BTC Realized PnL Ratio Reaches New Lows

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With the failure of play-to-earn and move-to-earn tokens, the learn-to-earn (L2E) coin Hooked Protocol has newly gained popularity right after its initial exchange offerings a few days ago. Hooked Protocol aspires to be a gamified learning ecosystem, allowing participants to learn while playing. Wild Cash is Hooked Protocol’s first product, initially launched in Indonesia and Brazil only, earning 2 million monthly active users amidst the bear market. L2E is not a new concept but has not seen any protocols to successfully build sustainable business models. Despite a similar distribution schedule as previous P2E pioneers, HOOK, as the native governance token of the ecosystem, is designed for gas fee consumption and governance tokens only, while HGT, an in-game utility token, is set to absorb most inflationary pressures. In our view, HOOK may be able to avert a similar fate as other P2E tokens if the ecosystem can thrive and create huge token sinks.