Easy HNY xdai -> Mainnet bridge idea

🌱 Ideas
#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.

#21

The winter solstice is upon us. Any update @igorbarinov

Thanks in advance.

2 Likes
#22

Contracts for reversed OmniBridge are developed and deployed on our testnets. Which is the major milestone :white_check_mark:

We are working on the UI at the moment. Btw, you can sneak peek it on Kovan or Sokol if you are curious https://sokol-omnibridge.web.app/

Happy Holidays!

6 Likes
xDAI reverse bridge approaching
#23

@igorbarinov

Thank you so much for the update!

Congratulations for hitting the milestone! A lot of people will be interested to know when this goes live! - Can you make sure to let the community know before this launches so we can gear up our own #buzz/PR on this launch? We are also going to want to prepare our own HNY-xDAI liquidity pool on uniswap so more time would be better.

Thank you and Happy Holidays also!

2 Likes
#24

We are ready to shoot :slight_smile: we just need the bullets ( strategy ) I want us to make some good brainstorming on what we should and make to promote 1hive through Balancer,Uniswap or Sushiswap pool.

We need to finish the honeyswap landing page and ,wiki and celeste, if we could also fork aave it would be top notch and we also need to prepare marketing and fund alocations and maybe evem nfts for ads before hand … So i think we should discuss more.

#25

A little off topic, but wHNY will be called “whiney” and we’ll be sorry that was the name we chose.

M for mainnet, mHNY would be much better imo because mHNY is money, which is consistent with our branding.

#26

Working on the CoinMarketCap sheet this week.
If we do this, have more than one version of Honey, there will pages of extra sheets to fill out for each cex and it will be difficult to do.
It’s already overwhelming because cex applications, at least this one, are using private sale and ICO parameters and doesn’t really have descriptions that fit us in any of the dropdowns on the sheet.

1 Like