Make Honey Sticky
Proposal Information
Proposal link
Prototype code gist
Proposal description:
I have been working on a smart contract wallet that can automatically reinvest the HNY rewards from an LP farm back into that pool with a single click. I have a proof of concept working, and were I building this for only myself, I’d probably stop in one or two more iterations. But I could easily work on this for another couple of weeks if I wanted to release it for more general use.
For the work I have already done, plus future work estimated to take 5 developer-days over the next 2-4 weeks, in order to produce a product the Hive can safely and happily use, I am proposing payment of 2 HNY.
This work will include:
- Functional and safe contract wallet with the capability to reinvest (the main feature)
- Proxy/factory contracts which allow everyone to use this without making xDai sad
- A very basic UI which one can use to control their wallet
- The UI will mostly be a construction kit which could be used by someone who is actually good at UIs to integrate it into the existing farm UI. But it will be functional. It’ll essentially be what I would use to manage my own wallet.
- Potentially, a “tip” mode where some of the rewards can be sent back to the treasury or a different address
- Test coverage of the project
- Converting the whole project into a HardHat/Waffle project which can be worked on by multiple devs
Proposal Rationale
The primary rationale for this tool is in the title. I want to make HNY more “sticky”. That is, I want it to be as easy as possible to keep (at least some of) your HNY rewards HNY, and keep them benefiting the community. HNY in the staking contract, unclaimed rewards, doesn’t benefit anyone. HNY reinvested in the pool benefits the individual (more compounding) and the community (our HNY goes immediately to work).
So, for any HNY/xxx farm, we provide a simple experience which allows users to easily reinvest the HNY rewards from the farm back into it, by selling half of the claimed HNY through their pool, providing liquidity with the result, then staking those tokens. This is the power of compounding. Large scale yield farmers do this on mainnet, but it’s not considered worth it for smaller players because of gas prices. But here on xDai this is economical even for very small amounts.
Expected duration or delivery date (if applicable):
I expect to deliver the working stack within 4 weeks. This estimate has some padding applied already, so it might be only half as late as other software projects you’ve seen.
Team Information (For Funding Proposals)
Names, usernames, and/or relevant social links for team members (Twitter, Github, 1Hive Forum, etc.):
This is a solo project by me (currently).
anisoptera: https://github.com/anisoptera
Skills and previous experience in related or similar work:
This is my first smart contract project. I worked on a Bitcoin project quite a long time ago, and I have been programming computers for literally as long as I have memories. And I’m not all that young.
At this point in the project, all that is left is the boring stuff: writing tests, building a UI, upgradability, scalability, security… You know, the things you probably don’t want left out of something you trust with your money.
Funding Information (For Funding Proposals)
Amount of HNY requested: 2 HNY
Ethereum address where funds shall be transferred: 0x6697267a9B8665c9540060037c8810c5eb980fde
More detailed description of how funds will be handled and used:
I will be using the HNY to provide liquidity on the HNY/WETH and HNY/STAKE pairs, as well as holding some as a voting stake in the community.