PACK Token Litepaper

PACK token is the official utility token for HashPack Wallet, the leading retail wallet on Hedera Hashgraph. The purpose of $PACK is to incentivise and reward users for using HashPack, and to be used for in-wallet redemptions and services.

PACK tokenomics

The PACK Token Litepaper provides an overview of the tokenomics, utilities and distribution of $PACK.

Associate the PACK token ID: 0.0.4794920

Genesis PACK allocation

The $PACK token will have a fixed max supply of one billion tokens that will be minted directly before the HashPack Concierge Collection launches. At Genesis, 200 million $PACK will enter circulation and will be distributed as follows:

• Liquidity:  2% of the max supply (20 million $PACK) will be used to seed the initial liquidity pool on SaucerSwap and converted to PACK/HBAR LP tokens, these will be locked up for liquidity provision for one year.
• Community: 16% of the max supply (160 million $PACK) will be distributed to community members who participate on the HashPack Concierge Collection and additional loyal supporters of HashPack.
• Marketing: 0.6% of the max supply (6 million $PACK) will be sent to a HashPack controlled marketing multi-sig.
• Operations: 0.6% of the max supply (6 million $PACK) will be sent to a HashPack controlled operations multi-sig.
• Core Development: 0.8% of the max supply (8 million $PACK) will be sent to a HashPack controlled core development multi-sig.

Long-term PACK allocation

Once all one billion $PACK enter circulation, they will be allocated as follows:

Vesting schedule

At genesis, HashPack will deploy a set of vesting contracts where 800 million PACK will be locked. Over a span of 6 years starting from genesis, these tokens will undergo a linear vesting process.

The remaining 80% will vest over a six year period via smart contracts, and will be used to support a variety of initiatives, such as PackBack Rewards, liquidity, community incentives and development of HashPack. Our goal is to create a thriving ecosystem, driving innovation on Hedera and building out the best web3 experience in crypto.

What are the planned utilities of PACK?

PACK is a utility token that’s made for the community, to reward our loyal supporters, and provide value for both new and existing users of HashPack.

• $PACK is our web3 loyalty token for HashPack users. Users who use services such as in-wallet swaps and Secure Trade will receive $PACK automatically in their wallets.
• $PACK can be spent in-wallet in various places, such as our in-app store. Some items will be $PACK exclusive, meaning they can only be purchased with $PACK.
• $PACK will be used for collaborations with the community and other projects. HashPack has always been a community-minded team, and $PACK provides us exciting ways to further interact with our users and the community.
• $PACK will be used for future features and services which have yet to be announced, with a focus on improving the user experience within the wallet.
• $PACK holders can participate in governance and voting with HashPack initiatives. As part of HashPack’s community focus we already place a lot of emphasis on user feedback, so we’re extending this concept to include $PACK.

More detail about planned utilities will be published in the near future.

$PACK genesis distribution

At launch, 80% of the initial supply will be distributed to community members. The 160 million $PACK tokens that will be distributed to the community will be distributed to participants of the HashPack Concierge Collectibles and loyal supporters. Additional details on the remainder of the distribution will be announced on March 1st.

Initial NFT Offering (INO) details at a glance

The HashPack Concierge Collectibles NFTs are the main way to participate in the launch of $PACK token. In the interest of fairness, there is no presale, private sale, or discounts of the token to any party, meaning everyone in the community has the same opportunity to participate in the launch of $PACK.

The Collectibles are purchased using $HBAR only. The prices of the Collectibles are fixed to US dollar amounts as shown below.

INO multiplier

Fully Packed: People who buy the entire set will receive an additional NFT per set which will contain its own unique set utilities including an additional 6,000 $PACK.

The Fully Packed NFT will be distributed to the qualifying accounts once the INO has concluded, and the snapshot taken. Qualifying holders won’t have to associate any other token IDs as it will share the same token ID as the broader HashPack Concierge Collectibles.

What are the utilities of the Concierge Collectibles?

The planned utilities for HashPack Concierge Collectibles:

• Exclusive theme and cosmetic upgrades
• Discord role and channel
• Governance voting multiplier
• $PACK distribution

Holders of HashPack Concierge Collectibles will receive an exclusive bonus on $DOVU staking rewards.

Holding any Concierge Collectible gets 4x $DOVU staking rewards for 30 days (starting March, 18th, 2024):

Standard NFT = 4x
Premium NFT = 4x
First Class NFT = 4x
Full set = 4x

The multipliers do NOT stack, so the total maximum combined multiplier is 4x.

If you have one NFT, you will get the same multiplier that you get for having the full set.

We have plans for more partnerships in the future, providing ongoing utility for HashPack Concierge Collectibles holders.

How do I participate in the INO?

1. Participate in the HashPack Concierge Collectibles event found in the store inside your HashPack during the event period.
2. When the NFT is purchased the $PACK token will be automatically associated.  
3. Hold all HashPack NFTs inside of your account until the snapshot. Exact date to be announced.

Important: If a HashPack Concierge Collectible NFT is sold or otherwise moved out of the account prior to the snapshot, the amount of $PACK allocated to that NFT will be sent to the current holding account at the time of the snapshot.

Frequently asked questions

Will we receive the $PACK token all at once or it will be distributed periodically?
Participants of the HashPack Concierge Collection will receive their $PACK distribution in a lump sum once the INO has concluded.

Do the HashPack Concierge Collectible NFTs have the same benefits besides receiving different amount of PACK token?‍
There will be some overlap in utilities between the three different collections, with variations as noted for each specific use case. For example, the multiplier on the governance vote.

When will the INO Launch?
The date of the launch will be announced in March through Twitter and Discord.

Where can I buy the HashPack Concierge Collectibles?
Once launched, the Concierge Collectibles will be directly sold in-app in the HashPack Store.

When will the token launch?
The estimated launch date is early Q2 2024.

Will the $PACK drop be done one time only or will follow a TGE?
The initial supply will be distributed all at once. The remainder of the supply will be distributed following a vesting schedule and a series of incentives and utilities.

Will the price of the INO be in USD or HBAR?
The INO will be payable in HBAR with prices fixed to the USD at time of purchase.

Will the INO launch be available on the iOS app?
Unfortunately, due to Apple terms of service the HashPack store is not available on a native iOS app. To access the store from an iOS device you can access HashPack through our PWA. Please see our guide for more information.

If we hold two of the same NFT we get double the $PACK airdrop?
Drop amounts are calculated per NFT held, one account holding multiple of the same NFT or having multiple full sets for the Fully Packed bonus set will receive the same amount of $PACK as multiple accounts holding the same numbers of NFTs or full sets.

Is there a limit to the amount of NFTs purchased during the INO?
There is no limit of NFTs per account for the INO.

Have more questions?

It's an exciting new chapter for HashPack, and one that we can't wait to share with our amazing community!

Be sure to join our Discord community and follow us on Twitter for more updates. If you need further help using HashPack please reach out to our customer support.

Disclaimer

The PACK token Litepaper is for general information purposes only. It does not constitute investment advice or a recommendation or solicitation to buy or sell any investment and should not be used in the evaluation of the merits of making any investment decision.