Honeyswap

Honeyswap

Dex Trading Volume(24h)

$129,325.72

2 BTC

About Honeyswap

What Is Honeyswap?

Honeyswap is a replicated deployment of UniSwap (V2) on the xDai chain. xDai is an Ethereum side chain with the same properties as Ethereum but a proof-of-stake consensus mechanism. That allows validators to verify blocks every five seconds, minimizing transaction fees in the process. UniSwap is the most popular decentralized exchange (DEX) on Ethereum, and pioneered the automated market maker (AMM) model .

The exchange is governed by the 1hive community, using the HNY token. It functions as an automated liquidity protocol with a constant product formula. As is the case for UniSwap, anyone can become a liquidity provider by depositing tokens in the liquidity pool and receiving LP tokens in return. Traders can swap tokens and developers can build integrations with the smart contracts, using them as so-called “money legos.”

The community is divided into different “swarms,” which build around different project initiatives. The DEX itself enables flash loans, oracles and token swaps. To use the exchange, users have to bridge their ERC-20 tokens from Ethereum to xDai.

Who Are the Honeyswap Founders?

Honeyswap is governed by a DAO in a decentralized and censorship-resistant manner. The Honey token is used to vote on governance proposals. The 1Hive protocol, which is the foundation of the decentralized exchange, is based on software built by Aragon. Aragon provides open-source infrastructure to DAOs and was founded by the Aragon Association, a Switzerland-based non-profit entity.

When Did Honeyswap Launch?

Honeyswap launched in September 2020.

Where Is Honeyswap Located?

Since the DEX is governed by a DAO, it has no central location but is managed in a decentralized fashion.

Honeyswap Restricted Countries

There are no formal restrictions on a decentralized exchange like Honeyswap. However, users from countries sanctioned by the US government can be sanctioned. These include Cuba, Iran, Zimbabwe, Iraq, Crimea, Syria, Sudan, Belarus and the Democratic Republic of Congo.

Honeyswap Supported Coins List

As a fork of UniSwap (V2), ERC-20 tokens are supported.

How Much Are Honeyswap Fees?

Honeyswap charges a 0.3% fee for token swaps. 0.25% is redistributed to liquidity providers proportional to their stake in the liquidity pool and 0.05% is a protocol fee going to the exchange itself.

Is It Possible To Use Leverage or Margin Trade on Honeyswap?

There is no leverage or margin trading on this exchange.

Read More

Markets

#CurrencyPairPrice USD1h Change24h Change

24h Txns

24h Volume

LiquidityFDV

Loading data...

Disclaimer: This page may contain affiliate links. CoinMarketCap may be compensated if you visit any affiliate links and you take certain actions such as signing up and transacting with these affiliate platforms. Please refer to Affiliate Disclosure