This article is published on behalf of NFTHive.io.
This is an introduction to NFTHives’s native HONEY token. HONEY is primarily a reward token for NFTHive users. In this article, we will explain how it is distributed, its use cases, what supply and distribution look like, and what the future holds for HONEY.
Distribution
Honey is distributed to Buyers and Sellers on the NFTHive Marketplace. If you buy or sell NFTs on NFTHive, you earn HONEY at a specific rate to the WAX you generate in market fees for us.
For your understanding, on WAX, all NFT marketplaces share the same listings and auctions. Every seller pays 2% in market fees. These fees are split between the marketplace an NFT was listed on and the marketplace it’s being bought on.
Therefore, if you buy an NFT for 100 WAX on NFTHive, we receive 1 WAX in fees through your purchase and another 1 WAX if the seller also listed the NFT through NFTHive. In that case, both parties receive a certain amount of HONEY as a reward.
The amount is accumulated and distributed daily. Our system analyses trading activity and prevents rewarding wash trading so users can’t buy and sell from themselves (even though this generates fees).
The other way of earning HONEY is through buying or selling drops on NFTHive. Drops are direct sales from creators to their collectors. In this case, both parties receive 1% of the amount they pay or receive in WAX in HONEY.
The amount of HONEY being rewarded depends on the number of distributed tokens. The first 1 Million tokens are distributed 1:1, which means for every WAX paid in fees, you will receive 1 HONEY.
Supply
There’s a total supply of 10 Million HONEY. The first Million was minted to the distribution contract. The tokens distribution will be reduced by 20% after X million tokens have been rewarded. This will result in the following rates:
1–1000000: 1.0 HONEY: 1.0 WAXP
1000001–2000000: 0.8 HONEY: 1.0 WAXP
2000001–3000000: 0.64 HONEY: 1.0 WAXP
3000001–4000000: 0.512 HONEY: 1.0 WAXP
4000001–5000000: 0.4096 HONEY: 1.0 WAXP
5000001–6000000: 0.32768 HONEY: 1.0 WAXP
6000001–7000000: 0.262144 HONEY: 1.0 WAXP
7000001–8000000: 0.2097152 HONEY: 1.0 WAXP
8000001–9000000: 0.16777216 HONEY: 1.0 WAXP
One million HONEY is reserved for eventual investors, exchange listings, and other purposes. They will not be touched before at least the same amount has been released through rewards.
Use Cases
The primary use case for HONEY is staking the tokens at the reward contract. HONEY stakers receive 33% of the secondary market fees on WAX’s core atomic market contract. In addition, HONEY stakers receive 50% of all fees made through drops on WAXP, HONEY, DHC, KCHAT, and other supported currencies. Since introducing the 33% market share around two weeks ago, 7449.67171530 WAX has been rewarded to HONEY stakers.
The complete list of reward tokens can be found here.
HONEY is also a currency that is frequently used for NFT drops.
Lastly, HONEY can be used to rent CPU at twice the rate of WAX. CPU is a resource on the WAX Blockchain. It determines the amount of daily free transactions a user can make. Users have to stake WAX to CPU to process more transactions. If they can’t afford that, they can rent CPU for a smaller fee (usually 0.25% — 0.5%) for 1 to 10 days.
Claiming and Staking HONEY
You can claim and stake on the HONEY overview page at https://nfthive.io/honey.
Log in with your WAX Wallet and find information about distributed tokens, total staked HONEY, your share, your balances, etc.
Stats
Current HONEY stats are the following:
- Total Supply: 10000000.0000 HONEY
- Total HONEY rewarded: 122409.7983 HONEY
- Total HONEY staked: 59963.8444 HONEY
- Secondary Market Fees rewarded: 7449.67171530 WAX
- Stake Holders: 518
Last updated 04/03/2023
Liquidity Pools and Exchanges
HONEY is listed on Taco and Alcor.
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