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Author Topic: HONEYSWAP- A UNISWAP CLONE WITH POTENTIAL  (Read 113 times)
MrMojoRising26
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September 28, 2020, 06:34:08 AM
 #1

Some of you may or may not have heard of honeyswap! to put it simply it is a uniswap clone built on the xdai network. The cool thing about it is that swaps cost less than half a penny in transaction fees! Since it is not directly on the ethereum netwok it doesn't have the same congestion issues or high fees. It also does not have the same amount of available swaps as uniswap does but it is slowly growing and building. Until uniswap V3 comes out or fantom builds a similar clone this one is already out and working. The native token is called honey just like the uni token. Reddit's cryptocurrency moon is also available on honeyswap under the name xmoon. It is somwhat difficult to start using honeyswap but there are tutorials on youtube and articles. How I did it was I swapped eth for dai then added the xdai network on metamask using a bridge I then swapped dai for xdai after that you can easily swap tokens on honeyswap. I am unsure what lies ahead but I think for now it is pretty cool to make swaps for less than a penny. I only mention it here to get more people on board things change fast in crypto in the past few months its been defi,uniswap,farming,airdrops and now we have to evolve to these types of short term solutions I believe anyway I hope you all give it a try and test it out good luck to you all.
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slackovic
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September 28, 2020, 08:08:03 AM
 #2

This morning I traded on Honeyswap and I was really pleased to see transaction cost of $0.000307 that was confirmed in few seconds. The problem is there are not many liquid pairs on Honeyswap. HNY-WxDAI and HNY-STAKE are the only pairs that have more than $100.000 liquidiy and some volume.

You mentioned MOON token (xMOON on Honexswap)... It has $53.000 liquidity and $60.000 24h volume. That's rather small, but if someone is feeling risky, you can put both tokens into the liquidity pool and earn fees. Trading fee is 0.3% just like on Uniswap.


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September 28, 2020, 08:45:17 AM
 #3

I've noticed recently that many DEX platforms are just sprouting out of nowhere, I believe it was driven by sudden UNISWAP DEX popularity, and UNI token price rally. but just be careful we all know that scammers are also riding these Defi and DEX hype it is better to check all those DEX platforms before using it just to be sure that it was not operated by fraudsters. just saying!    

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September 28, 2020, 09:02:44 AM
 #4

I've noticed recently that many DEX platforms are just sprouting out of nowhere, I believe it was driven by sudden UNISWAP DEX popularity, and UNI token price rally. but just be careful we all know that scammers are also riding these Defi and DEX hype it is better to check all those DEX platforms before using it just to be sure that it was not operated by fraudsters. just saying!    

I think that in crypto slogan "beware of scammers" goes without saying. Just because something is new it doesn't mean it's a scam. Unfortunately, in crypto we are so used to scammers that everything new is also suspicious. I'm not sure about xDai chain and Honeyswap, but transactions are so cheap and it is not a problem to trade with only $10. And I think that most people won't go broke if they lose 10 bucks.


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September 28, 2020, 09:45:04 AM
 #5

The cheap fee is pretty convincing but I'm trying to know more about the project and it seems I can't find any information about this exchange except this post. I'm trying to find their announcement here in Bitcointalk but unfortunately there's none and found only their twitter which I found out that it was made September 20 only. The interesting part is that honey is part of Hive1 which was created 2 years ago and started from Ethereum until they migrated to xdai this jul. There's still not enough information to say that it's good to invest in their exchange but it's good that they are not new. Just be careful everyone.


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September 28, 2020, 10:31:07 AM
 #6

It cost less than uni in term of transaction fees caused by it was using a new blockchain with a better scalability but less users and demand compared with the uni.

Moonswap or another swap service have also the same feature like honeyswap.

UNI is focusing in the ethereum ecosystem and what about the demand in the xdai ecosystem? It should be less popular than ethereum.  Cheesy for me it's not worth to take a look at.

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September 28, 2020, 02:17:55 PM
 #7

Nothing is potential. Projects are copying each other's source code and launching the DEX, DEFI platforms. They are so many that they cannot be counted.
UNISWAP is prestigious and supported by Vitalik. It is a monument that cannot be demolished. Best to be careful with them. Sushiswap is a lesson to remember, and it's only recent.

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