What is HODL!?
HODL is a slang term and Internet meme that is used in the Bitcoin community when referring to holding the cryptocurrency rather than selling it. It originated in a December 2013 post on the Bitcoin Forum message board by an apparently inebriated user who posted with a typo in the subject, "I AM HODL." In 2017, Quartz listed it as one of the essential slang terms in Bitcoin culture, and described it as a stance, "to stay invested in bitcoin and not to capitulate in the face of plunging prices." TheStreet.com referred to it as the "favorite mantra" of Bitcoin holders. Since entering the Bitcoin vernacular, HODL has become a backronym for "hold on for dear life". (source Wikipedia)
How do HODL work?
This website is just an Ethereum Smart contract interface.
Basically, this service will lock your tokens in a smart contract until the date you selected arrives. The process consists of three basic steps:
1. First, we need to know the data about the token you want to HODL. To fetch token info, we need the token address, something like "0x123123...123".
2. You need to allow us to claim your tokens. This step is a basic security firewall, we can't directly take your tokens.
3. Now, you can define your HODL register. You just need to define the HODL amount, and when you want the tokens to be released.
After registering your HODL information, we will claim the allowed tokens and keep them until you want to take them back. You will be able to monitor all your current HODLs.
MetaMask is one of the most popular wallets. And one of its most useful features is that it allows web DApps to interact with it and use the blockchain. This wallet can be installed on most of the most common browsers as a browser extension.
HODL uses metamask to fetch a wallet address and to trigger Ethereum transactions (always with user confirmation).
Can I trust that I will get my tokens back?
There is actually no need for trust. One of the good things about the blockchain is that everyone can see all the information that’s stored there. We have our contract source code published on Etherscan, so all the functions and properties of the smart contract can be audited by anyone.
What kind of tokens can I use?
All ERC-20 compatible tokens running on the Ethereum mainnet.
99% of the altcoins are running over the Ethereum mainnet, and so most of them can be HODLed here.
Do fees apply?
This service has no additional costs, having only 2 concepts to consider before requesting any operation:
1. All transactions (storage changes) on the Ethereum mainnet have a gas cost, thus, a cost in ethers. Our predefined gas prices are focused on improving efficiency and reducing final price.
2. Claiming back your tokens before your deadline will trigger a 5% penalty fee of the returned tokens. This means that you will receive 95% of your submitted tokens for not respecting your own rules.
Why do I have to allow for tokens to be transferred?
This is the way Dapps (smart contracts) can interact with ERC20 compatible tokens. Allowing other addresses is a security layer meant to permit tokens flow between different parties.
Why can't I see immediate results?
Blockchain greatness resides on decentralisation to reach consensus. That means that several nodes must agree and that takes some time. Keeping a good balance between gas price and time, the average wait time to see results will be around 2 minutes. However, if the Ethereum network experiments a traffic load increase, delay times can increase.
You can monitor the progress of the transactions by clicking the link to view Etherscan.
What happens if I want my tokens back before the HODL period ends?
Claiming back AXPR tokens before your deadline is not possible. It is possible for any other ERC20 tokens, althought it will trigger a 5% fee over the returning tokens. This means that you will receive 95% of the tokens as a penalty for not waiting for the HODL period to end.
Can I send tokens directly to the contract?
No! Don't send tokens directly to the contract address. Those tokens will be forever lost and blocked in the contract. If you want to HODL, please follow the steps on the website.