HashPack has emerged as a leading player on the Hedera Network. Under strong leadership, the company has navigated a whirlwind journey filled with significant growth, strategic partnerships, and a commitment to community engagement, all while prioritizing user education and experience.
Keep reading for an exciting update on HashPack’s latest developments and insights from Marc Ugas! We were also joined by Brandon, famously known as the “HBAR Bull,” who enthusiastically shared his perspectives on the dynamic projects making waves within the Hedera Network.
HashPack’s Journey: Growth, Partnerships, and Future Prospects
Marc Ugas, the Director of Operations at HashPack, enthusiastically opened the conversation. He introduced himself, sharing that HashPack stood as the leading wallet on the Hedera Network. Reflecting on the hectic nature of their work, he remarked, “It has been a whirlwind from the very beginning, which was expected in the fast-paced world of Web3 and crypto.”
Marc takes pride in HashPack’s progress over the year, noting the team’s excitement about their recent launches. The market showed signs of recovery, indicating a positive turnaround. In recent weeks, the launch of staking created significant excitement, marking a long-awaited milestone. Initial discussions about staking began back in January, and the response to its launch surpassed expectations.
Karate Combat Partnership
Marc detailed the evolution of the partnership with Karate Combat over time. The collaboration extended beyond the typical Web3 community, drawing in participants with engaging events and an innovative voting system that attracted newcomers outside the crypto space. Moreover, he explained the challenges faced during the integration, particularly with the unique ECDSA keys used by Karate Combat. HashPack had initially supported these keys, but ensuring a seamless user experience was crucial.
By the latest Karate Combat event, around 50 participants had already used their HashPack wallets to engage in voting and gaming activities, demonstrating a practical application of governance. Their joint efforts led to the successful $50 million Karate giveaway, which attracted approximately 15,000 accounts and showcased remarkable participation.
The community around Karate Combat had grown significantly, with around 350,000 holders of their tokens, reflecting their rising popularity. As the discussion continued, Marc expressed optimism for future collaborations, especially with the upcoming layer-two developments on Hedera, and emphasized HashPack’s commitment to nurturing this partnership.
Balancing Feature Development and Network Infrastructure
HashPack’s Director of Operations recognizes the ongoing challenge of balancing the development of HashPack’s features with the critical task of contributing to the network’s infrastructure. He explained that prioritizing tasks required constant attention, as both aspects were interlinked and essential for success.
For instance, he noted that their CTO, Pluto, had been focused on optimizing the loading of NFTs, which was tied directly into the network’s overall infrastructure. Given HashPack’s significant market share on Hedera, Marc understood that user experience was closely connected to the performance of their wallet. If HashPack encountered issues, it would inevitably impact users’ perceptions of the entire network, regardless of low fees or fast transaction times.
When discussing the relationship between features and infrastructure, Marc emphasized that they viewed these elements as part of a continuum. Improvements in infrastructure, such as enhancements to WalletConnect, ultimately benefited user experience. The team worked in parallel on both fronts, understanding that building a robust infrastructure was vital for the growth of Hedera itself.
In addition, he highlighted HashPack’s crucial role in testing and optimizing network scalability. By maintaining a close connection to the underlying infrastructure, they could better understand how to enhance it and effectively test new features with their users at scale. This dual focus aims to improve HashPack and contribute positively to the Hedera ecosystem as a whole.
HashPack’s Evolution: Embracing Education, Staking, and Community Engagement
As HashPack approached its two-year mark in May 2022, Marc reflected on the journey with a sense of accomplishment. He noted that the team had conducted over 100 interviews, a testament to their dedication and the wild pace of growth they had experienced. Education emerged as a cornerstone of their mission, as Marc believed it was essential for making Web3 accessible. He understood that navigating this complex landscape could be daunting, and HashPack sought to enhance user experience through informed engagement.
Marc highlighted the remarkable progress within the Hedera ecosystem, where creators consistently pushed boundaries and launched new initiatives. This rapid pace of development inspired HashPack to build a strong foundation for the future. As they ventured into staking, the team had long recognized its importance, having discussed it as a goal from the outset. By January, they began strategizing how to integrate staking effectively within the wallet, focusing on creating an optimal user experience.
Strategic Design and Community Engagement in HashPack’s Staking Initiative
The design of the staking mechanism required careful consideration of tokenomics and sustainability. Marc emphasized the need to create a model that would endure over time, avoiding the pitfalls of short-term gains that could lead to rapid exits. After extensive discussions, the team settled on a 5% annual percentage rate (APR) for staking, believing this approach would provide a reliable return while ensuring longevity.
Furthermore, Marc acknowledged the valuable support of SaucerSwap, which had been instrumental in developing a robust staking framework. Together, they explored various models, ultimately choosing a structure that combined emissions with a conservative distribution approach. The decision to maintain a steady APR helped stabilize the circulating supply of their token, PACK, which became a vital aspect of their strategy.
As the staking feature went live, the engagement exceeded all expectations. Within just six days, approximately 135.7 million PACK tokens — almost 46% of the circulating supply — had been staked. This overwhelming response delighted the team and showcased the community’s enthusiasm. The excitement was palpable, with users sharing their experiences on social media, further amplifying the positive momentum.
Looking ahead, Marc shared plans for enhancing the staking experience. The team was actively working on liquidity provisions through SaucerSwap, aiming to create a more efficient market for PACK. They recognized the need for improved liquidity, especially for newcomers struggling with higher slippage in existing pools. Developing a new liquidity pool was in progress, with expectations set for completion within the next week.
Exploring Hedera with Brandon “The HBAR Bull”
Brandon, known as the “HBAR Bull,” joined us and shared his insights with enthusiasm as he reflected on the dynamic projects emerging within the Hedera Network. He remarked on the recent developments surrounding SKUx and Mondelez, expressing a sense of anticipation, noting that he planned on connecting with the founder and CEO of SKUx the very next day.
In addition, he pointed out SKUx’s commitment to being a payments company despite initially focusing on promotions and coupons. Their partnership with Mondelez, a giant in the confectionery world known for brands like Chips Ahoy and Oreo, further fueled Brandon’s excitement. “I was eager to learn more about their innovative approach,” he mentioned, especially as it related to the Internet of Things (IoT) and smart cities.
Transitioning to the impressive strides made by Neuron, Brandon explained how they initiated conversations in the aviation sector. Although Neuron started with a specific use case, managing drone traffic, they built a robust infrastructure that promised scalability across various applications. “They launched their beta and deployed sensors in multiple areas,” he explained, highlighting the community-driven approach that incentivized participation through tokenomics. “Their potential customers included teams like Google Wing and Amazon, which showcased the traction they had gained.”
Embracing Innovation: The Gaming Revolution Within Hedera’s Ecosystem
Brandon’s passion for the Hedera ecosystem extended into the gaming sector. He recalled playing games like Karate Combat and the exciting discussions from a recent episode featuring the LARPing platform. “Whenever I encountered a team with a compelling business plan that hooked me, I knew they were onto something big,” he reflected. “If their products resonated with me, they were likely capturing the interest of others as well.”
He acknowledged the challenges startups faced, noting that 85-90% might fail. However, Brandon remained optimistic about the talented and driven teams he observed. “Each week, I explored a dozen to twenty-four different use cases being built on Hedera,” he shared. “While not all would succeed, I believed some of these ideas had the potential to become multi-billion-dollar ventures. The talent and determination of these teams indicated that success in this space was not just a possibility—it was inevitable.”
Navigating New Frontiers
One Hedera RWA project, Cask Capital, has emerged as an intriguing player in the whiskey investment space. This small startup, consisting of just three dedicated individuals, faced numerous challenges as they worked to bring their vision to life. Brandon noted the efforts of Jeremy and his two partners, who focused on the whiskey side of the business. Initially, Cask Capital concentrated on tokenization, successfully tokenizing dozens of whiskey casks and facilitating transactions between bottlers and distillers. However, their ambition extended beyond mere tokenization; they aimed to democratize whiskey investing, a practice common in the UK but largely unexplored in the U.S. and other regions.
Recognizing the significant costs associated with cask investments, which often ran into the thousands of dollars, the team understood the necessity of fractionalizing the casks to make investing accessible to a broader audience. Regulatory hurdles presented challenges, but they navigated these obstacles successfully, ultimately opening the door for a wider array of investors. This innovative approach not only served as a proof of concept for similar ventures in the spirits industry but also resonated with a demographic eager to engage with both crypto and alcohol investments. Their initial offerings sold out quickly, indicating a promising market response.
Unlocking Potential: The Future of Investment and Microtransactions in a New Digital Economy
Brandon acknowledged that this model represented a multi-billion-dollar opportunity within the whiskey industry and pondered how many other untapped markets might exist. As one of the first movers in this space, Cask Capital’s success could inspire similar initiatives globally. Expanding his perspective, he drew parallels to the early days of the internet, where the advent of layer-one cryptocurrency networks allowed investors to engage with foundational infrastructure rather than merely the companies built on top of it. This shift opened a world of possibilities for future multi-billion-dollar enterprises.
Discussing microtransactions, Brandon emphasized the revolutionary capabilities enabled by efficient distributed ledger technology (DLT) like Hedera. Before such networks emerged, micro-payments were practically unfeasible, but the efficiency gains—reportedly a thousand times more efficient than Visa—unlocked incredible opportunities. He cited teams like Drop, who were already innovating in this space, along with Rob Allen’s significant work with Australia’s main payments system.
Brandon recognized the challenges associated with launching new technologies, noting that retail expectations often clashed with the realities of development timelines. The process involved extensive trialing, especially when overhauling entire payment systems like Australia’s ACH. Despite the complexities, being part of the conversation and witnessing technology trials proved invaluable.
He concluded with optimism, reflecting on the potential of micro-payments. If even a fraction of a nation’s ACH system could run on a network like Hedera, it would represent a monumental use case. The possibilities were vast, and Brandon eagerly anticipated what lay ahead in this evolving landscape.
You can watch our full interview with Brandon here.
Stay Tuned
As HashPack continues to innovate and expand its offerings, the enthusiasm within the community remains palpable. With a strong foundation and ambitious plans for the future, the company is well-positioned to drive further engagement and success in the ever-changing crypto ecosystem.
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