Are you curious about Hedera Token Service Projects? Explore their impact on the Hedera Network in our Genfinity podcast featuring insightful discussions with project leaders. We have included some exciting developments, including upcoming project airdrops, below for you!
Hedera Network
Hedera is an open-source, proof-of-stake network that empowers developers to build decentralized applications. It offers three key services: smart contracts, consensus, and token creation. What sets Hedera apart is its exceptional speed, energy efficiency, and robust security, all powered by its innovative hashgraph consensus algorithm.
Hedera’s Token Service Projects can strengthen the network in several ways. Firstly, increased activity from transactions and token distribution generates fees that support the network. Project innovation also attracts new users and developers, while successful projects raise awareness and encourage wider adoption. A healthy ecosystem of diverse and successful projects can significantly benefit the overall health of the blockchain.
What is the Hedera Token Service?
For enterprise developers, the Hedera Token Service simplifies token creation by eliminating the need for complex smart contracts. Unlike other blockchain platforms, HTS allows you to create both fungible and non-fungible tokens directly on the network, streamlining the process and reducing development overhead.
What are the advantages of Hedera Token Service for enterprises?
Hedera Token Service empowers businesses to leverage the power of tokens without complex smart contracts. Built on Hedera Hashgraph’s fast and scalable network, HTS offers finality in seconds and predictable fees. Customizable compliance ensures tokens meet regulatory requirements, while programmable permissions allow for granular control. With native token support, fair ordering, and diverse use cases, HTS accelerates time to market for various enterprise applications.
Hedera Token Service project updates
Let’s dive into the project updates provided on our podcast.
Calaxy
The Calaxy app recently launched a new SMS texting feature to incentivize new users and reward existing ones with CLXY tokens. This feature is also empowering creators to monetize through its marketplace. This, combined with gamification elements and partnerships, has led to significant user growth with over 30,000 new wallets created in just a week!
Calaxy app partners with the Creator’s Calaxy protocol to incentivize user acquisition. They reward you for both joining and referring other users in Calaxy tokens. This campaign has seen significant growth in the past week and is expected to continue for another 30 days. Calaxy highlighted in our podcast how their perception has evolved from a simple marketplace to a multi-faceted platform offering various functionalities beyond just buying and selling.
Calaxy expressed to Genfinity that they aim to be a prominent player in shaping the future of Web3 by streamlining user onboarding and fostering innovation that challenges the current status quo. They believe in challenging the current infrastructures and are exploring ways to simplify interaction with Web3 technologies. This includes features like possibly using phone contacts as wallets and sending peer-to-peer crypto assets seamlessly. They emphasize the need for real-world use cases beyond current speculation and are excited to partner with other projects to push the boundaries of Web3 innovation.
Karate Combat
Karate Combat is a professional, full-contact karate league founded about six years ago. They have over 100 fighters under contract, and their 44th event is this Friday. Events are streamed for you for free on various platforms, including YouTube, Twitter, the Karate Combat website, and more. The league features exciting rules with shorter rounds, no wrestling, and a focus on knockouts. Notably, this differs from the UFC where fighters use ground fighting or ground grappling, techniques that may not be as entertaining.
To furthermore appeal to younger fans, Karate Combat incorporates innovative production elements. Events are filmed in studios with 3D VFX backgrounds, creating a video game-like experience for you. They also leverage cryptocurrency through a mobile app where you can win tokens and participate in no-loss gambling on fights. This approach aims to increase your engagement and also grow the league’s popularity.
2024 Project Focus
Karate Combat is focusing on product development and community engagement in 2024. They’re launching a referral program as soon as next week. You can also stay tuned for news on their upcoming affiliate program. Additionally, they emphasize that benefits typically reserved for sports property owners will flow to token holders.
Looking ahead, their upcoming event, KC 44, is happening this Friday and features eight Karate Combat fights and five influencer fight club fights, including the main card between Ben Armstrong and an Ethereum developer.
Dovu
Matt with Dovu gave us an update on their recent project, including a venture into India. Dovu, founded in 2016, has spent the past few years focusing on simplifying access to ESG credits. Their goal is to create an easy-to-use operating system for this space, akin to Windows or OSX. A recent achievement involved deploying credits for recycled vehicles in India, demonstrating their ability to model green economies where all participants are rewarded. From small farmers to large enterprises, Dovu’s platform aims to streamline ESG efforts by providing a comprehensive operating system.
Earthlings
The Earthlings project is launching a campaign to distribute their STEAM token to the Hedera community. Inspired by Karate Combat’s approach, they want to spread awareness and reward HBAR holders. They’ve partnered with other projects and decided to offer airdrops to anyone holding HBAR.
The airdrop will work through you associating assets in a Hedera wallet: a placeholder STEAM token (PhSTEAM), the STEAM token, and holding Earthlings. A snapshot will be taken of all associated wallets, and the amount of HBAR held will determine your airdrop amount of PhSTEAM. This will happen four times between February and May, distributing a total of 1.5% of the STEAM token treasury. The initial response has been impressive with over 22,000 wallets participating in just four days!
Earthlings strategically airdropped a large portion of their tokens to attract new users and incentivize participation. They believe this approach is more cost-effective than traditional marketing campaigns, as they’ve already exceeded their expectations for user acquisition within the first month. The airdrop encourages users to hold onto the tokens and explore their potential uses within the Earthlings ecosystem.
Grelf
Grelf, a meme coin launched in August 2022, is based on an unpopular character the creator designed. The creator initially made Grelf to help sell his Creets NFTs. Despite initial struggles and negative reactions to the polarizing figure, the creator persevered due to their love for the character. Grelf has become the creator’s brand and Hedera’s flagship meme coin, and he intends to continue its development.
The speaker additionally predicts a significant DeFi expansion on Hedera in 2024, driven by lending markets and potentially an oracle. He acknowledges Hedera’s unique ecosystem and user base, many of whom are new to DeFi concepts. He commented that there’s a large untapped potential within existing HBAR holders who haven’t yet actively participated in the network.
Hedera Token Service Projects: Looking Forward
The HBAR team, including Brandon, “The HBAR bull”, strongly supports HBAR holders and believes they deserve benefits for contributing to the ecosystem’s resources. He sees the Earthlings’ airdrop, for example, as a way to reward these holders while strategically attracting new ones, especially those who might be hesitant to participate in DeFi due to holding large amounts of HBAR. He emphasizes the airdrop’s potential benefits for the entire ecosystem. These benefits include strengthening the HBAR market, promoting marketing opportunities for projects, and encouraging the adoption and use of various DeFi products and services. He hopes this airdrop becomes a trend and encourages responsible participation from both token issuers and holders to create a more vibrant and diverse DeFi landscape within Hedera.
Do you currently own any of these projects? Let us know in the comments!
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