HoneyFinance Ready For Public Launch
After a long time getting ready, waiting for the PancakeSwap V2 migration and letting the market volatility pass through, HoneyFinance is finally ready over the Binance Smart Chain. And it is not just another Yield Farming platform, it is a revolutionary Yield Farming platform.
What is HoneyFinance?
In brief, HoneyFinance is basically a Yield Farming platform running on the Binance Smart Chain ecosystem.
What is the purpose of HoneyFinance?
The platform is designed to let people’s money work for them. So, instead of having a couple of bucks stored in a bank or in a crypto wallet, people can invest them in HoneyFinance and receive high returns without doing anything.
What are the products offered in HoneyFinance?
Farms and Single-Token Pools. Those are the first products available for users in HoneyFinance.
Farms
- HONY / BNB
- BNB / BUSD
- BTCB / BUSD
- ETH / BUSD
- USDT / BUSD
Single-Token Pools
- HONY
- CAKE
- BAKE
- ADA
- BUSD
What about the Tokenomics?
The main cryptocurrency of HoneyFinance is HONY.
Token Name: HoneyFinance Token
Token Symbol: HONY
Token Decimals: 18
Contract Address: 0x727Df3D8b1FE3c0E8D8e6c76F22723C362CdD6d8
Emission rate¹:
The HONY emission rate is set to be reduced every four weeks during the first sixteen weeks. This mechanism is applied to create scarcity and increase its value.
Farming starts on block 8,225,000.
E.T.A: June 12, 2021 — 05.50 UTC
Scheduled rate from June 12 to July 10:
Reward per block — 2.5 HONY
Daily emission — 72,000 HONY²
Distribution:
Every block, the minted HONY will be distributed among the Farms and the Single-Token Pools according to their allocation. This can be found here.
¹ more information about the emission reduction in the documentation.
² based on the daily average of 28,800 blocks over the Binance Smart Chain.
Deflationary Mechanisms and Buy-Back Operation:
During this early stage, HoneyFinance starts working with one reliable and effective mechanism to reduce the total supply of HONY and maintain relatively stable its price.
At the moment, all the non-HONY Farms and Single-Token Pools have a dynamic small deposit fee. This fee is going to be used in the following way:
- 60% of total fees collected will be used to execute a Buy-Back of HONY.
- 40% of total fees collected will be transferred to the Treasury wallet.
The Buy-Back Operation will be executed manually by our team when the established requirements are met, per example when the HONY price drops significantly.
After the execution of the Buy-Back Operation, it will happen the following:
- 70% of the HONY received will be transferred to the Burn address.
- 30% of the HONY received will be transferred to the Treasury wallet.
Extended information about these mechanisms and other relevant data can be found in the official documentation.
Why does the UI look similar to PancakeSwap?
Since December 2020, we have been continuously studying most of the new projects that arrived on the Binance Smart Chain. After analyzing the situation and performing several surveys to the different potential users, we have concluded that the PancakeSwap UI is the most understanding user interface for the users.
So, it is not a simple copy & paste. We have studied this option very seriously and we have performed the changes we found opportune in benefit for our community. This is the result of six months of hard work.
What about the future?
As we said before, HoneyFinance is not just another platform out there in the Binance Smart Chain DeFi jungle. We have a ton of plans to be implemented in a short and medium term. We can not explain much of this now because competence is waiting to steal the new ideas right away, but we can say that auto-compounded vaults, NFTs and Public & Private IFOs are coming shortly. We will be providing all new announcements in our social media, stay tuned not to miss a thing!
In addition, our team is constantly growing; we are looking for new people to work in HoneyFinance and to work for you.
Alright, what now?
It is HONY time! Go straight to honance.com and enjoy your dream honeymoon!
Official links:
Website: https://honance.com
dAPP: https://app.honance.com
Documentation (recommended to read): https://docs.honance.com/
GitHub: https://github.com/thehonymaker
Telegram Announcements: https://t.me/HoneyFinanceAnn
Twitter: https://twitter.com/honymakers
From HoneyFinance, we welcome you to the revolution of Decentralised Finances. Bon appétit!
