THIS WEEK ONLY, we’re auctioning off discounted, time-vested HNY, available exclusively to the 1Hive community!
- Link: https://gnosis-auction.eth.limo/#/auction?auctionId=42&chainId=100#topAnchor
- Total HNY being auctioned: 20
- Minimum bid amount per 1 HNY: $150
- Purchase token: xDai
- Vesting Period: 6 months, streaming continuously with Superfluid
- Auction Closes: Friday, February 11 @ 23:00 UTC / 3pm PT / 6pm ET
- Participation requirement: Wallet address must be signed up to receive Pollen
What! How is this possible??
1Hive TV has made HNY available for this auction from its treasury, and xDai raised from the sale will go to its treasury.
1Hive TV’s biggest expense is contributor compensation, and while contributors do love Honey, they also have life expenses just like the rest of us, and until the Los Angeles Department of Water and Power starts accepting Honey (…hey we can can dream), paying for life expenses means sell pressure on our beloved HNY token.
As an experiment in building a stablecoin treasury while protecting the price of HNY, 1Hive TV is auctioning off 20 HNY from its swarm funds. xDai earned in the auction will be used to pay operational expenses, mainly contributor compensation.
By offering this auction exclusively to the 1Hive community and using token vesting, our goal is that 1Hive TV can pay its contributors with xDai converted from its budget of HNY, with gradual sell pressure on HNY.
NICE! How does the auction work?
- Go to https://gnosis-auction.eth.limo/#/auction?auctionId=42&chainId=100#topAnchor
- Enter the amount of xDai you are willing to pay
- Enter a maximum bid price per HNY (must be greater than $150)
- When the auction ends, if the minimum threshold of $3,000 is met, a clearing price will be set and HNY will go to the winning bidders.
- If you bid less than the clearing price, you lose
- If you bid more than the clearing price, you win! And even better, you only pay the clearing price for your HNY, which is less than the maximum price per HNY you bid.
- If you bid less than the clearing price, you lose
- At any time before the auction closes, you can cancel your auction bid in the Gnosis Auction app.
- Auction winners will receive a placeholder token that is not liquid. The 1Hive TV Gnosis Safe multisig team (@paul @twells @chuygarcia92) will then set up Superfluid streams to the winners. Safe address: gno:0x05f8B6209A31Ba8ba756F9f87ABf18502Caf6F6a
What does 1Hive TV consider a successful auction?
- Minimum funding amount of $3,000 met (if this isn’t reached, Auction bids won’t go through and Gnosis Auction will return xDai to all bidders)
- Winning bidders use their HNY as it vests and to support the 1Hive economy (i.e. staking in Celeste, providing liquidity on Honeyswap, voting on funding proposals)
This auction allows 1Hive community members who are here for the long haul a more affordable way of growing HNY holdings. If successful we hope this model can be replicated and iterated on by other swarms to help build individual stablecoin budgets for each project
, a direct product from 1Hive Tv for the entire Community! 
