EVM networks created for both blockchain teams and their communities.
$HOTCROSS acts as the native currency of the suite of cross-chain tools that are developed for the Ethereum and other EVM-compatible ecosystems, including, but not limited to, Binance Smart Chain, Huobi ECO Chain, and OKExChain.
This means that $HOTCROSS may be spent for access into Hot Cross products.
Some of the products in Hot Cross ecosystem are:
- An ERC-20 to BEP-20 bridge (Cross Bridge)
- A multi-chain NFT minter (Cross Mint)
- A multi-chain stakedrop/launchpool product (Cross Pool)
- A UI component (Cross Connect)
- A rich data delivery endpoint (Cross API)
- AMM-Style bridging (Cross Swap)
- A multi-purpose token management application (Cross Vest)
And more applications will be developed soon.
Hot Cross is not, and will in no case be, an enterprise, corporation, partnership or other entity or body corporate established under the laws of any jurisdiction, but a computerised consensus protocol based on which a public transaction ledger is generated.
$HOTCROSS is designed to be the only mechanism that a user may obtain access to certain products and services on Hot Cross.
The goal of introducing this token is to provide a convenient and secure mode of payment and settlement between participants in Hot Cross ecosystem.
For each exchange of services or products, the costs are quantified in $HOTCROSS and paid to Hot Cross and/or the other party providing the services.
Moreover, $HOTCROSS is used as incentives for contributions to and/or maintenance of Hot Cross. Only active users and/or holders will be awarded for their actual usage, activity and contribution.
If in the future $HOTCROSS itself moves canonical from ERC20 to BEP20, Substrate, Solana, NEAR, et al. then the same ethos around utilities apply. In addition, the intention of Hot Cross is to start out centralized and then move into a DAO, which $HOTCROSS holders can have a say in how the protocols operate.
So, let's go to the Allocation of Hot Cross
$HOTCROSS Raise Funds Round
IFO Sale Details
Sale start block: Approx. 9am UTC on Thursday 20th May 2021 (DONE)
Sale end block: Approx 10am UTC on Thursday 20th May 2021 (DONE)
Amount to be raised: $2,500,000 USD in CAKE-BNB LP tokens
Tokens to be sold: 50,000,000 HOTCROSS (10% of initial HOTCROSS total supply)
Price per token: 1 HOTCROSS=$0.05 USD
Cake to be burnt from sale: $1,250,000 USD
Method: Basic sale and unlimited sale (Both sales will be conducted via the Overflow method)
In the "Overflow" method, users can subscribe as much or as little as they want to the IFO, and their final allocation will be based on the amount of funds they put in as a percentage of all funds put in by other users at the time the sale ends. Users will receive back any leftover funds when they claim their tokens after the sale
Explanation about the differences between Basic sale and Unlimited Sale session:
Basic Sale ($750,000, 30% of Sale allocation), in this session each person can contribute a maximum of $100 equivalent in CAKE-BNB LP tokens.
The amount of tokens available in this format will typically represent around 30% of the total sale.
Note that the final allocation you receive will still be subject to the total amount raised in this session, but the good news is you're not battling any whales.
Unlimited Sale ($1,750,000, 70% of Sale Allocation), as the name suggested, this session has no limits on the amount each person can contribute. However, this comes at the cost of a participation fee.
The participation fee will start at 1%, which is only applied to your contribution to the "unlimited" session. The 1% participation fee decreases in cliffs, based on the percentage of overflow from the "Unlimited" portion of the sale.
The fee cliff for the Hot Cross IFO is as follows:
The number of tokens available in this format will typically account for 70% of the total sale.
In the “Unlimited Sale” method, users can subscribe as much or as little as they want to the IFO, and their final allocation will be based on the amount of funds they put in as a percentage of all funds put in by other users at the time the sale ends. Users will receive back any leftover funds when they claim their tokens after the sale.
The most important point to participate in this IFO sales is to have everything ready. Participants must have an active Pancakeswap profile connected to their wallet, then they have to prepare enough CAKE and BNB tokens to put into liquidity pool.
Token Distribution and Release Schedule
will receive 10% of Hotcross token total supply, which is equal to 50 millions. They will receive 12.5 millions tokens when the tokens are generated, and the rest of the tokens will be distributed linearly in the next 10 months. Incubators have invested in Hotcross since the project was just an idea. They have taken an active part in developing the project such as building products, marketing, bussiness strategy, etc. They know the true value of this project, so they have no reason to put down the HotCross's price. This round of funding occurred in January and February of 2021.
have limited access to the Hot Cross code base, product suite, information about our market planning. They will also serve as important partners along with the growth of Hot Cross's ecosystem. They get 2.5% of total supply equivalent to 12,5 millions tokens. At token generation event, they will receive 10%; and like the Incubators, they will receive the remaining tokens gradually over 10 months. Since Hot Cross project has not reached its full potential yet, they would likely hold onto their tokens. This round of funding took place from March 2021 to April 2021.
PancakeSwap IFO, Gorment Galaxy IDO
100% at TGE with 10% (50,000,000 tokens) of total supply for Pancakeswap IFO and 0.4% (2,000,000 tokens) of total supply for Gourmet Galaxy IDO. This allocation serves 2 purposes. Firstly, it can be used as a marketing strategy to get the attention of the public. Secondly, the IFO and IDO events will get the asset into as many users as possible. In return, those participants will be able to use $HOTCROSS for its intended purposes outlined in the Hot Cross ecosystem documents.
4% of total tokens supply will be used for AMM bootstrapping, promotional events, and general market liquidity that's needed for $HOTCROSS and the Hot Cross product suite to be healthy.
Cross Pool Launch
A product suite of Hot Cross that offers a secure and decentralized way of rewarding users for staking both LP tokens and single-sided, tradiotional BEP20 tokens. The protocol can technically work with any tokens and on any EVM network; however, in the first stage, $HOTCROSS token itself will be distributed as reward for using Cross Pool. This will serve as an incentive for the public to try out Hot Cross products.
25% of the total supply will be used for 3rd-party development teams who wish to build on top of the Hot Cross product suite.
Although they receive a big part of the supply, their release schedule stated that they will receive none of the tokens at TGE, just linear vesting over 24 months (2years). This distribution method ensures that the 3rd party development team will keep contributing to Hot Cross ecosystem. With more quality products being introduced, surely $HOTCROSS holder will enjoy the benefits of holding tokens.
this part includes retroactive drops, events, liquidity mining, and other contributory rewards given to users who grow the Hot Cross ecosystem.
The biggest part of total token supply is allocated to people who contribute to the system such as users, liquidity providors, and validators. Without customers, Hot Cross will not be able to succeed. Therefore, it is designed to be distributed gradually over 24 months to attract new users.
10% of total supply (50,000,000), this part is reserved for team growth and expansion beyond the first year of Hot Cross operations.
Linear vesting over 36 months with a 1-year cliff. The vesting method shows the developer team will work hard and stay commited to the project in the long run.
10% (50,000,000) of total supply will used for onboarding additional partners, product suite additions, and other unforeseen needs that may come up as Hot Cross grows.
Hot Cross is made of Web3, iOS, and Android builders whose competencies are "jack of all trades". "Our team is made up of senior-level professionals with decades of experience in full stack, years of experience in DLT development, and deep experience with quality assurance and testing" . Hot Cross focus on Find what's missing so if something's interesting, they will likely be researching or testing it.
He is also known as COO at Frontier - a successful project listed on Binance. His role as COO and head of research & development is to facilitate the growth of the company through testing, fact-finding, integration discovery, and QA.
He is a kind, talented person with a lot of energy and plenty of unique ideas.
A fun fact is that he can speak Vietnamese fluently.
He is Co-lead, and he is also known as the founder and CTO at Apocentre. He is a technology lead and a blockchain enthusiast who has worked for various companies across several industries such as Sky UK, Lloyds Bank, and Deutsche Bank.
His main focus and interest in the decentralized ledger technologies varies from low-level cryptographic structures, chain implementation details, cross-chain communication protocols, to authoring smart contract across various platforms.
A software developer at Apocentre
He is experienced in React / React native / NodeJS / Solidity. Front-end/bockchain developer, back end developer.
He is a senior software engineer, who has 5 years of mobile app development including 3 years with iOs, 1 year with Android and 1 year for other cross-platform like Xamarin, react native, flutter. His porfolio is really impressive; he has developed 6 iOs applications, 1 with Xamarin and a flutter game.
With years of experience in fundraising industry, Dante has honed his skills in sales, leadership and marketing. Furthermore, he has worked in a similar role at Venture Capital fund called "Black Mamba Ventures".
Up to now, the project is updating....
$HOTCROSS is a good project with a lot of potentials. The developer team has well-prepared plan for each aspects such as tokenomics, technology, security, etc. to ensure the success of the project.
The dev team has carefully plan the distribution and release of tokens so that everyone who participate in Hot Cross ecosystem can receive benefits.
In addition, Hot Cross team has many talented, passionated and experienced member. They believe in the future of blockchain industry, and they are contributing to that future by tackling some of blockchain current issues.
As shown on their website and social medias, they are constantly working on the project and regularly updating their progress.
Overall, Hot Cross is a raw gem with the potential to revolutionize blockchain industry in the future.