PackBack Rewards

The first utility of PACK that will be available on the launch of the token is our PackBack reward system. From day one, users who use the in-wallet swap functionality within HashPack will also receive PACK as a reward. Part of the objective of $PACK is to make the entry point to Hedera as easy as possible, with the incredibly low fees offered by the network, we aim to make it even more appealing for users to leverage the different services offered inside of the wallet.

Currently, the fees attached to the in-wallet swaps is 1% of the volume transacted. From that 1%, 0.3% of the fee is sent to SaucerSwap which is the DEX we are currently leveraging for the infrastructure of the in-wallet swaps, and 0.7% is the fee collected from HashPack. The PackBack rewards will apply to the 0.7% collected from HashPack and redistributed to the user directly at the conclusion of the swap.

The amount of rewards will vary over time, but they will be a percentage of the fees generated from the wallet. The fees collected from the in-wallet swaps are generated in HBAR and the rewards will be calculated by multiplying the USD value of the HBAR collected and applying the percentage of rewards at the time of the swap. The percentage in USD value will then be translated to the equivalent amount in $PACK and that’s what the user will receive at the conclusion of the Swap (example below). As caretakers of the treasury account, HashPack’s priority with this utility is to make it sustainable and this system ensures that the PackBack system is robust over the long term.

PackBack Rewards

At launch, the PackBack rewards will only be accessible for the in-wallet swaps but we are aiming to launch the Secure Trade, and Store implementation in the weeks following the launch.

To celebrate the launch of $PACK, the percentage of PackBack rewards at TGE will be: 25% of the fees collected by HashPack.

Rewards may be increased during special promotions, and the team intends to continue adding new services to the PackBack program as we continue development of the wallet.

Finally, for those users that do not have $PACK associated with their account but leverage any of the PackBack rewarded services, at the moment of using those services, an association transaction will be sent through the account so the user can collect their rewards with no additional steps.

We see the PackBack rewards program as a great opportunity to make entering DeFi less daunting. We are excited to see new entrants who are not familiar with web3 start leveraging HashPack services like the in-wallet Swaps or Secure Trade and consequentially receive an HTS token to start participating in the broader DeFi scene in the Hedera ecosystem.

Example of Swap with PackBack Reward

User Swaps 1,000 HBAR to Sauce Fee Collected: 1,000 * 0.7% = 7 HBAR PackBack Reward at launch percentage (25%): 7 * 25% = 1.75 HBAR worth of PACK

In this scenario, the user swapping 1,000 HBAR will receive the equivalent of 1.75 HBAR in PACK at the market price of PACK at the moment of the swap.

PackBack base amounts

The percentage of PackBack Rewards will fluctuate depending on the amount vesting to the community multi-sig, and promotions or campaigns.

The base percentage (meaning the minimum amount users will receive back at any point in time) will be the following:

  • In-wallet Swaps: 5% of fees.

  • Secure Trade: 5% of fees.

  • HashPack Themes and Store purchases: 5% of purchase price.

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