This year, still relatively new entrant to the cryptocurrency market, HIPPO, has been generating a fair amount of buzz due to its concept of standing for decentralized finance and democratic decision-making. As a token of the Cycan ecosystem, HIPPO (HIP) has the potential to transform digital user experiences and become the mainstay of using blockchain and DAOs.
At its core, HIPPO is meant to provide far more than another formless digital asset. This coin has several roles in the world of Cycan and revolves around the creation of lottery tickets, tokens for managing the network, and a key to different elements of the ecosystem. But still, the most shocking feature of HIPPO is the possibility of airdrops that occur daily and give token owners the opportunity to receive other tokens in the Circulation of Cycan. This approach of token distribution has attracted much attention of large groups of admirers of cryptocurrencies to develop new business strategies to make worthy investments.
One aspect of HIPPO is important to highlight – it is the governance part. To distinguish this team from true DAO model they will transition the control over the project to the community members in the further stages of the project’s development. This kind of commitment to decentralization sits well with the growing preferences among users on projects concerning cryptocurrencies where the users would prefer more decentralization and a higher level of openness.
HIPPO also has other functions in the decentralized NFT market of the Cycan Network. Transaction fees on this platform are charged in HIPPO tokens which are then eliminated, a model that some communities consider as having an upward impact on HIPPO tokens’ value in future. The inclusion of NFTs to HIPPO is another progressive step of the project that aims to take advantage of the recently trending phenomenon of digital art and collectibles.
Another ingredient of HIPPO is that it is stated to serve as a token distribution utility. The community can decide which projects should be given airdrops or which project can launch an IDO within the ecosystem. This sort of decentralised approach to project incubation and token distribution distinguishes HIPPO from a multitude of similar cryptocurrencies, providing the community involved in the further development of the larger Cycan network.
The Cycan Network itself is designed as a decentralized multi-chain asset management solution that will offer integrated services for both DeFi and NFT projects. With the development of the ecosystem, tokens of HIPPOs will increase the chances of receiving new tokens that are launched on the network; the first of them will be ELP.
HIPPO still has significant potential but with it is necessary to understand the rate of CMC which can be dangerous for investors who are willing to invest in new and yet unproven cryptocurrencies. With Cycan ecosystem dependent of the project’s future, the latter must depend on the soundness of its governance and ability to attract like-minded and hardworking individuals interested in building the platform.
At the time of writing this document on October 2, 2024, HIPPO is valued at $0.009448 and has a total market capitalization of $93,340,000 and occupies the 2716th place among all existing tokens. It has been registering relatively high short term demand as reflected by an hourly change of 53.60% concluding that within the last 24 hours it has been on the rise. However, as much as every other crypto token, the price swings will remain a part of the experience, and the past results do not dictate the future.
Like most cryptocurrencies the HIPPO tokens have a set total supply of 10,000,000,000 with all tokens currently in circulation. This fixed supply model is created for the purpose of the protection against the inflation and possibly even for the growth of the scarcity of tokens in the given time over the time, especially given the fact that tokens are burnt through NFT marketplace.
For anyone that wants to get involved within the HIPPO ecosystem, the token is also possibly to be exchanged in different decentralized markets. However there is always the involved risks in any investment opportunity, and it becomes important to gain as much information as possible or rather adequately assess the tolerance level to risk by an investor before investing.
As the market for cryptocurrencies grows and changes, proposals like HIPPO that address questions of community management, the integration of the project into the ecosystem, and token functionality may organically define the further development of decentralized fintech. Whether HIPPO will realize all these objectives is yet to be seen, but given the fact that this is a project with a multipronged strategy and a stated policy of decentralization it is one that needs to be monitored over the next few months or years.
