1Hive FAQ
Will there be a Honey Airdrop? At the moment there are no plans for an airdrop. Members of the 1Hive community can earn Honey through the Faucet and through Pollen by participating on Discord, the Forum and Github.
As of now, the majority of the community believes that airdropping Honey would not have a beneficial impact on the price and sustainability of the project.
Will the faucet be topped up? What happens once it is over? The Faucet pays out 5% of its balance every 48h; Therefore, it never truly “ends”. However, there are discussions about topping it up in order to have it as an incentive for newcomers. You can read and share your opinions about this topic here. So far over 600 HNY has been distributed through the faucet.
When will Farms open again? 1Hive conducted 2 farming periods; The last one ended on December 25th, 2020. At this time farms are inactive and there are no farm proposals set to pass in the near future.
Is the team legit? 1Hive is a DAO (Decentralized Autonomous Organization), which means that the team consists of its community members. Anyone can join the 1Hive community, helping it grow and proposing ideas / collaborations of all kinds.
What is a DAO? Decentralized Autonomous Organizations are coordination protocols that enable humans to work together towards a common goal by regulating interactions through rules defined in software. DAO's are unique because they put automation at the center and humans at the edges. There is no CEO, nor managers. Administration, where it must exist, is viewed as a design flaw and ruthlessly minimized.
While centralized administration is a powerful and flexible means to scale human coordination, the advent of decentralized ledgers like Bitcoin and Ethereum have shown how disruptive, powerful, and resilient sufficiently decentralized coordination protocols can be. DAOs do not replace companies. Instead they alter the economic landscape by creating novel markets and opportunities in which individuals and companies can participate.
In the case of the 1Hive DAO, a community currency called Honey is used to create a circular economy where public goods and investments that grow the 1Hive economy can be collectively funded with conviction voting.
Does 1Hive have a roadmap? We have rough milestones updated by individual swarms.
Can I stake Honey? Since April 11th, we're happy to announce that our subjective oracle Celeste is finally live. Users can stake their HNY, and may be drafted to resolve disputes that may arise. Click here to access the Celeste Wiki page were all sort of information are displayed.
What is the APY for staking HNY with Celeste? At the moment we cannot give an estimation of the APY through Celeste. The staking rewards are a positive side-effect of Celeste, whose main purpose is to provide the community with a tool to prevent malicious behavior. To participate in Celeste you need to have at least 0.5 HNY, and staking rewards will be distributed monthly.
Is there any incentive for holding Honey? Holding at least 0.5 HNY allows you to participate in Celeste and, besides that, holding Honey is primarily used for voting on proposals and to provide liquidity.
When will Honey be on Uniswap? The reverse omnibridge enabling moving Honey to Mainnet to add to Uniswap will most likely land on the Ethereum Mainnet in Q1-Q2 2021.
Since February 2021 HNY is also on Mainnet. Currently on Sushiswap with the Contract Address 0xc3589F56B6869824804A5EA29F2c9886Af1B0FcE
I saw a "Matic" channel on Discord. Are we leaving xDai? Currently there are no plans to leave xDai, but 1Hive is exploring what opportunities may exist to extend the community and ecosystem of products to additional networks including Matic and in development roll-up chains such as Arbitrum.
Does "voting on a proposal" actually cost Honey? No, it doesn't. You are not spending your HNY when voting. Your HNY is not locked either, withdraw your vote and trade if you wish.
What is the Honey (HNY) token address? (xDai Chain) 0x71850b7E9Ee3f13Ab46d67167341E4bDc905Eef9
What is the Honey (HNY) token address? (Mainnet) 0xc3589F56B6869824804A5EA29F2c9886Af1B0FcE
Why Honey? Issuing a digital currency allows a community like 1Hive to build an economy.
Holding a specific community currency is a bet on the future growth of that communities economy. The more people who hold the currency, the more people who will have interest in participating and growing the economy.
Each community may adopt different social norms and may use different issuance and distribution policies to allocate shared resources. The most effective communities will thrive and grow, competing for the attention and loyalty of individuals. Choosing to hold a specific currency will evolve beyond just a financial decision into a political and social one as well.
This type of competition is good for everyone, and should hopefully lead to a future that is more free, fair, open, and humane.
What is the current market cap of Honey? Market cap can be found here on CoinGecko.
How is Honey's market cap calculated? Market cap = (Total Supply - Common Pool) x Honey Price
What is Honey's current Issuance Policy? After an initial inflation rate of 60%, adjusted by the community to 30% per year, a dynamic inflation rate has been developed and is integrated as of April 2021. Click here and here to gather more context, and the issuance page for more details.
Where does the newly inflated currency go? The inflation rate is used to fill the Common Pool, which holds the Honey the DAO has available to use and can only be withdrawn from by passing Honey proposals.
The common pool is used to fund pollen, faucet, bounties and collaboration with other projects that may happen in the future.
What is the common pool address and where can the token transfers be viewed? 0x05e42c4Ae51BA28d8aCF8c371009AD7138312CA4
Where can I see details about Honey? Blockscout is where you can track any transaction on the xDai chain. Here is where you can track HNY’s ones.
Setup Metamask https://honeyswap.org/setup-wallet
Bridge Any Token https://honeyswap.org/xdai-bridges
Provide Liquidity on Honeyswap https://honeyswap.org/liquidity-pool
Understanding Providing Liquidity
Understanding Yield Farming on Honeycomb https://honeyswap.org/yield-farming
Are transaction fees really less than $0.01? Generally yes, remember to set the Gas Price to 1 GWEI in your wallet when submitting transactions. Note that 1 xDAI is equal to $1 in value. Use the xDai Faucet to get a small amount of xDAI to use the network.
If the fees are so little, how much can I earn by providing liquidity? Fees earned in Honeyswap trades are 0.25% of the value of the trade that has occurred. They are not related to the gas fees paid to the network (in our case xDAI) to execute the trade transaction. Liquidity providers receive none of the networks gas fees but 0.25% of the value of trades split between all liquidity providers in that pair.
Can any ERC-20 token be bridged to Honeyswap? Yes, any ERC20, ERC677 and ERC827 can be swapped, by following a few easy steps and by using the omnibridge.
I am new in the community, what should I do? First of all, welcome! Be sure to follow us on Telegram, Discord, Twitter, and to introduce yourself on our Forum. Additionally, if you follow a few easy steps, 1Hive is welcoming you with the Welcome Bounty! You can earn 1xDai, which will be enough for the faucet and countless transactions!
I can’t claim my HNY through the faucet, the transaction is failing. Please, make sure to have at least 0.5 xDai in your wallet!
I bridged my token but I do not see it on MetaMask. What’s wrong? Don’t worry, your tokens are safe. Being on the xDai chain you’ll need to add a new Token address to your MetaMask extension.
To add a token first find the token address from one of these lists: Bridged Tokens - Blockscout / Token List. Then open Metamask → Add Token → Custom Token → Copy Paste the Token Address.
How can I withdraw my Honeyswap V2 liquidity using LP Tokens? You can do so by going on Honeyswap → Pool → Remove Liquidity (It may take a few moments to load).
What is the easiest way to purchase xDai? You can bridge DAI into xDAI from the Ethereum network using the bridge, or you can buy xDai on the exchange Bitmax or with fiat using Ramp. Recently, more bridges were implemented (some in beta version, please practice caution): xDai-Polygon Bridge (guide), xDai-Bsc Chain Bridge (guide).
Any tutorial on how to purchase xDai and on how to use Honeyswap? To use Honeyswap you need to follow a few easy steps: First, send your token (For example, DAI) to your Metamask, on the Ethereum network. Then, once you create an xDai network RPC, you can quickly bridge your token through the token bridge (you’ll need a few $ of ETH for such transaction). You can read more here and watch a tutorial here.
The faucet doesn't recognize my wallet anymore and is asking me to use another wallet address. Please, register with another wallet. You will unfortunately have to wait for the registration period again before claiming but then you won’t have any further problems.
My issue was not addressed in the FAQ. What can I do? The best way to get help from a member of the 1Hive community is to land on the ⛈help channel on Discord.
