Hedgehog Protocol｜Trade Gas Fees Like Stocks

Duration

In Progress

Task

Supported Chains

Hedgehog Protocol｜Trade Gas Fees Like Stocks

Project Details

In Ethereum and blockchain technology, the high gas fees when using dApps are a problem. This is especially serious when the network is congested, worsening the user experience. Therefore, Hedgehog Protocol is working on building a "synthetic block space" that allows gas fees to be treated like cryptocurrencies. By doing this, they aim to simplify the complex gas market and create a derivatives market accessible to a wide range of users.

Specifically, it focuses on Ethereum's BaseFee, a gas fee that reflects the supply and demand of block size. This is calculated using a 50-block moving average and tokenized as a synthetic asset. By using this token as collateral and trading with other users, users can prepare for future gas price increases or profit from price fluctuations.

Hedgehog Protocol also envisions integration with AMM (Automated Market Maker), enabling efficient trading while ensuring liquidity. Furthermore, to enhance the protocol's reliability, it utilizes an external information source called an oracle to make the BaseFee calculation process transparent. This project benefits various users affected by gas fees, such as DeFi projects, smart wallets, and Layer 2 solutions. For example, smart wallets and Layer 2 solutions can stabilize operating costs by hedging gas fees. For traders, the BaseFee token is attractive as a highly volatile asset. They have more opportunities to profit by shorting gas fees or trading on AMM depending on market conditions.

Hedgehog Protocol is building an ecosystem utilizing two types of tokens: HOG tokens and BaseFee tokens. HOG tokens have governance functionality and can decide the future direction of the protocol. BaseFee tokens are used for hedging gas fees and speculative trading.

Funding Status

Hedgehog Protocol raised $1.5 million in a Pre-seed round in May 2024 from investors such as TENZOR CAPITAL and NOTHING RESEARCH.

Airdrop Information Details

Information regarding the airdrop has not been announced yet, but interacting with the Testnet early on may increase the chances of receiving an airdrop later.

Airdrop Strategy

Summary of Steps

1. Connect your wallet Here
2. Open settings in Metamask and add a network
3. Get Sepolia ETH from the Google Cloud Faucet
4. Get wstETH from the Contract
5. Access the Testnet frontend
6. Mint BaseFee tokens
7. Deposit BaseFee tokens
8. Connect your wallet on AMM V60 and trade BaseFee tokens

Detailed Steps with Images

1.
Connect your wallet Here
2.
Open settings in Metamask and add a network Enter the following information:

・Network Name: Hedgehog Testnet
・RPC URL: https://sepolia.drpc.org
・Chain ID: 11155111
・Currency: SepoliaETH
・Explorer URL: https://sepolia.etherscan.io

1.
Get Sepolia ETH from the Google Cloud Faucet
2.
Get wstETH from the Contract
3.
Access the Testnet frontend
4.
Mint BaseFee tokens
5.
Deposit BaseFee tokens
6.
Connect your wallet on AMM V60 and trade BaseFee tokens

Disclaimer

・This article is created for informational purposes only and should not be used to solicit the sale, purchase, or underwriting of cryptocurrencies, securities, or other financial products, nor should it be considered an invitation to engage in such transactions, or constitute financial or investment advice.
・The information and opinions in this article are obtained from sources that we believe to be reliable, but we do not guarantee their accuracy, completeness, suitability, timeliness, or truthfulness.
・We, the authors, and all related parties are not responsible for any damage or loss caused by or related to the information published in this article. Cryptocurrencies involve hacking and other risks, so please conduct thorough research before using them.

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