HoneySuper — Incentivizing the provision of Honey (HNY) liquidity on Honeyswap

HoneySuper — Incentivizing the provision of Honey (HNY) liquidity on Honeyswap

When farms were launched, we saw a depreciation in the value of HNY as farmers liquidated their farming rewards at the end of the staking period. In light of recent developments in the 1Hive ecosystem including Agaave, which is bringing AAVE to xDai and creating a new token, the possiblity of integrating new ways to incentivize the provision of Honey (HNY) liquidity on Honeyswap have emerged.

One such possibility includes creating a rebasing token that is pegged to a 1Hive- or HNY-related datapoint (such as Honeyswap liquidity, Honeyswap volume, HNY market cap, or some variable that accounts for all 3), and using it to provide rewards to those who stake on a separate platform. The platform could be designed in a similar way that PancakeBunny uses a separate token (BUNNY) to incentivize the provision of CAKE and other BSC token liquidity on PancakeSwap. The 1Hive platform can be called HoneySuper, as a honey super is used to collect honey from commercially managed beehives. The token could be called Honeycombs (COMB). Obviously open to other ideas, as it really is whatever the community decides that should be chosen.

Just like BADGER is a utility token designed to incentivize bringing WBTC liquidity to Ethereum DEXs, by creating a separate rebasing token and website using a commonly used design, 1Hive can incentivize liquidity providers to bring liquidity to HNY by offering rewards of this separate token. By pegging the price of the new token to a 1Hive or HNY-related datapoint, holding the rebase token holds value if you believe that 1Hive and 1Hive-related products like HNY will appreciate in value in the future. This means users can also bet on the successes or failures of 1Hive by owning or selling this token depending on news or other developments.

The token can be airdropped to any wallet who has ever participated in the governance of 1Hive or who has become BrightID verified. Honeyswap users can be airdropped as well. The product can be used to govern its own DAO or can just exist as a distinct tokenized service under the 1Hive umbrella.

I do not have any coding experience or the free time to execute a project like this, but I have seen the power of proposing an idea to 1Hive. Once the idea is being discussed, it is possible for it to take off and actually come to fruition with community support.

Another idea is to scrap the rebasing concept and allow the token to have its own value. For example, those who hold this token can have reduced trading fees on Honeyswap or something. Or it could have a better premium for trading for HNY. There’s tons of options.

tl;dr - create a rebase token pegged to a 1Hive/HNY-related variable and use it to issue staking rewards for those who provide liquidity to HNY-based trading pairs on Honeyswap.

EDIT: Admittedly I did not see this post, but I think both ideas do not have to be mutually exclusive! This concept could compound rewards given to those who provide LP and receive farming rewards, further incentivizing the provision of liquidity on Honeyswap. This website could also be used for rewarding those who participate in other pools related non-Honeyswap, 1Hive-related services.


I agree 100% that we need an alternate token to drop on people and use to incentivize participation in various protocols.
@DogeKing and I were working on something similar, I was calling it Nectar, with several applications including some Faucet ideas that require planning out.
With all of the projects launching over the next several weeks, including liquidity projects, plus Doge’s tireless tracking down mentions and getting us listed any number of places, we’ve been otherwise occupied.
Now, with all of the possibilities you’re bringing up, I wonder if we don’t need two new tokens.

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I was thinking of calling it Nectar too! Great minds think alike.

What kind of manpower would be needed to create a staking rewards token like I described? I am not tech savvy enough to execute this task, but I wonder if others can without too much effort.

I’m pretty sure the tricksy part is in the staking contract and the staking rewards can be any erc20, which is a simple thing.

@Jasper ~
Aren’t you working on a staking contract as well?

Awesome! Anything I can do to help let me know :slight_smile:

I’m all over it!
So much has come up in the last few weeks.
I can’t believe how time has flown.

Do you want to talk offline about how we can go about making HoneySuper/a liquidity rewards token a reality?

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Love to.
Dm me on Discord?

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