xDAI reverse bridge approaching

🌱 Ideas
#1

xDAI reverse bridge is fast approaching (technically it appears complete UI is being worked on).

I think it would bee-hoove the community to prepare/incentivize some initial HNY-DAI liquidity for uniswap on launch especially if this is going to have some PR attached (calling buzz).

Unclear whether/how we want to create or incentivize this liquidity. Right now I am simply posting this to start the discussion because the reverse bridge could be here much faster than we thought and we better get on top of this or lose out on both a monetization avenue as well as a PR event.

I personally think we could offer a split of like 10 HNY for those LP providers in the first 24hrs (based on liquidity provided and brightID verification) and a further split of 25HNY based on same requirements (minimum of 5K to quality as anything else is a waste of the mainnet tx fees). Both HNY rewards require the participant not to decrease their LP stake over the first 30 days.

Discussion/Ideas?

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#2

While I’m not sure on the specifics, perhaps we could have a proposal ready as soon as possible. And if approved we announce the farm not then, but when the rev. bridge goes up. Ride that wave with perfect timing :surfing_woman:

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#3

This may seem silly but this is a serious proposal.

If we took say 100 honey from the common pool and sold it for xDai as an auction format similar to OTC sale. We would then take all the xDai and it’s equivalent in HNY over to UNI swap to boot strap the HNY-xDai pair. Then on some pre-defined date say after 60 days. We withdrawal 1/3 and buy back honey on Honeyswap with the xDAI. A week later use the same with 50% of what is left and then the last week the remaining.

We joked around calling this the dump and pump but in all seriousness there will be some cost to this sense 100HNY is sold but this allows the community to buy at a discount sense honey will be bought back and yes this would create a bit of volatility in the price even if it is OTC because some would sell before the sale so they can buy at a discount. Also, before the buy back people would buy up honey and then dump to make a profit. But it may bring some excitement with relatively low cost only 100HNY is at risk, a few mainnet fees, and IL. While we gain excitement and liquidity on mainnet. Tie this with some marketing or maybe some other promotion like a Honey-Badger pair and I think this could be pretty exciting.

What are your thoughts on the Dump and Pump mainnet launch plan?

1 Like
#4

We need to be careful about using those words…
Can xdai pairs be traded on Uniswap?

I like it other than that.
I do still belive we should be working on promoting 1Hive first and allocating our resources to providing more services on xdai.

If we build it they will come.
It isn’t built yet.

Providing Uniswap liquidity would be great to have as part of a comprehensive rollout of a suite of dApps and promotions.

1 Like
#5

I would rather choose Balancer for Mainnet and also would like to see HNY/WETH pair , hny-xdai we have it on xdai and it’s our main pair but i’d rather see it paired with weth and we may use that Mainnet promotion to introduce the new projects like Celeste , prediction markets and lending-borowing, so i kinda agree with you @metaverde that we need to make a big move when we do it , until then we should strategise and work as true bees.

Also Sushiswap is not bad and they have an Onsen program now for low cap tokens like HNY we would get rewards in sushi too.

2 Likes
#6

Re: Sushiswap, I haven’t looked into what the different dexes are doing, and this is why I :heart: the defi degens keeping track of the dexosphere (not calling you a degen, Solar) and contributing on Discord.

I think you’re saying we shouldn’t assume Uniswap is the default and I agree.
We should look at other dexes that may have more room for small-cap alt-projects.

#7

I am not partial to the exact pair just the concept. I was just thinking dai because stability and risk adverse. Considering wet would be using funds from common pool to buy the weth or whatever pair we decide I wasn’t sure how supportive 1hive would be doing that.

1 Like
#8

Timing our releases synergistically will increase impact.
Good point. (I think I’m hearing you right).

#9

I am against spreading liquidity amongst multiple pairs as this just dilutes actual liquidity generally.

As to where to put liquidity. Where is the highest trading volume and where will we get the greatest exposure to traders AND above all can get listed in a coordinated fashion? I also consider security a high priority and while balancer and sushi have been audited, I consider uniswap due to simplicity and number of people using it to probably have the best security.

The whole point here is that the reverse bridge is approaching, and unless 1Hive gets its act together HNY could be on the main net before any real coordinated activity can happen.

What I would suggest is Buzz team reach out to @igorbarinov to achieve a coordinated reverse bridge and HNY on main net release. If 1Hive is going to do/fund any sort of initial liquidity to get details of a proposal nailed down and up for conviction voting ASAP. What we really need is @igorbarinov and the xDAI team to co-ordinate with a small but nimble 1Hive buzz PR team. Maybe 1Hive refused to provide any sort of liquidity, or liquidity incentives but I think we should have a chance to vet ideas here before being blind sided by xDAI group activating the reverse bridge.

What we really want is a LP/trading venue that will list main net HNY immediately. Hence we will need a contract address for HNY on the main net BEFORE release to public and a tighter release coordination between xDAI,1Hive and our chosen LP and trading venue provider to list main net HNY. So the real question is where can HNY on the main net get a coordinated listing and whether @igorbarinov and xDAI can give us the main net HNY address they will use for us before reverse bridge activation.

If I was leading this I’d want all of this privately in place and fully tested before we release. While this would be an ideal goal, I do not think such 3 prong co-ordination is practically achievable. The issue is going to be a responsive LP and trading venue. I think uniswap will probably fail there and it is why maybe we should look elsewhere.

I really don’t want us to be caught with pants down and traders trying to both access a LP and trading venue, approve a spend, then deposit etc. all at 100+gwei fees. Some coordination between the groups for a buzz factor PR campaign would be beneficial as well.

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