What is 1hive and the HONEY token?1hive is an open community, you do not need to ask permission to join or to become a member. If you see something you think could be improved then you can make a proposal to get Honey and make it happen.
You can also earn honey simply by participating in the community at
github ,
discord,
discourse, by registering and claiming honey via the
BrightId faucet, or by providing liquidity on
honeyswap and by depositing your LP tokens into the
honeycomb farm.
While we encourage people to take initiative as individuals, we also like to work together. Self-organizing “swarms” have formed around specific projects (e.g. honeyswap, celeste, gardens), or work areas (e.g. design, communications, engineering).
If you’re new to 1hive and want to contribute, a good way to start is to find a swarm that interests you and to ask how you might help.
How do I buy HNY? What’s the total supply of HNY and where can I check it? The current total supply is ~24,183.2 HNY. There is an issuance rate that goes into the Common Pool (currently ~60% per year), which is directed by Honey holders and which is expected to decrease over time.
You can check the total supply and
the current price at
https://1hive.org/How is it distributed? The issuance and distribution model for Honey is simple: each block new Honey is issued and accumulates into the Common Pool. From there it is distributed using proposals and a staking process called
conviction voting.Anyone can submit a proposal requesting a portion of the Common Pool to be allocated to a specific beneficiary. Honey holders can stake on the proposals to signal their support. You can access the Honey issuance and distribution dashboard at
https://1hive.org/.
What is the xDAI Chain? xDai is the name of a blockchain AND the stable cryptocurrency used on the chain. Each xDai token is worth ~ 1 US dollar.
The xDai blockchain is a sidechain of the Ethereum blockchain. It has the same properties as Ethereum, but uses a different method to make sure that transactions are valid and consistent across all nodes in the distributed network.
Currently, known organizations (called validators) transmit and verify blocks every 5 seconds.
This means transactions can be completed quickly and fees for transactions can be minimized, they are just a fraction of a cent. In the near future, xDai will transition to public staking where community members can also run nodes.
Learn moreHow can I claim my first HNY from the faucet? You have to be verified with
BrightID and be sponsored.
You can read
this article for instructions.
After you are verified and sponsored, you can register for the faucet and claim some HNY every 48 hours.
Each period lasts 2 days and you’ll need to register to the faucet each period. By claiming, you’ll automatically be registered for the next period. Not claiming in a period will forfeit the unclaimed amount.
We have set up a bot in the #honey channel that reminds you to claim your HNY.
Note that you will need some xDai to approve the transaction. There is
a free xDai faucet where you can get 1ct. This is enough to pay the fees for hundreds of transactions!
How do I get my liquidity onto the xDai chain? For converting Dai from mainnet to xDai on the xDai chain or vice versa use the xDai/Dai bridge:
https://dai-bridge.poa.network/Alternatively use this guide:
https://docs.tokenbridge.net/xdai-bridge/using-the-xdai-bridge/how-to-use-xdai-bridge-without-uiFor all other ERC20 tokens (but not Dai!) use the OmniBridge:
https://xdai-omnibridge.web.app/Where can I provide liquidity for HNY and earn fees? You can go to
https://honeyswap.org/#/add/0x71850b7e9ee3f13ab46d67167341e4bdc905eef9/0xe91d153e0b41518a2ce8dd3d7944fa863463a97d which is currently the most liquid pair.
You can check relevant fee APY's for all HNY pairs at
https://info.honeyswap.org/token/0x71850b7e9ee3f13ab46d67167341e4bdc905eef9
