1Hive is happy to announce that we have successfully transferred the $HNY token across from the xDai network to mainnet Ethereum. Users can purchase $HNY on Sushiswap, a popular decentralized exchange where users can buy, sell, and provide liquidity for their tokens. Users can stake their $HNY that they purchase back into Sushiswap in the HNY/ETH pool, and generate a portion of the fees from trades. This is achieved through the use of smart contracts, that can only be accessed by you. Additionally, Sushiswap along with the protocol fee revenue provides liquidity providers with a portion of newly minted SUSHI each and every day.
Being added to mainnet Ethereum also has other advantages for 1Hive and $HNY. We are able to update our information streams to Coingecko, Coinmarketcap, and Blockfolio which gives the ecosystem more exposure. Furthermore, you can check out our other medium articles to learn more about 1Hive & the $HNY token.
How to trade on SushiSwap:
Simply goto https://app.sushiswap.fi/
On the right hand side, you will see the Swap feature. You’ll first want to connect your wallet. Our recommendation is to use the Metamask wallet.
Once connected, click the drop down arrow to the right of ETH. This will allow you to select your tokens. It will ask you which token list you would like to add. Since the HNY token is not yet on the tokenlist, you can choose any list you would like, eith the CoinGecko DeFi 100 or the SushiSwap Menu for example. Now you are able to search for the $HNY token. The $HNY token on SushiSwap is under the token address:
0xc3589f56b6869824804a5ea29f2c9886af1b0fce
We can copy and past this into the ‘Search for a token’ and we can add HNY.
Once added, you’re ready to purchase HNY from the Swap menu again on the right. Simply input the amount of tokens you’d like to spend or buy. Note that the token and value on the top are the ones you will spend, and the token on the bottom is the receiving amount. In the example below, the swap is 0.1ETH for 0.283819 HNY.
Once you’re ready to make the trade, simply hit ‘Swap’ and then ‘Confirm Swap’. The transaction will then populate in your metamask, at which point you can process by hitting confirm.
You’ve now purchased your $HNY from Sushiswap! If you would like to provide liquidity, simply click the ‘Pairs’ icon on the right, and then search for $HNY in the search bar, or again add the token address from above. Once you’ve selected $HNY, click the ‘+ Liquidity’ tab and you can add your liquidity similar to how you swapped to make a purchase.
Additionally, you can go to:
https://app.sushiswap.fi/token/0xc3589f56b6869824804a5ea29f2c9886af1b0fce
anytime to trade, check token information, and add or remove liquidity. Happy trading!
