Honeycomb liquidity incentives for two xBRICK pools

Proposal Title

Honeycomb liquidity incentives xBRICK-WXDAI pool
Honeycomb liquidity incentives xBRICK-HNY pool

Proposal Information

Proposal description:
This proposal will fund the two (most) active xBRICK pools:

  • ““Brick” Mike Daison” :boxing_glove: pool * that holds the xBRICK-WXDAI pair with 150 HNY
  • “Honey Glazed Brick” :brick: pool that holds the xBRICK-HNY pair with 100 HNY

(* “Brick” Mike Daison is a play on “Iron” Mike Tyson)

Proposal links :

Proposal Rationale
note: I’ve taken into account the popularity of Fortnite and its subreddit, and the fact that Honeyswap is the one and only place to buy or sell xBRICK tokens. The results for Reddit’s scaling competition will be announced soon and xDai’s success putting Moons and Bricks on the blockchain will be one of the bigger storylines.

I am using the “Ether Eucalyptus” :herb: pool that holds the HNY/ETH pair as a tool for comparison. This pair is set to be approved for 100 HNY in about 28 hours.

Liquidity
HNY/ETH: $16,536
xBRICK/WXDAI: $9,761
xBRICK/HNY: $2,477

Volume
HNY/ETH: $1,082
xBRICK/WXDAI: $7,140
xBRICK/HNY: $942.71

The xBRICK/WXDAI pair tops the Ether Eucalyptus pair with 7x in volume, but it is slightly lower in liquidity. The xBRICK/HNY pair has low liquidity compared to the HNY/ETH pair and is roughly equal in volume. With the HNY/ETH pair set to be approved for 100 HNY, I believe it is reasonable to request an allocation of 150 HNY for the xBRICK/WXDAI pair and 100 HNY for the xBRICK/HNY pair.

Also, on a more general note:

Liquidity incentives have proved to be an excellent tool to attract more participants to a network and grow the liquidity of assets involved. For the 1hive community and the Honey token the incentives play a key role to keep experimenting with circular economies. Honeyswap success is coupled to the Honey economy as a portion of every swap fee flows back to the common pool to fund further community proposals.

Expected duration:
The proposal will fund each pool for the first month. The continuity of the farming program will depend on further proposals to pass in conviction voting.

Team Information (For Funding Proposals)

This is a proposal by rearnakedbloke (Discord/Discourse).

Skills and previous experience in related or similar work:
not applicable

Funding Information (For Funding Proposals)

Amount of HNY requested: 250 HNY

Ethereum addresses where funds shall be transferred:

0x3E02a694eE8d624A40c28b8E2c61C8227118507c - 150 HNY

0x5A5751d26b86bbaE952c5b4Bd2554806DE838363 - 100 HNY

More detailed description of how funds will be handled and used: The funds will be sent to the UnipoolBalanceProxy contract for the specific pool. Afterwards HNY will start being distributed to staked LPs on every block. LPs can claim their farmed HNY through hny.farm .

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If you have any clever Fortnite-themed names and icons, let me know. I’m quite attached to these though lol, so it better be good :joy:

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Hello ~

What’s the supply on bricks . ?

There is not many information about bricks kind of scary token to support . if you have some info share it please ~~

^.^/

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Brick is a community points coin given by reddit to subscribers of r/fortnitebr.

Here is a some good info on bricks from the kraken webpage that was put up yesterday.

https://www.kraken.com/learn/what-is-reddit-brick

I am not sure, I think every one with brick will sell it for ETH, DAI or HNY. Big market cap, is it going to be listed on other exchanges?

Thanks

Judging by Kraken’s blog about both of Reddit’s community point tokens, I’d think they’ll add them to their exchange once they’re off Rinkeby. Not a guarantee, but I have no idea why an exchange would blog about a token they aren’t seriously considering a listing for.

I did some calculations a while ago, I believe it was about 31 million tokens total. Circulating supply was much lower at the time. @boring877

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CMC recently listed r/CryptoCurrency’s Moons (the testnet version). I believe once HNY and HoneySwap are listed, it wont take long for xMOON and xBRICK to pop up everywhere

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i heard it more then 1b token ~but maybe only 31m tokens has been out ~

i did buy some brick when it came on honey swap ~ but could not hold it for so long due the leak of info about ~

also how do you get them in reddit ? do you make post and get more likes then they send it to you each month ?~

Reddit is using the testnet versions, which actually has a way higher supply. xDai’s is with a 1 million x lower supply iirc.

You can learn about the process on Reddit’s end here:

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https://xenc.dev/brick

@boring877

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nice (@^◡^) ~ i will look into buying into them when the market reset ~ i think they are a bit expensive right now ~ making hyn/ brick farming will support the price ~

Given the number of Bricks tokens already in use, won’t be long until they will be trade on HoneySwap.
A xBRICK-HNY pool is only a matter of time. :brick:

I don’t think incentivizing liquidity for Moons and Bricks this early is beneficial for both the token holders and Honeyswap.

Both Moons and Bricks are on testnet. The bakeoff results should be announced sometime soon (probably a month from now) and everyone will have to take their tokens off Honeyswap and move them to testnet for the snapshot because they will eventually need to switch to mainnet.

My take on this is to hold back on incentivizing Moon and Brick holders to provide liquidity until Reddit makes the announcement. It is important to remember that both tokens are in the testing phase meaning that Reddit can reset the test balances at will. There is nothing indicating that they will do so but as long as there is a possibility there is uncertainty.

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Could xDai send out the mainnet Bricks they hold to the owners of the bridged tokens? It is all fairly manageable I would think @Proofmaster

Not really. If they stay on the xDai chain when the snapshot occurs I’m pretty sure they will be lost unless xDai wins the bakeoff and community rewards move completely to xDai.

Is that because the tokens are in a contract instead of a wallet?

Hey Guys,

I posted something similar on the xmoon/dai farm, but its a very similar situation here. I do like the idea of this farm, but the request amount seems a little high. Lets break down the other farms and compare:

  • HNY/XDAI = $2,414,355 liquidity / 300HNY = 1HNY per $8,047.85 invested
  • HNY/STAKE = $1,866,266 liquidity / 200HNY = 1HNY per $9,331.33 invested
  • HNY/WETH = $845,692 liquidity / 100HNY = 1HNY per $8,456.92 invested

Your proposed farms:

  • xbrick/xdai = $31,651 liquidity / 150HNY = 1HNY per $211
  • xbrick/hny = $13,469 liquidity / 100HNY = 1HNY per $134

Now of course the liquidity in the pool will go higher if this farm was to get funded, but there is no way to get these tokens outside of users bringing them in from reddit which only helps the holders of the LP token before the announcement. Another thing to mention is these are still TESTNET tokens, which means we may not want to incentivize something that isnt even officially released. I would bring this in line with the other pools of 1HNY per say ~$8800 which would mean funding the ‘Mike Daison’ pool with ~4HNY, and the ‘Glazed Brick’ pool at ~1.5HNY. I think at these levels more people would be inclined to support this proposal.

The numbers you’re using are for active farms vs just pools for Bricks, that is not a fair comparison. The numbers I posted I grabbed before farming started, might be better to use that / or try to imagine that xBRICK liquidity would be way higher if the pools generate HNY.

Regarding the actual monthly HNY request, I was thinking along those lines, until @onbjerg pointed out some things and set me on the path of righteousness. You can read about that here: Creating a funded farm on Honeycomb

I believe it is but a matter of time before xBRICKs blow up and to have it happen on Honeyswap would be amazing. Kraken or another project may beet us to the punch if we don’t push it a bit to gain momentum.