Recently, the graph-coin duality project has been in full swing. Hourglass Protocol came out with the upgraded version of the ERC404A token standard, which quickly became a hot topic in online discussions. In particular, the hourglass cooling mechanism has triggered widespread discussion.

What is the Hourglass Protocol?

The Hourglass Protocol is the first on-chain hourglass protocol deployed on Ethereum. It mixes ERC404A, ERC20, ERC721 implementations and native liquidity, extending the idea of ​​hourglass tension in games to drive progress to potentially solve the liquidity faced by NFTs. question. A new hourglass cooling mechanism is added. Users add time constraints between currency image conversions, similar to the cooling time of props or skills in the game. The currency image conversion can be completed only when the hourglass timer ends. The Hourglass Protocol allows users to restrict certain operations or transactions related to Hourglass assets within a specified time period. These time periods can come into play in situations where users wish to prevent excessive volatility or manipulation of an asset. It provides a mechanism to ensure stability and promote a more controlled trading environment.

What is ERC404A?

ERC404A is an upgraded version of ERC404, which reduces user transaction costs by enabling smaller asset unit transactions. Pandora currently only supports the listing of new ERC404 assets, however the versatility of ERC404A allows the project to be backwards compatible with older asset protocols, meaning existing ERC20 and ERC721 assets can participate in the Hourglass Protocol. In addition, the protocol incorporates various features, including setting cooldown time, dual asset exchange ratio, smart contracts, interoperability with DeFi platforms, advanced liquidity pool system, cross-chain compatibility, and token trading and mining opportunities.

Simply put, the technical differences between ERC404A and ERC404 are as follows:

1. Allow any user and project party to issue their own token assets through the Hourglass Protocol

2. Compatible with all old assets, facilitating the entry and exit of old users and funds

3. Applicable to all games with cooling mechanisms, metaverse, defi and other scenarios

Bridging the gap between Web2 and Web3, the Hourglass Protocol introduces an innovative frontier to the gaming world. It enables the effective use of blockchain in games and redefines how we understand and acquire digital assets. The Hourglass Protocol is positioned to make a significant impact in blockchain gaming as well as the wider Web3 space.

Hourglass Protocol’s first asset analysis

NFT name: Hourglass

Token name: HGP

Supply: 800

1 Hourglass NFT = 1 HGP Token

600 of these NFTs will be sold through IDO (whitelist mode) on the official website.

The project will retain 200 NFTs, 60 of which will be packaged as tokens used to increase Uniswap’s liquidity pool, with the remaining 140 owned by the team.

The rarity of Hourglass NFTs is divided into 5 levels, with the most common being LV1 and the rarest being LV5. This rarity is determined based on the properties and characteristics of the NFT. Hourglass Protocol adopts a fair rarity distribution mechanism, that is, a random drawing system. When a user mints an Hourglass NFT, the NFT will be randomly assigned a unique rarity; and when a user wraps their HGP tokens into an Hourglass NFT, the NFT will be randomly drawn from the Hourglass NFT Pool. This mechanism ensures that no one party can monopolize rare NFTs through simple means, encouraging users to actively participate in mint and have the opportunity to obtain rare NFTs.

Game mechanics

Encapsulation and decapsulation

Encapsulation and decryption is the process of converting between different cryptocurrencies using hourglass assets. The implementation of this feature can promote interoperability between cryptocurrencies of different standards and enable smooth integration with various assets such as ERC404A, ERC721 and ERC20. This feature allows users to convert their existing assets into other forms, providing more choice and flexibility for their participation in the protocol ecosystem.

Two unblocking options provided by Hourglass Protocol:

1. Instant Unblocking: Instantly unblock your NFT to obtain ERC20 tokens, although 20% of the ERC20 tokens due will be charged.

2. Normal Unblocking: Completely unblock your NFT to obtain ERC20 tokens, but please note that there is a 24-hour waiting period before you can claim the tokens.

Two packaging options provided by Hourglass Protocol:

1. Instant encapsulation: Use ERC20 tokens to encapsulate your NFT immediately, although an additional 20% of the ERC20 tokens will be charged.

2. Ordinary packaging: Use ERC20 tokens entirely to encapsulate your NFT, but please note that there is a 24-hour waiting period before you can claim the NFT.

Binary Asset Exchange Ratio of NFTs and FTs

Users can exchange one asset for another at a predefined exchange rate. Using binary asset exchange ratios simplifies the trading process and promotes liquidity within the protocol. It ensures that users can easily exchange between different assets without relying on external exchanges.

Conclusion

In the dynamic world of blockchain technology, innovation is the driving force behind change. Hourglass Protocol is at the forefront of this evolution and represents a paradigm shift in how individuals interact with digital assets. Can it become a revolutionary platform that shapes the future of asset management and token standards? Let us wait and see what the future holds.