Proposal: HNY BEES - Wrapped Honey Fractions (No funds requested)

I posted this in the ideas channel, and it was suggested that I write up a proposal, so here it is!

Collect BEES to make HNY!

Proposal description:

I propose deploying a cute, fun, and lovable HNY wrapper, at a 1:1,000,000 ratio.

These ‘Wrapped Honey Fractions’ would help provide new holders with an increased sense of ownership in the community, it addition to providing a fun way to collect and build-up HNY.

I am proposing the name HNY BEES, or BEES, because the idea of collecting bees to produce honey seemed like a fun twist on ‘stackin’ sats’.

It was inspired by YFI’s ‘woofy’ and SUSHI’s ‘meowshi’, which were originally developed to bring meme-token investors into DeFi. However, I thought this concept could be better used to make community contributions even more rewarding, allowing members to collect HNY in a cute and fun way.

Ownership and Snapshot abilities will be assigned to the 1Hive Aragon agent

(Am open to different name/character suggestions, if the community doesn’t like BEES!)

Proposal Rationale

This was originally a project for my own use, but I realised it could be a fun way to help the community grow, as it can be a lot more meaningful to earn/acquire/hold multiple tokens, which may help increase engagement in the community.

At its peak, HNY reached over $1,300 a coin. As awesome as this is, the more that HNY grows, the harder it will make it for new members to acquire more than 1 coin without a considerable investment.

With less than one HNY, it’s easy to feel like your too small of a fish, or even too late, to be worth voicing an opinion - hence community participation may benefit from these fractional tokens, as new members can feel as they have a non-negligible stake in the community. If adopted by the wider community, this could also make bounties and the faucet more appealing for ALL users, as it would feel they are receiving more value for their time.

Expected duration or delivery date (if applicable):

The contract can be deployed once it has been reviewed by someone other than me. Despite it being a simple contract, I am not an experienced contract developer. I’ve tested it in a local environment, but review by a more experienced member of the community would be the safest bet.

If you want to help review the contract, please let me know!! :slight_smile:

Want to help review the contract??

HoneyBees/HoneyBees.sol at main · SirWithAComputer/HoneyBees · GitHub

(no funding requested)

9 Likes

Hi @SirWithAComputer this is indeed a fun and interesting experiment. I wonder if you considered the technical aspects involved in how to allow BEES holders voicing their opinion using Conviction Voting.

2 Likes

Hey Gabi! This a great concern, and was actually one of the motivating factor for me to overcome my shyness and approach the community about this!

I did built in a snapshot feature (with the role assigned to the DAO) so that BEE holders would be able to be included in snapshots. However, I’m not intimately familiar with our new conviction voting system, so I’m not sure if it would be as simple as adding said snapshot into the governance system.

Personally, the answer to this would determine how much HNY I will keep as BEES, as without the ability to participate in governance, I would likely keep only a few thousand BEES at a time.

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I’m a huge fan of the idea, but not convinced on the meme tbh

I don’t think bees is especially catchy

I would be in favour of splitting this proposal into two:

  1. Let’s make a fun, smaller denomination

  2. What should this denomination be called?

Where we think harder about 2

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Hey Sacha,

I totally support a discussion on this, but I would have to remain external myself (I’m biased as the whole reason I wanted to make this was because I wanted to collect bees lol)

Would you be willing to lead this discussion on this, so as to be free from my personal biases?

(btw, I should note that any reference to any meme is strictly coincidental, as I’m not personally familiar with any memes involving bees.)

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Happy to lead a discussion on this.

Thinking a little more deeply, I don’t think reducing ourselves to bee collectors is consistent with the metaphorical narrative that has been so beautifully honed.

We are all part of the hive, and in that sense we are all bees. We need honey to survive, and in that sense honey is our lifeblood – within that overarching metaphor, the image of bees being exchanged for honey just doesn’t make sense

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Thanks Sacha, I appreciate your willingness to lead this discussion.

I will respectfully step back now, and await a decision from the community.

I also want to apologise, as I didn’t mean to ‘reduce’ anyone to anything… I hope I didn’t offend you.
Collecting bees was not supposed to be degrading in anyway, but only something fun and lighthearted. Perhaps there is a communication barrier for me, so I apologise.

No offence caused!

Started a discussion on naming here:

Please take part

Thanks Sacha. I will keep an eye on the discussion.

Thanks for your answer @SirWithAComputer. I think the way you approach the problem is the way to go. We should first allow members to fraction their HNY and then decide in a future proposal if we should support voting with them.

Note that the process to allow voting in the Conviction Voting app requires considerable changes as the current version of the app only supports one token as the voting source. We have a few discussions about allowing several sources and aggregating them. But for Conviction Voting is not that simple, so we still need further research.

Either way, I agree with your implementation, having support for the ERC20Snapshot in the fraction token is a MUST.

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Thanks Gabi. I certainty think this is the best approach as well, especially since we will want a sort of test period to ensure the wrapped fractions work in production.

I’m still learning more about the new conviction voting system, but I’m overall impressed with the work that the team has done. You can tell there are some especially smart people in this community.

On a side note, I appreciate you joining the naming discussion that Sacha has started! I hope you don’t mind that I will sit the conversation out, but I like where it is going! I’m excited for everyone to reach a consensus.

buzz buzz

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How about calling it Nectar? It fits with the concept. Bees take nectar from flowers to make honey. :slight_smile:

I checked and didn’t see a token on HoneySwap with that name.

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It’s an interesting proposal. I think that the concept could work with or without support by the conviction voting system. After all, the feeling of being a small fish (bee) would be unavoidable as soon as a member would start looking at the voting statistics.

Having such a wrapper token calls, I think, the use of HNY in pollen distributions into question as this new token would fit with the pollen use case. In a way it would make more sense to call the token POLLEN, or rename #Pollen to #Nectar, since the name pollen implies something similar to the sentiment of the token proposed here.

A possible disadvantage of this proposal is that newbees might interpret the wrapped token being some sort of less valued token simply by it not being the “real” HNY 1Hive token. It’s powerful and appealing that a DAO can truly state earn our gov token simply by participating.

It’s also possible that users assume that there’s a conversion scheme with limitations and fees associated with it like so often in other crypto projects (when that’s not the case here at all).

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isn’t nectar beezu’s token name?