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:
https://tribaldex.com/dieselpools/pools
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.
What's next?
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.
I'm glad we have someone like you taking care of the future of hive.
Thanks Aggy, keep it up :)
Such positive news for Hive! I'm excited to see what other pools will come =)
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Great work to everyone on Hive-Engine team! It's gonna be so much fun market-making now! 😁
!HYPNO !gif stonks
Via Tenor
Hey @aggroed, here is your HYPNO ;)
https://twitter.com/bitinvest_news/status/1363826806319689730
I'm so excited to be involved and supporting everything behind this as a hive-engine witness, GREAT WORK, I can't wait to see what's next!
Well I saw somebody else has created for Swap.hive/DEC too . This is amazing :) Great job.
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BTW , I just tried to see how it works and got this error -
I think it has to do something with decimals ?
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rounding error which isn't caught on the front end. Delete some of the decimals and try again.
Okay will do it .
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Amazing stuff going on!
Terrific news. Just sent shared some LUV tokens for the Diesel Pools.
Really amazing!
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Worked great! just traded swap.hive for bee :)
SWAP.HIVE/WEED Pool is live!
This is awesome! Looks great... If I didn’t pay the BEE to start another nitrous site last night I would have a LIST option set up! So that will be coming soon! But one suggestion @aggroed... Maybe put a link for the Swap option in the main menu and then have the pool option. Might bring it forward in focus a bit more... again just my suggestion.
Thank you for all your work on Hive Engine. This is very Important. Hive will profit from this.
Great job!
What's the annual inflation rate of BEE?
Awesome news)
Quick question: what liquidity providers earn in this case?
Only what an external source is willing to give. Often the pool creator has to think of an incentive.
I guess if a token creator has excess tokens or has control over inflation tokens...
Right, so in case of Bee / Swap Hive who is the source?
Free transactions is cool to have fun, but all this Defi stuff is about providing liquidity for a revenue, I personally don’t understand where the revenue comes from in terms of Diesel Pools
The token issuer create additional inflation and give it as rewards to the liquidity providers, possible gamified with NFTs.
I am planning to increase inflation of LCASH and make a pool with gamified rewards, based on booster NFT cards. Stay tuned :)
This should be automated, right?
Most is automated yes with smart contracts on Hive engine. The inflation is a decision by the token issuer.
Actually the gamifycation is something for the future maybe I just was told.
Wicked
Dude there is nothing wicked about it, you must be confused, these tribe (including Lassecash) and everything in Hive Engine is anarchocapitalistic, its your option if you participate or not.
I’m always confused
Oh By wicked I mean as in great in the U.K. wicked can be used both ways 😭
oh its the slang way, so its positive?
Ahaha yes -
ok got it, I was a little unsure what you meant at first, thanks for info... yes Diesel pools should be quite interesting, potentially giving rewards when they are done.
Definitely cracking stuff I’ll be the first to join tried adding liquidity earlier as a test but might of been connection will try again later
yeah, Diesel pools are dope.. I think a reward system will be ready in about 2 weeks, gamified reward system tied to NFTs are later in the future. Thats what I understand.
We’re ON TRACK!! 😍
Decided to get my feet wet, made a pool.
aweeeesommeee!
but remove the animation from the icons, it is a little infuriating
https://twitter.com/HiveToday/status/1363930460632457218
That's amazing news! Well done guys!
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This is amazing! I've been using Uniswap for a while now... but I'm constantly put off by how high the fees are. This is incredible functionality for Hive!
happy to see thank you @aggroed @donchate @cryptomancer @eonwarped @reazuliqbal for continuing to add value here, it makes creating & investing here not feel like a gamble or a snatch and run.
HUGE future thank you for whoever lays out the foundation for the BAT/HIVE or BAT/BEE LP & for scheming up a very simple and almost fee less way to move BAT tokens around in general.
:)
I love this
https://twitter.com/hive_blockchain/status/1363976729325404160
Thanks a million brother
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https://twitter.com/NathanMars7/status/1363978456036474886
Gracias por compartir esta hermosa noticia. Saludos y mucho éxito para todo el equipo trabajador de Hive-Engine. 😘
I don't think there is another witness who brings as much value to HIVE as you. Thank you.
Well done boyzzz, well fucking done!
@aggroed,
Here we go!
have few question due to I am not a tribe owner, but a token owner! Will reach you at discord.
!wine
Cheers~
Congratulations, @theguruasia You Successfully Shared 0.200 WINE With @aggroed.
You Earned 0.200 WINE As Curation Reward.
You Utilized 2/3 Successful Calls.
Total Purchase : 16631.328 WINE & Last Price : 0.280 HIVE
HURRY UP & GET YOUR SPOT IN WINE INITIAL TOKEN OFFERING -ITO-
WINE Current Market Price : 1.300 HIVE
"What does this post mean? It means Hive-Engine now has liquidity pools like Uniswap functioning on it."
And what does THAT mean?
Good work guys.
I am planning a swap.hive/LCASH diesel pool, ones the reward system are in place and after a token swap.
Aweeesome
When you already have a Token, what is the 1000 BEE on the Diesel pool page needed for?
Is it like actually burning a 1000 BEE to be able to create a Diesel pool? At least in that way it makes sense.
Yes. it's a platform fee and the BEE is burned benefiting all holders of BEE, owners of WORKERBEE, and all witnesses earning BEE.
Thanks! 👍
Congrats, already tried a swap, it's awesome!
Is there something that tells you the APR of locking in stuff? For example on coingecko or coinmarketcap website they have the APR on Uni/Sushi/1inch/etc.
I think Diesel pools need a small fee like Uniswap that can be used as an incentive for liquidity providers.
Dude!! This is insanely easy!! Even the swaps I did to get tokens to add to pools went as smoothly as anyone could ask. How long before everything is on here? I want RUNE and UNI, but I'll take whatever. I'm loving it!