Honey Bees! --- Wrapped Fractional Honey to Increase Token-Appeal

🌱 Ideas
#1

Edit:
Want to help review the contract?? Github link - >> HoneyBees/HoneyBees.sol at main · SirWithAComputer/HoneyBees · GitHub

Want to help provide input on the name?? ->> Please Comment Below!!

HNYBEES
HNYBEES1920×1200 318 KB

1 HNY = 1,000,000 HNY BEES

Y.earn came up with a fun idea, of wrapped fractional tokens to increase token appeal and lower the (psychological) price-barriers to entry.

They did this by wrapping YFI as a ‘moon token’ called ‘Woofy’, with the only difference being that the latter uses 12 decimals instead of 18 decimals to bring the per-token price down to just a few cents each. (Sushiswap will be deploying a similar token soon, likely called Meowshi.)

This gave me the idea to do something similar, and bring a little more fun to our HNY token.

Besides being fun, this could help as the community grows, as it would be a lot more psychologically motivating for people to earn/acquire/hold multiple tokens instead of fractions of a token, which may help increase engagement in the community.

Personally, I thought it would be a lot more fun if I could have thousands of HONEY BEES instead of < 1 HNY, so I decided to make the Honey Bees wrapper for my own use.

But it occurred to me that the whole community may be able to benefit from this, so I decided to courage-up and post this to see what everyone thinks of the idea.

With less than one HNY, it’s easy to feel like too small of a fish to be worth voicing an opinion - hence why I feel community participation could really benefit from these fractional tokens; it could help new members feel as if they have a non-negligible stake in the community. If adopted by the community, this could also make bounties and the faucet more appealing for new AND existing users, as many would feel they are receiving more value for their time. (Humans are weird, what can you say…)

Expected duration or delivery date (if applicable):

It’s already done. I originally made it for myself, but wanted to address the community to hear their thoughts to see if we can make it a community-project!

The concept is based upon the woofy contract, but has been rewritten, with two new added features: (1) Governance snapshots have been added, so BEE holders can potentially keep their voting rights.
and (2) An easy no-gui withdraw method inspired by the xDAI bridge, where sending BEES to the contract will automatically unwrap them back into HNY.

Team Information (For Funding Proposals)

I’m usually a silent participator (see small fish, above) and I don’t really post much on any SM… but you can find me lurking around the discord from time to time as @mrsir

Skills and previous experience in related or similar work:
What are some of your skills or related experience that might help inform HNY holders about your ability to execute on your proposal

This is an exploratory hobby and not at all my expertise, so take that as you will… but if anyone likes the idea I’ll publish the code to github and anyone who is willing can help review it before deployment.

Funding Information (For Funding Proposals)

Amount of HNY requested:

I’m not requesting any HNY. This is just for fun, and I would be doing it for myself anyway :slightly_smiling_face:

However, if honey bees is as popular here as it was in YFI, perhaps I will initiate a discussion on a proposal for the DAO to provide HNY/BEE liquidity, to make BEES more easily accessible to new members.

Ethereum address where funds shall be transferred:
No Funds Requested. Any funds requested for HNY/BEE liquidity will remain in the custody of the DAO.

5 Likes
#2

I really like this idea. The most frustrating thing about high-value tokens is that most people will just have a fraction of a token, myself included because I haven’t exchanged any fiat for HNY. I would love to collect bees and exchange them for HNY as needed.

2 Likes
#3

mate … that was a fun post and I can see that you have a great attitude towards just doing things for ‘fun’. I can completely see your point about owing fractions of a token vs multiples of it, even though its just a psychological shift, i guess thats what drives our brains. I can see how this could benefit new beez that do not completely grasp the nuances of how tokens are valued, max supplies, emissions, market caps etc. So it would be really ideal as a play token at the start and then as beez graduate would be unwrapping to get real HNY if liquidity/ unwrapping was easy enough.

I know there was a similar discussion may be on discord or here on discourse about a ‘sats’ equivalent for HNY when it was at $1500 a pop. Not sure how far that discussion went and if anyone actually did something about it!

I would definitely try it out to get some BEES for fun! Great work!

2 Likes
#4

yes,just like the pokadot have done,they devide 1 token into 1000. before do it there’s a vote.The four options for voting are:
Compared with the early 2017 sales definition change, this means that there will be 10 million DOTs from the genesis part.
Split the quantity by 10 times from the initial sale, which means that there will be 100 million DOT from the genesis block. Low, DOT price will be 10 times.
Split the quantity by 100 times from the initial sales, which means that there will be 1 billion DOT from the genesis part. , DOT price will be 100 times lower.
Split the quantity by 1,000 times from the initial sales, and there will be 10 billion DOT from the Sogeki segment. , DOT will be 1000 times lower.
MAYBE HNY CAN FOLLOW THEM.

1 Like
#5

This premise has a lot of strength. You should write this up as a proposal.

1 Like
#6

Yeah the post you might be referring to is this

Nothing did ever come of it…but it really is more of a cultural thing as opposed to a smart contractual thing.

I agree with @project_uwb, I can understand why new people to the space would want to have whole numbers of a coin, but I think that perspective does change as you get more familiar with how value is measured for tokens (ie. market cap and token supply).

I think it’s great that you would create this contract just for fun, and I definitely think that it would be prudent to have it looked over and audited before anyone goes ahead and uses it. I will probably stick with my fractions of a Honey though and call them spoons or teaspoons like I suggested in the forum post above.

3 Likes
#7

thanks curly for the link… Yep agreed I might try the contract out for fun and get some bees for the sake of having a cool new token, but will keep my HNY as whole mostly!
May be all that needs to change is the measure of unit and when needed there is a universal change of units from referring to HNY to sort of mHNY uHNY depending on the kind of fraction that is accepted as a unit!

1 Like
#8

I agree because the majority of the decline in transactions and the outflow of assets is due to the psychological atmosphere created by currencies that have a lot of capital.

1 Like
#9

Lol! I love your teaspoon term!

You know, I’d always been on the same page that people would come around to understanding value based on other metrics besides sheer number of tokens, but I’ve recently learned (and with these meme coins, I think we’ve all learned!) that this tends to be more rare than I would have guessed.

Anyway, I’m excited people responded so well to this… I think i’ll get this up on github so I can get some feedback from more experienced devs!

Thanks for your thoughts
Cheers :slight_smile:

1 Like
#10

Thanks! I’m going to do that :slight_smile:

#11

I really like your idea of “Collecting bees for honey”

Would you mind if I used this terminology in my proposal?

#12

If I can make suggestion - I would actually recommend not using the term bees, just because a lot of the community members informally refer to people who participate in one hive as bees. Calling the micro token BEES might create a lot of confusion for people.

+1 to @CurlyBracketEffect - spoonful of hny sounds fun and adorable. Could name it sHNY?

#13

Of course! I think its super important we all like the name, and no one should hesitate to share their input!

I do want to avoid any possible confusion for sure, so this should be something I’d like to hear other peoples opinions on.

I personally chose HNY BEES as I liked thinking of a bunch of bees making honey (the unwrapping process), and thought it would be fun to have ‘a bunch of bees in my wallet’. Plus I think bees are cute and lovable! haha

But anyway, I’d totally be up to receive some more feedback on this!
Should I post a new thread with the goal of (1)discussing the name and (2)reviewing the code, or should I just updated this thread to reflect both?

(by the way, here is the github link…
HoneyBees/HoneyBees.sol at main · SirWithAComputer/HoneyBees · GitHub )

#14

In my opinion, not too fussed with the name. I think BEES is pretty apt. I know that the community members are also fondly referred to as BEES in 1Hive, but if there is no conflicting token that is named BEES, i guess its up for grabs! Also the ‘narrative’ @SirWithAComputer makes is apt … i.e BEES make Honey.

Great to see how this is progressing!

1 Like