Tentative proposal for gathering interest in migrating to a secure L2 solution, specifically Arbitrum in at least the short term. The general idea will be to migrate Honey to Ethereum, requiring manual conversion by all Honey holders through a UI we will build, and 1Hive Governance to Arbitrum. This structure will allow us to move 1Hive’s governance and general operations to different L2’s without making users migrate to a new Honey token again in the future, should we want to.
The future of xDai, where Honey is native, is unknown, therefore the future of Honey on xDai is arguably insecure. There is a chance xDai will upgrade to a Layer 2 at some point but details surrounding this are yet to be made. In the mean time Layer 2 solutions are becoming available, the most promising of which seems to be Arbitrum.
Celeste, which is necessary for Gardens, partly inherits its security from the chain where it’s token is issued. Celeste’s security is also influenced by it’s number of keepers. If we move to a Layer 2 solution it will increase security and should increase the availability of keepers in Celeste, ultimately increasing interest and use of Gardens and other 1Hive applications.
Note sidechains such as xDai are likely to be cheaper to run on than Layer 2’s although I expect the difference will seem negligible relative to regularly hiked gas prices on Ethereum. And even in this case, I believe the increased security and likely wider ecosystem interest is worth the cost.
Expected duration or delivery date (if applicable):
Plus whoever is interested in:
- Building trusted minting services, should we choose this approach for token migration.
- Building a UI for converting the current Honey token into the new HoneyV2 token.
- Adapting the current 1Hive apps to support the Ethereum/Arbitrum deployment.
Anyone interested please join the Arbitrum chat in Discord.
Skills and previous experience in related or similar work:
@willjgriff - Solidity development for 1Hive.
No funding as of yet but to execute we will request some.