Easy HNY xdai -> Mainnet bridge idea

🌱 Ideas
#1

Currently there’s an issue with omnibridge, that it only allows to send tokens from the mainnet to the xdai network and reverse only if the token was created originally in the Mainnet. for this reason is not possible to send HNY to the Mainnet, something that could help to adoption, trading and using it in common wallets.

Because reverse omnibridge is not going to happen soon I figured out a simple scheme to get a reverse bridge solution for HNY using omnibridge.

1: Deploy on the mainnet a wHNY erc20 contract, with couple millions supply given to one address.
2: That address should bridge all these tokens to the xdai network
3: Now that all the wHNY mainnet token are on the xdai network, all wHNY should be sent to a smart contract (in the xdai network)
4: This smart contract what it does is that you can exchange xdai HNY for 1:1 xdai wHNY, and this xdai wHNY is possible to send it to the mainnet because has been originally deployed there.

What do you think?

6 Likes
#2

I think I just saw some of the senior guys in the Discord proposals chat talking about this same thing. I think it is a good thing as people will still need to adopt the xDai network and it will keep the governance solid while allowing further use cases for other things like staking and possibly even trading against other exchanges.

1 Like
#3

A couple of issues:

Firstly the token supply of the Mainnet HNY Token will be inaccurate, which although it isn’t currently used for anything, it could be used to misrepresent the HNY token in various exchanges or price websites.

Secondly when we finally get the reverse Omnibridge, unless we do some thorough investigation, and perhaps even then, we could end up with 2 HNY tokens on Mainnet which would introduce too much confusion.

3 Likes
#4

Yep, token supply is an issue. We could use an snapshot of the current supply, that would approximate the supply for now and marketcap wouldn’t be so affected for this issue. That would mean that not every hny token could be wrapped in a future if we are inflationary but I don’t think that we all are going to swap hny to the mainnet at the same time so not an issue.

Also the omnibridge thing is something that personally I don’t think is going to happen anytime soon but if it happens then would be 2 HNY tokens, that’s true, but I don’t think that is so much confusion, one is wHNY and the other HNY

1 Like
#5

I suggested the same thing a month or so ago. But while I was suggesting similar mechanics my thinking was that the supply on mainnet should be tied to what is deposited on xDAI. Not entirely clear how we sync those. I had a crazy idea that we could deposit HNY here and have a contract here that mints on the mainnet. Frankly
what we want is the reverse bridge and I heard there was going to be some movement on that. I want to hear status of a reverse bridge before we spend HNY doing work that could be obsolete in 4-8 weeks or less.

I agree getting HNY in some form on the mainnet will help with price as well as liquidity.

1 Like
#6

If we consider it as a wrapping honey but not the counterpart of honey in the Mainnet then the supply is not so relevant (like weth supply) also there’s no much work which will be obsolete, I already finished developing the contracts which are really simple

1 Like
#7

@Eth_Man @befitsandpiper @anisoptera I vote simpler is better, I don’t think we can afford to wait.

Quique, let’s make sure ani and you aren’t working on the same thing, are both of you working on the backend contract?

We could mint a billion wHNY on Mainnet or 10,000. Both don’t mater as they will be locked (I lean towards 10k since it’s temporary anyway and Without 100% knowing of how the contract works I don’t want the risk of 1B tokens getting hacked). There shouldn’t be a token supply confusion. calling it wHNY should help (because most everyone knows wETH & wBTC) and secondly this is temporary and a work around until done the right way.

@willjgriff This brings up next point, how do we ensure we don’t have 2 tokens on Mainnet. This does not mater as wETH and ETH are both on Mainnet so we too will have wHNY and HNY.

But if we absolutely needed to remove 2nd token at Omnibridge golive couldn’t we safely leave it in the code the ability to “turn off” the wrapping feature and burn remaining wHNY still left in contract. Meaning you will always be able to exchange wHNY for HNY but at Omni go live you will no longer be able to exchange HNY for wHNY. This would eliminate wHNY over time. As wHNY is exchanged for HNY the wHNY is burned.

It is possible wHNY could be valued higher than HNY due to scarcity but it won’t have a use case.

#8

I started the contract but stopped working on it because the lack of interest, also we always can give permission to the 1hive dao to control this token swap contract so they can turn it off the emission with a proposal

#9

I think we should put pressure on the xDAI bridge validators to investigate implementing this properly and or help them do the necessary development.

We should at least find out what’s stopping them from setting it up before considering anything like the above.

2 Likes
#10

What i like as an idea @willjgriff is to make synthetic rebase token on mainnet which will have cascade staking rewards as base protocol , they say it’s open source, name it Base Honey or bHNY and set it as separate token on Mainnet, then after the liquidity mining we can port it on xdai and farm paired with HNY. Not sure how the rebase should be set i guess it’s economic and artistic choice.

#11

Are we able to look at their GitHub and get an idea of how close they are? They have few a PR’s but I don’t know exactly what all it takes to implement this and their last commit on Nov 8. What pressure can we apply? I reached out to what appears to be the two most active GitHub contributors on tokenbridge.

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OmniBridge Phase 2

:dart: Target Date: Q1-Q2 2021 :ballot_box_with_check: Status: Security Audits Completed.

Additional features will be added including bi-directional support (ability to move tokens minted on xDai to Ethereum) and additional decentralization mechanisms (governance, additional validators, user-enabled signature execution).

#12

Are we able to look at their GitHub and get an idea of how close they are?

good question. The work on the reversed OmniBridge is happening in a separate repository at the moment. We use this approach of decoupling to reduce security audits time and cost.

Reversed OmniBridge is our priority.

3 Likes
#13

Any idea on an ETA? We need to know if we should wait around, or start implementing something else.

#14

ETA ~ 21 December. Stay tuned.

10 Likes
#15

Nice, Thank you. Good news for all bees.

#16

I will circle back around on dec 22. I have set up an alarm. :blush::wink:

1 Like
#17

hahahah I came here because I want to give HNY out to my friends and family for xmas… (i pass out crypto every year) and I don’t trust them to check xdai sadly… :-/

So I am very happy to hear this is in the works!

If this happens in time for CryptoSanta to deliver, I will be so delighted :smiley:

1 Like
#18

Good marketing idea. I didn’t think about that

#19

I’ve been doing it for every christmas since 2014… my family has been very pleased with the results :smiley:

1 Like
#20

Excellent news we should prepare the strategy and partnerships for DEFI.