It’s not a mystery to any of us that, at least at a community level, there’s a certain feeling that some things aren’t going as they should and I think it’s because we’re seeing how some of the folks with more experience and more appropriate skillsets for a DAO like ours aren’t as active as before or are leaving, while the rest of us feel lost as to what to do without having much knowledge or skills.
In the last conversation I was involved in I realized we underestimate ourselves, because it takes less than we think to make things happen, and that’s why I’d like to advocate for what I think could be a resource-efficient and smart movement from our side.
Honeyswap as a liquidity tool for Gardens DAOs
DeFi is a pretty crowded space already and seems to be a never-ending fight, however many things related to it, such as liquidity, are absolutely essential for any DAO. Instead of leaving Honeyswap behind like I feel we’re kind of doing, it should focus on those DAO essentials.
From now on, Honeyswap’s direct intention or efforts wouldn’t be directed towards pursuing TVL or volume, but to add value to DAOs within Gardens and perhaps other DAO platforms. One of the advantages of designing products that work together is that the work of some ends up adding value to the others, so once this honeyswap review is deployed, any effort by say the Gardens Swarm to onboard more communities will result in honeyswap acquiring benefits too.
One example is BrightDAO, which at launch they did their own farms, and well they were made using Honeyswap LPs, but they could’ve used any other DEX.
If Honeyswap provided more value for DAOs it would be a no brainer, which at the same time would increase TVL and volume.
Perhaps within gardens or tulip swarm we could keep in touch with networks to provide matching rewards in honeyswap for LPs of communities based on some metrics TBD.
Swap
For the app I guess we don’t have to do much, though a small UI redesign would be ideal to reinforce the UX across Gardens, Honeyswap, Celeste, etc.
Farms
To fulfill the proposed goal of Honeyswap, we would ideally want to have farms like Swapr’s (not sure if that’s something we can fork) where Garden DAOs could incentivize their own liquidity in a no-code way, just as Gardens are supposed to be created.
I’ve been thinking about the possibility of deprecating the COMB tokens and using Honey for rewards under a similar scheme. Right now, half of the protocol fees are used to buy COMB and distribute them in the farms, the problem is that with a new token you have to work more to give users a reason to buy or hold instead of dumping it.
The share of protocol fees destined to COMB could be used to buy HNY and distribute that HNY in the farms, in the end is the same amount of money distributed but HNY already has more use cases, and would provide members of other Garden DAOs with some voice in 1Hive.
However, we don’t have to be directly involved in farming allocating a fixed percentage of all volume, the community could independently be in charge requesting funds in the honeypot whenever they want to create double reward farms with other DAOs we are interested in.
We could even have COMB/HNY based farms running just as we do now plus the community incentivizing extra pairs on the swapr-like DIY Liquidity Mining.
Protocol-owned liquidity
The concept of protocol-owned liquidity is quite interesting and seems to be somewhat popular with Olympus Pro, where users can exchange LPs for discounted tokens. I think it would be a good idea to eventually contemplate the development of something similar to be included in Honeyswap so that Gardens DAOs can use the tool.
What benefits would this have for our community?
Simplicity first. By not having to try keeping up competing in the DeFi space, this would be a matter of develop, deploy and maintain (which from what I understand this is really low maintenance) and that’s it, furthermore, if we are aligned with other projects in the community the effort to grow is less, or rather shared.
And well, although I’m not sure, I guess the hardest part is already done, which is the fork of uniswap deployed and working. And AFAIK a V2 is probably more than enough for this, so no need to R&D on Honeyswap V3 unless eventually the community wants to, of course.
If my assumptions are true, this shouldn’t be that expensive to make.
What would be necessary
- Redesign of the landing page to be clearer and with a similar UI to Gardens and our other products
- Redesign of the app interface, keeping the familiar feel of most uniswap v2 forks but bringing it closer to the 1Hive UI designs.
- Make the DIY Farms (can swapr’s be forked?)
- Eventually an Olympus Pro kind of thing?
What problems are we facing?
- What to do with the current farms, do we keep them alongside the swapr-like ones?
- Lack of expertise from my side to properly lead the whole project even though I’m down to do it anyways
- Lack of skilled members in the community though with the right incentives I’m pretty sure we should be able to find some folks down to work on this
These are just a couple of ideas that I think are worth at least a discussion, I hope to see what everyone thinks of this and discuss possible steps to get this started.
If there’s enough community support for this, I would appreciate a lot someone who would want to lead, co-lead or at least act as an advisor as it’s honestly a bit overwhelming just to think about how to start working on this lol but I’m definitely down to put all my available time and my little knowledge to make this happen.