First Diesel Pool has been created!!!! Please welcome SWAP.HIVE vs BEE to Hive-Engine and the Hive ecosystem!
I can't believe how quickly this came together. Thank you @donchate for coding this. Thank you @cryptomancer and @eonwarped for reviewing it. Thank you @reazuliqbal for implementing a front end so quickly. Honestly, I'm shocked.
Anyway, Grats to the team. I've created the first Diesel Pool!
I then put in 40k SWAP.HIVE and a 43943 BEE.
You can see that for yourself on the Diesel Pools page on Tribaldex.com here:
What does this post mean?
It means Hive-Engine now has liquidity pools like Uniswap functioning on it. So, if you want to move between SWAP.HIVE and BEE you can now move significant volume in a single feeless transaction. It should give the witnesses who are earning BEE some more conviction that they're earning something of value as the BEE is now backed by HIVE.
Why should Hive people care?
Well, the first pool on the first day just got 40,000 HIVE staked into it without even a rewards system in place. That rewards system is next. Imagine what happens when tribes take off and people start staking HIVE into this tool a lot to earn various tokens as rewards.
This more than anything else happening on Hive has the ability to send prices to the moon.
Ok, so the pools are live, but the rewards system isn't. We're going to first modify the mining contract to work off of diesel pool stake. That means every day your token will have some inflation, and it'll check against who is staking it in the pool and then a portion of the inflation of your token will go to the people providing liquidity.
It's possible I'll add the ability for fees to be collected. That wasn't in the V1, but may happen later.
We also have Ethereum joining the ecosystem soon, and shortly after that should come ERC20s. Imagine all that Uniswap activity, but NO GAS FEES for traders.
This is a huge day for Hive!
We have Uniswap functionality living on Hive. It's still alpha, but it's bad ass. Try a few trades and if you're a tribe owner consider making your own pool. You can manually reward liquidity providers for now, and we'll have automatic rewards coming soon.