Breaking News: Honeypot, Honeyswap and Honey
This just in, developers on Hive have created a credit debt facility called Honeypot, which is a dAPP or decentralized application running on Hive blockchain.
Honeypot
Honeypot is widely believed to be a 3rd generation MakerDao clone, using open source code. The stablecoin for Honeypot will be known as Honey.
Honeyswap
Honeyswap is a new decentralized AMM Exchange, a dApp on the Hive blockchain, where Liquidity pools exist.
Honey
A new stablecoin, pegged 1:1 to the U.S. dollar.
HBTC
HBTC is a nonfungible token pegged to Bitcoin 1:1. It is wrapped Bitcoin on the Hive blockchain. It is a HIVE blockchain nonfungible Token, similar to an ERC token on the Ethereum blockchain, but in this case a HRC token :)
Securitize, Bitcoingo and Chainlink
In a surprise move, project developers announced that World Famous and widely trusted Tokenization company Securitize has signed a deal and agreed to create wrapped Bitcoin NFT tokens for the Hive blockchain called HBTC. And an additional deal was signed with world famous Company Bitcoingo, to act as Custodian for Bitcoin, wrapped by Securitize as Hive Blockchain non-fungible Tokens HBTC. The third bold announcement was the signing of the company Chainlink to be the Oracle, monitoring price feeds of Hive, Bitcoin, the new stablecoin Honey and the new Hive NFT HBTC.
These shocking announcements are the start of a new ERA on the Hive Blockchain.
It is widely believed that by building a fast, secure and scale able blockchain with free transactions. And combining this new blockchain with three cryptocurrency giants, Hive will attract the attention of many Bitcoin whales seeking to create CDPs or Collateralized Debt Products, where they borrow up to 40% of the value of their deposited HBTC which has a 1:1 peg to Bitcoin in the new Stablecoin Honey, then sell their Honey and buy more Bitcoin on the new Hive based dApp Honeyswap.
This allows the whales to accumulate Bitcoin without additional capitol. It is also reported that on Honeyswap, where Bitcoin traders have created a Bitcoin-Honey Liquidity Pool and a Hive-Honey Liquidity Pool, both of which are experiencing rapid growth in deposits and transactions. Both Liquidity Pools have been incentivized with Honey token rewards, plus an additional stream of incentive rewards based on a 5% daily allocation of Hive blockchain inflation or newly minted Hive. This method called a Geyser has been successful so far in prolonging the time period Liquidity Providers keep their capitol in a pool.
Remarkably within 24 hours of opening there is over 900,000 USD in deposits of Bitcoin, HBTC, Honey and Hive on Honeyswap and over 500,000 USD in HBTC on Honeypot. This remarkable development has been accompanied by news stories about the Hive Blockchain in multiple web based cryptocurrency websites, along with a 100 increase in price from 8 cents to 16 cents in one day.
Okay, okay, okay, it’s time to wake up!
This isn’t true, it’s a fictional story about Hive.
I repeat, this is fiction, there are no new DeFi projects named after Honey, which sound like they should be dApps on the Hive blockchain. And which would undoubtedly grab your attention.
I created it in my mind, as one of those
What If Propositions.
Maybe I am just a Dreamer, but I am not the only one, maybe someday a developer will join me, and the Honey pot will be the one....
But maybe @blocktrades will read this and/or some other developer with time, money and who shares my vision that Bitcoin is the Biggest story in Crypto today, and that any project who ties itself to Bitcoins shirt tails is in for a heck of a ride. :)
