Sirwin
Sirwin

Introducing Honeyswap

By Blazarius120 | 1Hive | 31 Jan 2021


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Honeyswap is a permissionless decentralized exchange (DEX) based on Ethereum, built on xDai Layer 2 scalability infrastructure. By utilizing xDai chain for transactions, Honeyswap allow users to trade any ERC20 token and experience fast and secure transactions with incredibly low fees.

Honeyswap is empowering traders whilst, removing the costly obstacles to entry DEXs for the general crypto user, while incorporating a community-focused governance structure and a honest token distribution model. Yield farming and liquidity mining opportunities will stimulate the growth of a strong liquidity-providing ecosystem.

Honeyswap DEX site: https://honeyswap.org/

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IMPORTANT: Honeyswap is the only exchange where you can purchase HNY.

What is Honey(HNY)?

Honey is a digital currency issued and distributed by 1Hive DAO. More details about 1Hive DAO and Honey here: Introducing 1Hive and Honey

Additional tokens are already trading on Honeyswap, for more details you can check out our analytics page here:

https://info.honeyswap.org/tokens

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Configure custom RPC in Metamask wallet

Before you can interact with the xDai chain, you need to set up your Metamask wallet. If you do not already have Metamask installed on your browser, you can download it here https://metamask.io/.

Setup your custom RPC to connect to Metamask:

1. Open Metamask, and select “Custom RPC” from the Network Dropdown.

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2. “Custom RPC” Settings, add in the xDai network details and click Save:

xDai chain recommended settings:

https://www.xdaichain.com/for-users/wallets/metamask/metamask-setup

Connecting to a Hardware Wallet

Instructions for using Metamask with a Ledger or Trezor: https://metamask.zendesk.com/hc/en-us/articles/360020394612-How-to-connect-a-Trezor-or-Ledger-Hardware-Wallet

Transfer any ERC20 from Ethereum to xDai

Similar to the leading DEX, Uniswap, anyone can trade any ERC20 token on Honeywap. If a token is not currently supported on Honeyswap, users can transfer any ERC20 token from Ethereum to xDai and provide liquidity to allow instant token swaps. They will then earn fees each time other users will trade through that trading pair.

Users will have to use OmniBridge UI to transfer any ERC20 from Ethereum to xDai. Any user can initiate this initial transfer. Once the token exists on xDai, it can be transferred back and forth using the same UI.

https://omni.xdaichain.com/

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Step by step tutorial to transfer any ERC20 from Ethereum to xDai:

https://docs.tokenbridge.net/eth-xdai-amb-bridge/multi-token-extension/ui-to-transfer-tokens/transfer-erc20

Moving Dai to xDai

IMPORTANT: The only exception is for transfer Dai to xDai. The transfer is done through a simpler UI using a dedicated xDai chain bridge.

https://bridge.xdaichain.com/

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Step by step tutorial for moving Dai to xDai:

https://www.xdaichain.com/for-users/converting-xdai-via-bridge/moving-dai-to-xdai

Buy xDai with fiat

Alternatively, to avoid paying swap and bridge fees, you can now buy xDai with your local fiat currency through Ramp platform here:

https://ramp.network/buy/

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BlockScout

BlockScout is a full-featured explorer for xDai. It is available here:

https://blockscout.com/poa/xdai/

With BlockScout you can:

· view blocks, transactions, accounts, balances, token transfers

· access blockchain data via API functions

· read and verify smart contracts

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By utilizing Layer 2 for transactions, Honeyswap users will experience fast and secure transactions with incredibly low fees. At the time of writing, the cost for a ‘fast’ transaction (~30 seconds) on Ethereum stands at $1.14.

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In comparison, transactions on xDai chain network can be confirmed in milliseconds, with an average of 5 seconds and at a cost of
0.000262742 xDAI ($0.000263 USD)

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To learn more about Honeyswap, please check out the video below:

Introduction video for 1Hive community and it’s first project Honeyswap on the xDai network.

 

1Hive is offering a new user bounty! Every new user can earn 1xDai ($1USD), join the bounty here: New User Bounty

 

The party is starting early for 1Hive! 1Hive coming to mainnet soon, potential airdrop to uniswap LP providers (more details to come soon), aagave fork on xdai, and celete (subjective oracle) all coming soon! Plus much much more! We are glad to have you here as part of the community. Stay tuned for more!

 

If you have any questions, join our amazing community, there are many people who will be more than willing to help you.

🍯Love&HNY from the team!🍯

Follow us on Twitter to keep up with the latest news: https://twitter.com/Honeyswap

In case you run into any trouble hop on Discord: https://discord.gg/kYF8uHy6

Get involved in the conversation on Telegram: https://t.me/honeyswapDEX

For Reddit lovers join: https://www.reddit.com/r/HNY

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Blazarius120
Blazarius120

Crypto Enthusiast, Investor, Marketing Specialist & Project Manager (Community Manager for Furucombo)


1Hive
1Hive

1Hive is a decentralized autonomous organization (DAO) that issues and distributes a digital currency called Honey. Read more at https://1hive.gitbook.io/1hive/

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