UPDATE: In return for the HNY 1hive will receive 5% of the agave token and recommended that it be used for staking.
The Agave team is requesting 58HNY to establish a 50HNY and 10,000AGVE liquidity pool pair and to repay the cost to hire honeypooh (8 HNY @ $625 = $5,000)
- due to recent high volatility in Honey price 5day moving average $625 was selected
Assuming current listing price of HNY at $625 this would set liquidity of the HNY-AGVE pair at $62,500 or an AGVE token price at $3.125 each.
All the HNY-AGVE LP tokens will be held in the Agave DAO. We do not want to burn these LP tokens because of Agave’s fixed token supply and because we do not want to lock permanant liquidity on the xdai network.
The Agave token holders will decide how these tokens can be used in the future. Some possible solutions for the HNY-AGVE LP tokens, we can:
- Burn LP tokens
- Place LP in a time lock for 6-12 months to give investors trust in the longevity of the partnership
- Airdrop the token after total pool share becomes <10% (or some arbitrary amount)
At Agave Token Launch there will only be 8,000 tokens in circulating supply because all tokens will be locked in a vesting contract or temporarily held by the Agave DAO waiting for funding proposal(s).
Supplying 50HNY and 10,000AGVE in liquidity to the Honeyswap HNY-AGVE token pair will establish liquidity in the market so buying of the AGVE token can occur same day the token launches.
Funding Information (For Funding Proposals)
Ethereum address where funds shall be transferred:
Agave Aragon DAO
Agent Adress: 0x842814fb5d61caafaca786076fbaf4e0bf39dc7b
Amount of HNY requested and how funds will be handled and used:
- 58HNY Total
Note: this is the only Agave proposal for HNY. No other HNY was requested for work.