Cryptocurrency
Big News For Hoge Finance: The #HOGEeverywhere Campaign Begins
The AnySwap platform unlocks new capabilities for trading wrapped HOGE tokens on BSC, Polygon, and platforms like PancakeSwap
By HogeFather, aka Jesse J Rogers
Launched in February of this year, Hoge Finance was successful for many reasons, explained here. It was so successful that it spawned an entire genre of deflationary meme coins that all promised to “be the next Hoge”.
Since then, the high Ethereum gas fees have been a barrier to further adoption of Hoge. Initially, Hoge was only available on a Decentralized EXchange (DEX) called Uniswap. Because of high gas costs, only investors buying in sizeable increments could justify paying fees of $100 or more simply to initiate the transaction. Small investors looking to just throw in $50 to see what happens were completely priced-out.
This situation has improved since February. Today, HOGE can be purchased on exchanges like BigONE, Gate.io, and Changenow.io. Uniswap trades now also run as low as $5 when volume is low.
Even so, many people in the Hoge Finance community have long been clamoring for a bridge or migration to the Binance Smart Chain (BSC) to take advantage of the lower transaction fees (typically less than $1) on that Proof of Stake system. This insistence was especially urgent in April, when newer BSC-based projects like Safemoon were getting far more volume and price action by enjoying Binance’s minimal friction. By contrast, Ethereum fees were so high that it became almost unusable to average working-class retail investors —which is a problem because regular people are the target market for a community-powered meme coin like Hoge.
Although it would lower costs, the main downside of bridging networks is that it can make partnerships with other tokens and central exchange listings more difficult. This is due to the regulatory compliance risks when linking networks. ERC-20 tokens get listed all the time, but how many BEP-20 tokens do you see on top Centralized EXchanges (CEXs) like Coinbase? Despite the advantage of low transaction costs and a strong user base, recent news about Binance raises some question marks.
The Hoge Finance team prioritizes success in the long run. In March, they decided that if bridging or migrating to BSC jeopardized listings on top CEXs, then it simply wouldn’t be worth it. Better to remain an ERC-20 token. The problems for tokens like POODL — which made the move and migrated to BSC — seemed to reinforce the correctness of this Ethereum-only stance.
However, Hoge Finance never stopped looking for workarounds that might allow users to enjoy the advantages of being on popular mainnets like Polygon and Binance while minimizing the downside risk. Could HOGE have its CAKE and eat it too?
Introducing AnySwap
Because AnySwap allows easy conversion of cryptos, it does have some similarities (in terms of convenience) to changenow.io. But AnySwap uses a very different technological approach that unlocks new opportunities by minting wrapped tokens on alternate networks. There are quite a few mainnets supported.
The most exciting thing about the AnySwap platform is that by empowering individual investors, it sidesteps all the potential downsides for Hoge Finance. If independent HOGE owners choose to create liquidity pools on a DEX like AnySwap using wrapped HOGE tokens, then that carries risks and generates rewards, but only for the liquidity provider. These bridges are not controlled by the project’s dev team and therefore they don’t impact our ability to get listed by CEXs.
While AnySwap is still in beta, it has been audited by Slowmist. You can read the audit here. The conclusion found the following.
4.6 Audit conclusion
Summary: 7 issues were found in this audit, including 2 high-risk vulnerabilities, 1 low-risk vulnerabilites, and four enhancement suggestions. After communicating with the project team, both high-risk and low-risk vulnerabilities have been fixed, and the enhancement points will be enhanced in subsequent versions of the code.
Here’s what the interface looks like.
Users have already begun experimenting with bridging HOGE to the Fantom Network. That bridge is up and running and can be traded on in AnySwap. Many more network bridges will follow.
#HOGEeverywhere
All bridging and investment decisions will be made by individual community members based on what generates profits for us. At the same time, every effort will be made by the Core team to coordinate and inform. That’s what we mean by the #HOGEeverywhere campaign. This is going to be a long-term organizational project for Hoge Finance beginning with a massive 90 day push. It will require a great deal of experimentation, communication, and coordination.
“#HOGEeverywhere is… a multi pronged campaign shared between marketing and business development to make sure not only is Hoge in front of every pair of eyes possible, but that it is accessible to anyone looking to buy, whether that’s for a million dollars or 50 cents.” — Wiser
The community gains most by working together to focus on building a few profitable pairings. That should get better results than each person doing their own thing and ending up with 100 pairings that have shallow liquidity and no trade volume. Not every hypothesis about profitable pairings will be correct, but eventually through building one pair after another, we will get Hoge linked up everywhere. Imagine the value created by being a trusted name and viral brand that becomes available no matter where you look. By implementing this plan and being on all the best networks and decentralized exchanges, HOGE creates a pathway to playing a vital and essential role in DeFi.
To maintain simplicity, the taxation, burn, and redistribution tokenomics will not be activated for wrapped tokens on other mainnets.
What that means is that if you buy wrapped HOGE somewhere like Quickswap but want to hold for the long term and enjoy the redistribution rewards, then you’ll at some point need to convert wrapped HOGE into the ERC-20 HOGE token to hold on the Ethereum Mainnet (don’t worry, we’ll teach you how to do that).
To arbitrage from one mainnet to another may sometimes be profitable, but could similarly require converting back to ERC-20 HOGE as the central point. Those transactions will be taxed normally and thus drive the burn that benefits all holders.
Hoge Finance is committed to living up to our motto “DeFi Made Easy”. Combining the versatility of AnySwap’s technology with the educational resources of Hoge University will make it simple for anyone anywhere in the world to be part of the fintech revolution. Our community — our greatest advantage — will continue to be taught and empowered to use DeFi tools at the lowest transaction prices and greatest safety possible.
Next Steps: What Can You Do
- Subscribe to the Hoge University YouTube channel. Many more instructional videos like this one are going to be uploaded to answer any and all questions you may have.
- Follow Hoge Finance on Twitter to stay up to date on all the official current news and recommended liquidity pairings.
- Share this story with the #HOGEeverywhere hashtag on all your socials. Let’s get it trending!
- Last but not least, be patient. We’ve trended before. We’ve been on toplists before. Those kinds of things are necessary but not sufficient to achieve lasting market strength. We’re in a marathon, not a sprint. Expect the successful implementation of this campaign to put HOGE in a very powerful position in coming years, rather than tomorrow. And particularly if you’re collecting fees by providing liquidity to a DEX like AnySwap, QuickSwap, PancakeSwap, or UniSwap, then expect this to be lucrative. But only over time.
The bridge to PancakeSwap is already up and running, and you can read about it here.
You can always find authoritative Hoge updates and contract addresses at https://hogefinance.com/
