Creating a funded farm on Honeycomb

🐝 Community Learning
#1

Now that Honeycomb is live and there are proposals up for three different farms, I wanted to take the time to explain how people can create farms and funding proposals for any pair on Honeyswap.

This guide also serves as a means for the community to evaluate farm funding proposals.

Anyone can create a farm for a pair on Honeyswap. This means that the community decides what pairs should be incentivized in order to maximize the utility of Honeyswap, making Honeycomb bottom-up as opposed to top-down.

:new: Creating a farm

  1. Go to the Create Farm page on Honeycomb
  2. Unlock your wallet
  3. Enter the Honeyswap pair address for the farm you want to create
  4. Click “Create”

Note: It might take a few minutes for the farm to show up on Honeycomb, even after the transaction is included in a block.

:sparkles: Creating a funding proposal

  1. Go to the page of your newly created farm
  2. Copy the funding address on the page
  3. Go to Honey Pot and create a new proposal with these parameters:
    • Proposal Type: Funding proposal
    • Proposal Title: Something descriptive, e.g. “Funding proposal for A-B pair on Honeycomb”
    • Requested Amount: The amount you want to request for the farm
    • Beneficiary: The funding address for the farm that you obtained in step 2
    • Link: A link to a forum post under the Proposals category that explains what your proposal is about, and the rationale behind why the community should fund your farm for the requested amount.
  4. Click “Submit”

:arrow_right: Transferring funds from the proposal to the farm

Once the proposal has passed, and the proposal is executed, the funds will end up in the balance proxy of the farm, not the farm itself. This is due to a technical limitation with the farms.

To transfer the funds from the balance proxy to the actual farm, go to https://blockscout.com/poa/xdai/address/<funding address>/write-contract.

For example, if the funding address for your farm was 0x2dF0Af12DB95f16c33f496461bB2E38B1C860227 then you would go to https://blockscout.com/poa/xdai/address/0x2dF0Af12DB95f16c33f496461bB2E38B1C860227/write-contract.

Once there, connect your account and click “Write” next to the method named transfer.

Congratulations, the farm is now funded!

:thinking: Evaluating a farm funding proposal

Here is a quick checklist for evaluating a funding proposal for a farm:

  1. Is the beneficiary a UnipoolBalanceProxy contract?
    Go to Blockscout and look up the address that will receive the funds if the proposal passes. Click on the “Code” tab. If the contract name is not “UnipoolBalanceProxy”, then the funds might end up in the hands of a person you cannot fully trust to send the funds to the farm.
  2. Is the UnipoolBalanceProxy connected to an actual farm?
    Go to Blockscout and look up the address that will receive the funds if the proposal passes. Click the “Read Contract” tab. Click on the “pool” address. If that address is not a “Unipool” contract, the funds might get redirected to an account that is not a farm.
  3. Is the rationale behind funding the farm good?
    Read the forum post in the proposal! Use your best judgement, evaluating both the pair that the farm will incentivize, but also the requested amount. :slight_smile:

:nail_care: Bonus: Making your farm look cool

To make your farm look cool, i.e. adding an icon and a custom name, open up a GitHub pull request adding the relevant information in this file.

20 Likes
Fund the ETH/xDai pair with 300 HNY
# The 1Hive Jump Starter For Beginners
Honeycomb liquidity incentives for various LINK pools
#2

Awesome, clean formatting and simple instructions, great work thanks

1 Like
#3

How do I decide on how much funding to request?

As of now, I only LP a small amount (around $30 each I believe) of xBrick pairs with HNY and xDAI. Do I base it on what I’ve put in, which is all there is in there rn, or should I factor in future farmers?

Also, it would be helpful to decide on an amount if I could see the release rate, where can I find that?

Honeycomb liquidity incentives for two xBRICK pools
#4

If you feel like the farm is high leverage then you should request the appropriate amount of funds. You should not request funds for what you would only farm, that is not how it works. Funding farms is a means to incentivize other people to pool liquidity into a pair.

The funding in the farms will be released every block over 30 days. That is, if we assume for a moment that there was only 100 blocks in 30 days, and the amount of rewards in the farm was 100 HNY, then 1 HNY would be released every block.

As an example, Seed proposed different amounts for the first 3 farms, as some of them were seen as more high leverage than others. If you feel like the pair you have provided liquidity on (in this case I assume it is xBrick/xDai) will provide a great amount of utility for Honeyswap, then you should request a similar amount to those pools. If not, then you should either request a smaller amount or nothing at all - if there is little to no utility in having liquidity in a specific pair then there is no point in incentivizing people to pool liquidity for that pair :slight_smile:

I cannot tell you the exact amounts you should request; that is up to your best judgement, and it will ultimately be evaluated by all of the 1hive community.

4 Likes
#5

Thanks for the coaching :honeybee:

You can find my proposal here, let me know what u think

Can someone help me put the super awesome custom names and icons on Github?

#6

Also, where can I report a bug I found on Honeycomb? The xBRICK/HNY pool is still showing 0 LP tokens after staking (with confirmation).

#7

Are you sure you staked in the correct farm? There is no tokens staked in the contract.

In general you can report bugs on GitHub (https://github.com/1hive) or in the #bug-report channel on Discord :slight_smile:

#8

turns out I was not staking. I saw “unstake” on there and so I was thinking already did it lol

1 Like
#9

Great instructions ,thank you Bjerg !

#10

Awesome!! Thanks for teaching this :smiley:

#11

Thanks for the info. Excellent educational content on this forum! :honeybee:

#12

I have shared to TG groups to keep it going!

#13

I mentioned this proposal in my reddit guide for noobs with a lot of bricks who want to diy.

Also join the sub r/HNY and share content there if you want I plan on trying to build it up over time.

1 Like