Liquidity Incentives For The Top 4 Pairs On Uniswap
With the price movement in Bitcoin and Ethereum lately, it would be nice to be able to trade those without ever leaving Honeyswap. USDC-ETH ETH-USDT WBTC-ETH DAI-ETH are the top 4 pairs. If Honeyswap could compete with Uniswap head to head with these pairs it would show how much better Honeyswap is.
UNI is flagging right now, if we incentivized farming the same pairs they are doing we could skim some of their liquidity.
Right now they’re having a pretty big kerfuffle with their governance…
UNI-ETH YFI-ETH LINK-ETH STAKE-ETH … All of these are huge volume on uniswap … Honeyswap could crush if these pools had liquidity.
Although it would be great to add some of these pairs, we need to be aware of the risk of incentivising too many HNY rewards. If we incentivize 4-5 non-HNY pairs you’ll end up with a bunch of HNY being dumped on the market. Besides that, the bridge behaviour isn’t ideal currently. Bridging YFI is basically impossible because of a minimum requirement.
So imo before adding a bunch of new pairs there are a few more important things to do:
I agree competing with uniswap sounds like a good idea, but in general I think we just need to be targeting adoption of the xdai network first.
Agree wtih @Jasper
I don’t think farming for every pair would be good for HNY. However, it would benefit Honeyswap to incentivize liquidity provision for major pairs like WETH-WBTC, in my opinon!
Edit: After some thought, I think people would avoid providing liquidity to farms with smaller payouts, so perhaps we do need to come up with a sustainable way to fund every farm.
I want to use Honeyswap. The price of the Honey token shouldn’t be the #1 concern. We could make the liquidity incentives a lot less for USDC-ETH ETH-USDT WBTC-ETH DAI-ETH than the Honey pairs.
While I want Honeyswap to get more pairs. I don’t think we should or want to put HNY incentives on all of them.
I am with @Jasper and @Pressure we simply need to start with a few that will give the biggest boost. IMO right now after HNY the focus needs to be on STAKE, WETH, and wxDAI. as these are the key tokens that power various key network aspects and I also expect as these naturally grow we will get a better view of others that will want to come to play on xDAI.
As a note because I frequent reddit r/ethtrader I either started or have added liquidity in the DONUT-wxDAI and DONUT-WETH pairs at various times. I do not expect Honeyswap to add incentives because I think it makes sense for the various reddit communities to set up to use xDAI for micro tipping and distributions in time. If /r/ethtraders finds DONUT trading on xDAI to be useful for the community they will add their own liquidity incentives just like they did for DONUTs on uniswap v2.
I like the stake,weth, and wxdai pairs is a good way to market HNY and Honeyswap
The best way to market Honeyswap is to make it functional. Right now its basically worthless unless u want to trade Honey.
It is obvious there needs to be a liquidity incentive for relevant pairs.
Yup, moved ~$300 worth of DONUTS across the bridge just to add liquidity because I want to see that project succeed. Not much, but enough minnows come together they actually can get low slippage on their smaller orders.
As far as farming goes. It’s not good. I’m in the
Ether Eucalyptus Pool
8k in and I get 0.09 HNY after 4 days of farming
Stake Sunflower Pool
$600 in and I get 0.004 after 3 days of farming
I don’t know if Im doing that right but it doesn’t seem to be all that good to me. I almost feel like I should have just lifted my position on BTC and ETH. But I believe in the project hopefully things will work itself out
You’re getting over 120% apy, what where you expecting?
You get approximately 120% apy from your 8k, but if your pool value is dropped by 20%, now you only have $6,800 and your 120% apy is based on the $6,800 and not $8k.
I hope my explanation was clear enough.
I would recommend xmoon/hyn . xbrick/ hyn
Reddit community’s will boost us .