Fund deHive HNY Index for 1 Month

🌿 Proposals
#1

Proposal 73 → Gardens

Proposal description:
Requesting $5k to incentivize the dehive indexes for 1 month, call it a trial or a warm welcome for deploying on gnosis chain. All the other protocols appear to have an unofficial acceptance of contributing their respective share amounts, see image below for each protocols proposed amount.

About DeHive
DeHive (https://dehive.finance/) is building decentralized indexes with yield farming. They have approximately $1M in TVL currently on Ethereum, Polygon, BSC, and recently they deployed 2 indexes on Gnosis Chain.

As always DYOR, you can learn more about DeHive’s Roadmap here and below is some quick notes I took for pros and cons just if you wanted to know.

What I like:

  • buying the indexes buys the tokens in the indexes on existing exchange so even if you hold the token it still puts buy pressure on the tokens.
  • its not another dex thinning out liquidity. it uses existing exchanges
  • GNO supported/incentived each index a total of $5000 / mo.
  • DHV funded rewards
  • It appears to be mostly original UI, not another defi fork
  • Multichain, they have a fair amount of partners, more exposure
  • All the projects involved in the $HNY index seem to be supportive of contributing their respective share (except for $LINK ofc, see image for amount requested)

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image1373Ă—725 120 KB

Worth mentioning

  • It looks like ELK routes through elk.finance and the rest through honeyswap. I don’t believe symm has the deepest liquidity on honeyswap router so this may create more than ideal price slippage.

What I don’t know

  • I don’t know the team, some other buzzdao said they had a call with them and they seemed professional for what thats worth, again DYOR. (briefly mentioned in monthly recap)
  • I don’t know the safety of the contracts, afaik I haven’t seen any of our devs take a look into it yet.

Expected duration or delivery date (if applicable):

Dependent on this proposal passing/executing. The index is currently live for the past month and staking has bein paying out GNO & DHV rewards

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image991Ă—269 52.1 KB

Funding Information (For Funding Proposals)

Amount of HNY requested: 15 HNY ~$5k

Ethereum address where funds shall be transferred:
0x8B268a75c14c4b9f68afba1f9D66e8E56f45D65f

More detailed description of how funds will be handled and used:
10,000 DHV, 11.4 GNO, and 42,165.81 MIVA have already been sent to this address for distribution

5 Likes
#2

Not qualified to speak to the security, but have had a few grand in these pools for a few weeks, have been impressed with site/UX so far. Also like supporting most of the projects in the indexes.

2 Likes
#3

I need to look into this more, but I’m having a hard time shaking the feeling proposals are being passed based on what is making people money atm.
While making money is a legitimate goal, personal profit off passing proposals is not.

1 Like
#4

With “liquidity farming” and most of defi there is going to be some of that front running/ponzi-type activity. Fortunately all our proposals are public and open so everyone can see what’s happening.

I personally am not a fan of the “renting of liquidity”style farming but it’s all we have in regards to these incentive structures on gnosis chain afaik. Paul and I have set up some d2d swaps which I think is great and I think these types of farms as long as we are talking a few thousand and not millions I think can be good for volume, modest partnering, and integration with each other which can translate to more users interacting in the ecosystem.

In summary, I view this as an easy way to bridge communities together to mingle a bit and do co-marketing. I think the community is always open for other ideas as well.

#5

Tbh I really don’t know enough about the different liquidity tools and protocols, how they affect the economics especially.

It was great to make a Trivia again finally.
Elk has some super-impressive accomplishments and user aids, like paying gas at the landing end of the bridges. That’s amazing.

Not directly related to this post, I know.
Just saying that you all are finding some really great projects to partner with as it turns out.

Hopefully someone will dig around a little and everything will check out.
5K xDai isn’t onerous.

#6

I am a fan of this platform, UI/UX, and like that it integrates several of the chains 1Hive has already embraced. An index has done wonders for many companies on publicly traded exchanges and these same buy/sell pressures will work in the favor of projects that embrace this basket investment approach. I think this proposal is well-founded and thoughtfully crafted.

1 Like