Why Did We Deploy $CLAIM On Hoo Smart Chain?
New opportunities to raise our incomes in DeFi emerge every day. Claim is constantly looking for such: that’s why we decided to deploy on Hoo Smart Chain. This is a recently launched blockchain with increased transaction speed and $0.001 fees, which has already attracted dozens of DeFi protocols. Claim’s total value locked in Hoo Smart Chain exceeds $1 million. Let’s compare HSC with Ethereum and Binance Smart Chain and see why Hoo is quite promising.
What is Hoo Smart Chain?
HSC is a public chain launched in May 2021 by the Hoo.com crypto exchange. Hoo dates back to 2017, since when this Hong Kong-based startup succeeded to build a robust ecosystem of numerous products.
So far, things are going well with Hoo Smart Chain. The number of unique addresses reached 190,000:
In July, HSC performed 50–70 thousand transactions daily, compared to BSC’s 3–4 million.
Hoo Smart Chain vs. BSC and Ethereum
Let’s compare Hoo Smart Chain with other major public chains and see where it wins.
Fees. A gas fee in HSC is as low as $0.001 (charged in Hoo tokens), compared to $0.05–0.7 in BSC and $5–20 in Ethereum. If you haven’t experienced Hoo yet, see how much easier it is to move your assets between DeFi protocols — we’ll leave a guide below.
Speed. Hoo Smart Chain allows for up to 500 transactions per second, while it’s 50 in BSC and 15 in Ethereum. Average block time in HSC is 3 seconds, the same is for BSC, and 10–20 for Ethereum. In Hoo, you don’t have to wait for a ton of confirmations, so your funds move in mere seconds.
Compatibility. HSC is fully compatible with smart contracts on Ethereum, BSC, and HECO: you can easily move tokens from other public chains to Hoo. Hoo.com is where you can do so.
Consensus mechanism. Same as Binance Smart Chain, HSC leverages Proof of Staked Authority (PoSA): participants stake HOO to become validators. If you propose a valid block via one of the 21 network’s nodes, you will receive its transaction fees. Ethereum is currently moving from cumbersome Proof of Work to scalable Proof of Stake; Eth 2.0 deployment is scheduled for 2021–2022.
Why Claim on Hoo Smart Chain?
We at Claim believe that Hoo has a huge potential. Low fees and instant transactions are attracting a large user base, which, together with accessible smart contracts, encourages developers.
We expect many strong projects to deploy on Hoo Smart Chain, which will allow users to build diverse yield farming strategies. And we want you to be among the first ones who leverage these opportunities of HSC. The earlier you start, the larger your gains.
Also, as a credit-based stablecoin, Claim needs to interact with the high-yield DeFi protocols. The returns are distributed in the community, and we want these returns to be the highest. This is another reason why we embraced Hoo Smart Chain.
How do I profit from Hoo-based Claim?
Claim offers you two profit strategies: single and liquidity mining.
In single mining, you can stake BSC-based USDT (22.85% APR at the time of writing) or CLAIM (54.02%) and get CLAIM as rewards.
In liquidity mining, provide liquidity to CLAIM-USDT or CLAIM-HOO pools on PuddingSwap and stake the LP tokens on Claim. The current APRs are 181% and 223%, respectively.
For both strategies, here’s the way to start:
1. Create an HSC wallet. MetaMask or TokenPocket work best. Add Hoo Smart Chain to the wallet: see the detailed guide here.
2. Buy Hoo for paying gas fees in HSC. For this, use Hoo exchange. Send the tokens to your HSC wallet.
3. Transfer your CLAIM or USDT from Ethereum or BSC to HSC via PuddingSwap or buy Hoo-based CLAIM here.
4. Log in to app.claim.xyz and switch to HSC in the upper right corner.
Now, for single mining, connect your wallet and stake your USDT or CLAIM.
For liquidity mining. On app.claim.xyz, find CLAIM-USDT and CLAIM-HOO. Click ‘Provide liquidity’ and follow the instructions on PuddingSwap. When you get your LP tokens, return to the Claim website, connect your wallet, and stake the tokens.
There you go! In case something here doesn’t make sense to you or you have an idea to share, feel free to contact us at op@claim.xyz or write straight to our Telegram community chat. To find out how Claim’s stablecoin works and why some stablecoins collapse, see our recent article.
