Why $PACK?

From the beginning the HashPack team has always looked for ways to improve the experience of our users.

In 2023 we released a limited NFT collection called the HashPack Special Collection to celebrate the launch of our in-wallet store and recognize our fans and supporters. This store now sells cosmetic themes that can be used to personalize your wallets, which can be purchased with HBAR, the native token on Hedera.

Suffice to say, we have many plans in mind for how to continue improving the experience within HashPack. Ways to customize your experience, to do more in DeFi, to make your time in HashPack worthwhile, fun and engaging.

$PACK token came about from a discussion around how we can reward users for using HashPack. We wanted ways to engage with users and incentivize new features and services in the wallet. Use our in-wallet SWAP? Get rewards. Buy a theme? Get some $PACK back. Once users have $PACK, they can spend it on features to improve their HashPack experience, which we are very excited to reveal when the time comes. And of course, being a DeFi native wallet $PACK token will be available on DEXes for users to engage with it in the DeFi space.

Our objective with $PACK is to have it readily available and usable throughout the entire Hedera ecosystem, and reward existing and new users for being a part of HashPack. We see a big opportunity in these rewards as we see them as a way to further incentivize people from tinkering with this nascent technology. Already having a big advantage from the low fees offered by the network, Hedera is already very welcoming to new entrants wanting to start engaging with DeFi, NFTs and other use cases. With $PACK we want to take that to another level and provide a helping hand to those who explore and engage with HashPack and affiliated projects and reward them in the process.

Why now?

The conversations about having our own utility token have been ongoing for a very long time but prior to launching it we wanted to build HashPack to a place where having the token would enhance the user experience by at least one order of magnitude. Additionally, at HashPack we have a very concrete way of doing things, we are methodical and diligent on all of the details ranging from the app itself to legal, and compliance processes.

Despite having fast product velocity, the updates and initiatives from HashPack take a long time of planning and testing before deploying them to the public. With user experience and compliance as the top priorities, we are confident that with the upcoming launch of $PACK in April 2024 we will be able to accomplish this.