Doc's Daily Commentary
Mind Of Mav
Honeyswap (HNY) Review
PLEASE understand that altcoins are HIGHLY SPECULATIVE — Do NOT expect them to act as compelling investments because in all likelihood they will not.
Today, we’ll be briefly checking out Honeswap — https://www.coingecko.com/en/coins/honey
Honeyswap with the Honey token (HNY) is an interesting opportunity, and was recommended for review on our Omnia Discord. Let’s dive in.
The easiest way to think of Honeyswap is that it’s a new version of Uniswap (UNI).
Honeyswap uses AMM (auto market maker), the same that Uniswap does. It is a fork of Uniswap. The only difference is that Honeyswap is on the xDai sidechain instead of the Ethereum mainnet and therefore it only costs small fractions of a penny for each transaction fee. Honeyswap liquidity reached 5 million dollars last week and has been growing steadily, which means more fees and more profit for the Honey token holders as well as LP providers on Honeyswap.
1Hive, the DAO behind the HNY token, has launched the first farms recently allowing liquidity providers to earn HNY rewards for providing liquidity to the incentivized pools.
The token itself currently has a supply of around 28k tokens and is minting at a yearly inflation rate of a maximum 60%.
Even if Honeyswap only reaches only 5% of Uniswap’s metrics imagine how the price of Honey token would appreciate. Also, the HNY token is used for conviction voting on proposals on the 1hive DAO.
Here are some things happening in Q1 to pay attention to:
Honey staking.
Honey in the mainnet (Uniswap listing!).
Issuance reduction
Honeyswap coinmarketcap listing as exchange
HNY coinmarketcap listing as a coin
Here is a list with all the roadmap and features coming:
https://1hive.gitbook.io/1hive/community/1hive-updates
Honey is at 15M marketcap right now, but could easily grow as fever returns to DeFi and we see a similar run-up period like the yield farming craze last June / July.
Overall, I like the direction of this project, and the small but devoted fan base it has.
If you’d like to learn more about this project, here are some resources to check out:
Telegram channel:
Feel free to use the faucet which gives a couple of bucks of HNY each two days.
Discord:
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