Hugo Finance is an aspiring DAO that is adding its DeFi token HUGO to the Binance Smart Chain. Hugo devotes its resources to enable users to make decisions about significant changes to the platform. On the other hand, HUGO will be the native token as soon as the DeFi project launches its DAO.
Hugo started his first starting round on March 13th with a soft cap of 500 BNB and reached the mark of 280 BNB by March 30th. The inherent plans to launch its token on Unicrypt will help the project reach a larger audience than before after a listing problem with PancakeSwap.
Hugo Finance ran into a problem after discovering that HUGO was listed on the swap with no liquidity. This element makes it difficult for Hugo enthusiasts to take part in the pre-sale.
A new smart contract is currently being drawn up to deal with the obstacle while another listing is being prepared on PancakeSwap.
Hugo, the boss who supports other bosses
Hugo describes himself as a cute but tough project, hoping to reshape the dynamics of DeFi governance systems. Realizing the shortcomings of centralized platforms, the project chose the decentralized counterpart to maximize its potential for creating the best platform for its users.
In his opinion, the power over the means should rest with the users and not with the intermediaries within the financial industry. Hugo aims to create a better environment for financial access and user empowerment through decentralized governance.
The Binance Smart Chain is a gateway to progress as it is becoming increasingly popular in the crypto space. Combined with its scalability and low cost, Hugo and its investors can achieve the most favorable results for everyone.
The deflationary sign
Hugo Finance and its token are doing well in token listing despite the recent setback. The project is about to have its second PancakeSwap listing, which will initially be discontinued on April 10th.
It has also decided to change its distribution criterion to send its new token to all holders registered after March 31st. The ratio is 1: 1 after the automatic start and the liquidity lock at PancakeSwap.
While some may not stand by the current commitments, Hugo would like to applaud its token holders on March 30th for their unwavering patience with a 5% increase in their holdings.
The community voted for advance sales over a longer period of time so that the project can achieve its soft cap. Each user can invest a minimum of 0.25 BNB and a maximum of 25 BNB.
The project took sufficient time with every decision to develop HUGO as a deflationary symbol. This means that the token will be less disseminated after each transaction. While it might be a little complex to understand the entire process, here is a breakdown of what will happen.
During each transaction, the HUGO recipient only receives 98% of the tokens sent. The remaining 2% are used as network transaction fees to serve as rewards that are proportionally shared among all token holders.
However, 50% of the transaction costs go to the burning address, with the largest HUGO owner holding 50% of all HUGO in circulation. The remaining 50% will be distributed to the owners as a reward.
Since 25% of the HUGO in circulation was for pre-sale, 10% will be used for liquidity, 10% for marketing, rewards and development, while 5% will be used for charity.
Build a trustworthy ecosystem
Hugo Finance attaches great importance to maintaining user trust and the security of the owners’ funds. For this reason, the logistics related to the KYC verification process have been grouped together.
The review process fell into the hands of the accounting firm Pass or Fail, which closed on April 4th. Hugo is now a KYC verified project at the auditing company Place the project at a 4.5 / 5 pass rank.
This step determines that all of the team’s information is recorded on an NFT card and made available to the authorities in the event of any discrepancies. In short, Hugo tries to reassure users that their funds are safe.
Further developments are on the way as Hugo is an actively growing environment. She hopes to get more listings before the end of this quarter, develop her DAO, build an NFT platform, and do a smart contract audit.
Finally, Hugo sees unprecedented growth in his community that finds ways to fruitfully expand the network. Join Telegram’s social platforms, Twitterand discord to keep abreast of each plan.