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Will New Binance Launchpool Token HFT Replicate STEPN (GMT) 34,500% Rise?

Mon, 10/31/2022 - 12:05
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Gamza Khanzadaev
Binance launches new project after previously sending GMT to moon, here's what you should know
Will New Binance Launchpool Token HFT Replicate STEPN (GMT) 34,500% Rise?
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As has been revealed, one of the world's leading cryptocurrency exchanges, Binance, will become the venue for the initial exchange offering of the Hashflow project token, HFT.

HFT will be the first token to be offered on the Binance Launchpool since April 2022. Previously, in March of this year, the STEPN project token, GMT, was launched on the platform, whose price then skyrocketed 34,500%. Whether HFT will be able to repeat the success of GMT is debatable, but it would still be worthwhile to look into the project.

What's Hashflow and HFT?

Hashflow is a decentralized exchange, the basic idea of which is zero slippage, as well as low commissions obtained by having their own pools and market makers. Operating on Ethereum, BNB, Polygon, Avalanche, Arbitrum and Optimism, Hashflow could be described as a direct competitor to another well-known swap, DEX 1inch. At the same time, Hashflow also plans to implement futures and options trading.

HFT is a governance token of Hashflow, the possession of which entitles you to participate in the project's interactive gamified DAO. To participate, you need to buy and stake either BUSD or BNB until the end of November. However, HFT itself will be listed and available for trading on Binance as early as Nov. 7.

Early investors in the project include fairly high-profile funds like Dragonfly Capital and Alameda Research, affiliated with the head of FTX, Sam Bankman-Fried. The early listing and presence of funds create additional pressure on HFT's quotations and increase dump risks.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.