Hugo Finance is an upcoming DAO, bringing its DeFi token, HUGO, on the Binance Smart Chain. Hugo dedicates its resources to allow users to make decisions on essential changes on the platform. On the other hand, HUGO will be the native token once the DeFi project launches its DAO.
Hugo launched its initial seed round on 13 March, with its soft cap set at 500 BNB, managing to hit the 280 BNB mark by 30 March. The inherent plans to launch its token on Unicrypt will help the project reach a larger audience than before following a listing issue on PancakeSwap.
Hugo Finance encountered a problem after realizing that HUGO was listed on the swap without any liquidity. This element makes it hard for Hugo enthusiasts to participate in the pre-sale.
As it stands, it created a new smart contract to deal with the obstacle while preparing for another listing on PancakeSwap.
Hugo, The Boss Supporting other Bosses
Hugo describes itself as a cute yet tough project, hoping to reshape the dynamics of DeFi governance systems. By recognizing the shortcomings of centralized platforms, the project chose the decentralized counterpart to maximize its potential to create the best platform for its users.
In its opinion, the power over funds should be to users and not intermediaries within the financial industry. Hugo wishes to create a better environment for financial access and empowerment to users through decentralized governance.
The Binance Smart Chain stands as a gateway to progress as it continues to garner more popularity within the crypto space. Combined with its scalability and low costs, Hugo and its investors stand to reap the most favorable results for all.
The Deflationary Token
Hugo Finance and its token are doing well despite the recent token listing setback they faced. The project is close to its second PancakeSwap listing, initially set to go down on 10 April.
It has also decided on reshaping its distribution criterium to airdrop its new token to all holders as registered after 31 March. The ratio will be 1:1 after the automatic launch and liquidity lock on PancakeSwap.
Although some might not stand for the current undertakings, Hugo wants to applaud its token holders as of 30 March for their undeterred patience with a 5% increase in their holdings.
The community has voted on an extended period for the pre-sale to enable the project to achieve its soft cap. Every user can invest a minimum of 0.25 BNB and a maximum of 25 BNB.
The project took ample time on every decision to concoct HUGO as a deflationary token; meaning, there will be a lower circulation of the token after every transaction. While it may be a little complex to understand the whole process, here is a breakdown of what will happen.
During every transaction, the HUGO receiver will acquire only 98% of the tokens sent. The remaining 2% ranks as transactional fees on the network to stand as rewards shared proportionally among all token holders.
However, 50% of the transactional costs will go to the burn address, the biggest HUGO holder holding 50% of all HUGO in circulation. The remaining 50% is what will be distributed to the holders as rewards.
Since 25% of the HUGO in circulation was dedicated to the pre-sale, 10% will be used for liquidity, 10% for marketing, rewards, and development, while 5% will go towards charity.
Building a Trustworthy Ecosystem
Hugo Finance takes to heart the necessity of holding users’ trust and the safety of holders’ funds. On that account, it rounded up on the logistics surrounding its KYC verification process.
The verification process fell into the hands of the auditing firm, Pass or Fail, completed on April 4. Hugo now stands as a KYC verified project with the auditing firm placing the project at a 4.5/5 pass rank.
This move establishes that all the team’s information will be minted on an NFT card and available to authorities in case of discrepancies. In short, Hugo is trying to assure users that their funds are secure.
Other developments are on their way as Hugo is an actively growing environment. It hopes to attain more listings, develop its DAO, build an NFT platform, and conduct a smart contract audit before the end of this quarter. Last, yet notably, Hugo is seeing unprecedented growth in its community who finds ways to expand the network fruitfully. Join its social platforms of Telegram, Twitter, and Discord to be up-to-date with each and every plan closing in.