Introducing Honeycomb, with Token Farming by 1Hive
The 1Hive ecosystem is launching a significant update following months of work by the Tulip Swarm, a community-funded development project built by the DAO. Here are the new features:
- Honeycomb Wallet. A new wallet interface with an all-in-one asset management dashboard. Take a look at it here https://1hive.io/
- Farming. Honeyswap users providing liquidity to pools can now stake their liquidity tokens and earn additional interest.
- COMB. A new farming incentive token. Existing Honeyswap liquidity providers already received an Airdrop of COMB as a thank you for their continued network participation. COMB will be issued per network: xCOMB on xDAI and pCOMB on Polygon.
- Honeyswap on Polygon. Speaking of Polygon, Honeyswap is now available on Polygon/Matic!
- Cross-chain swaps. Users can bridge assets between xDai and Polygon using xPollinate, a joint project from 1Hive and Connext.
Collectively these updates give current 1Hive users far more power with their assets with deeper liquidity and more options for earning higher yield, and makes the 1Hive ecosystem far more accessible by opening it up to the Polygon network, which has seen explosive growth.
1. Honeycomb Wallet
At the heart of this update is 1Hive’s new wallet dashboard. Given the growing capabilities of 1Hive users, a simple, streamlined interface for asset management is critical, and from the Honeycomb dashboard users have easy access to all the ecosystem’s new features:
Honeycomb’s new farming tool allows users to stake liquidity tokens earned through pooling, with increased interest rates for longer time periods. As an additional incentive, 1Hive is also offering increased rates for key trading pairs. You can view the incentivized trading pairs here:
These Farms have the dual benefit of offering users very attractive yields and promoting deep liquidity in Honeyswap, making the exchange more efficient and secure.
Take a look at the Honeycomb Wallet Tutorial Video for a step-by-step guide on farming in Honeycomb.
Users that farm tokens will earn yield in COMB, a deflationary token whose value is secured by its role as a claim on future Honeyswap fees. Historically, HNY tokens are repurchased as the transaction fee for Honeyswap trades and then burned, but with the launch of COMB, Honeyswap fees will burn both HNY and COMB. Transaction fee amounts won’t change, but half of the fee will now go towards burning the network-specific COMB token. Initial COMB supply will be 1 million xCOMB and 1 million pCOMB.
As part of the Honeycomb launch, an xCOMB airdrop will be made to existing Honeyswap liquidity providers on xDai, and following the rollout of Honeyswap on Polygon an additional pCOMB Airdrop will be made to liquidity providers there as well. Tokens claimed in the Airdrop will have a 6 month vesting period, with 10% vesting immediately and the remaining 90% vesting linearly.
Users can claim their Airdropped COMB tokens in the “Airdrop” section of their Honeycomb wallet:
For more details about xComb visit the 1hive wiki
4. 1Hive on Polygon
In the midst of Ethereum’s unprecedented network congestion, the Polygon sidechain is quickly becoming one of the most popular scaling solutions as measured both by transaction volume and Total Value Locked. In an effort to make the 1Hive ecosystem more easily available to as many users as possible, Honeyswap is now available on Polygon as well.
Farming pools and pComb will be available on Polygon soon, with a pComb airdrop for liquidity providers for Honeyswap on Polygon, so be sure to contribute to these liquidity pools ASAP!
Given the launch of the Arbitrum network on Ethereum, 1Hive is also working on integrating the ecosystem there as well.
5. Polygon <> xDAI bridge
With help from Connext, 1Hive users can bridge assets between xDai and Polygon on https://www.xpollinate.io/. 1Hive is also building a swap feature into Honeycomb where assets can be swapped between networks from within the wallet interface. This will be available soon:
More on 1Hive
1Hive is a Decentralized Autonomous Organization (DAO) whose mission is to create valuable public goods through an active and engaged community and an economic model capable of creating substantial and sustainable long term growth. 1Hive’s governance model is secured by Conviction Voting, an on-chain social contract (Covenant), and an arbitration failsafe (Celeste), which work together to secure the value and direction of the 1Hive ecosystem. The native governance token for 1Hive is Honey (HNY).