HUNT’s 4th DApp - Neverlose.money is officially launched today
Neverlose.money, the 4th DApp in HUNT Network, is officially launched today and WRN token distribution will begin on December 17th, 2020. Neverlose.money has been listed as one of the main items on our roadmap, and we’re delighted to announce that the product is launched on schedule.
Neverlose.money is the first-ever gamified DeFi protocol that pays a bonus to long-term investors, known as HODLers, with the penalty from losers who fail to HODL.
Neverlose.money - https://neverlose.money/
People can choose to lock-up their Bitcoin (WBTC), Ether (WETH), or HUNT asset for a set target period ranging from 3 months to a maximum of 10 years. While continuing the lock-up, users will get a bonus based on their shares whenever other users fail to HODL (withdraw their funds during their lock-up period).
HODLers can withdraw their funds at any time during the lock-up period by incurring a charge of 10% penalty. This penalty will be shared with other users (as a bonus) who are maintaining their active HODL assets.
Security audit is completed
Neverlose.momey contract has been successfully audited by HAECHI Labs, one of the most renowned security audit providers. 1inch.exchange, Pickle Finance, and many other famous DeFi projects were audited by them. The final report is expected to arrive on December 16th, and it will be published on the website.
WRN distribution begins from block 11,469,300 (appx. December 17th, 2020, 5pm KST)
WRN is the governance token of the Neverlose.money platform. WRN tokens are distributed to the HODLERS (those who have active lock-up assets) proportional to each effective asset value.
The generated WRN tokens are allocated in the following way: 50% to HUNT, 25% to WETH, and 25% to WBTC asset pool. In other words, you can earn x2 WRN tokens via HUNT lock-ups.
WRN reward will be distributed from block 11,469,300, which will be approximated December 17th, 2020, 5pm KST. The max total of 1,200,000 WARREN (WRN) tokens will be issued over the 8.8 million Ethereum blocks (~4 years). 0.5 WRN will be issued per Ethereum block for the first 500,000 blocks and then 0.1 WRN will be issued per Ethereum block for the following 8,300,000 blocks.
3% Treasury Fund will be added to the HUNT Burning System
In addition to the 10% penalty, an additional 3% of the broken amount goes towards the treasury fund, which will be used for the HUNT burning system. HUNT Burning System is our main token model. All fee-based revenues that are not made via HUNT tokens on our DApps are converted to HUNT tokens, and they are burned on a quarterly basis. We expect that the 3% Treasury Fund from Neverlose.money will increase the amount of HUNT burnt every quarter.