BeeSwap's road to DEX

Foreword: At present, there are more and more Swaps in the DeFi field, and the competition on DEX is becoming increasingly fierce. BeeSwap is also a DEX, so what is the difference in its exploration? The following is from BeeSwap's community AMA, which was asked by users of the Blue Fox Notes community, and Kennedy, a partner of BeeSwap's global community, shared the answer.

1. Since the fork of Sushiswap, Uniswap, various "vegetable and fruit swaps" have emerged in the market. What do you think of this phenomenon?

Just judging from the matter of naming, everyone is relatively lazy, haha.

Vegetable, melon and fruit swaps emerge in endlessly. We can understand it as a form of market enthusiasm. We know that the industry will generate hot spots in the process of development, and the birth of hot spots will play a catalytic role in market changes.

The good thing about this phenomenon is that it can help bring continuous enthusiasm and vitality to the industry. However, if the vegetables and fruits on the market are imitated, they will not produce their unique value to the industry. In the long run, it will be a kind of harm and overdraft to the industry, which will cause bad money to drive out good money.

2. The current swap is generally named after "various food swap". Why do we call it BeeSwap? Is there any reason?

The American restaurant chain Applebee's plans to launch NFT collectibles every Monday in December: According to news on December 18, the American restaurant chain Applebee's recently announced that it will hold a \"Metaverse Mondays\" event, planning to release a new one every Monday in December. NFTs for sale. This week, the restaurant chain sold its first NFT, a tech-colored burger created by New York artist Amber Vittoria, for $25. It is reported that in addition to the NFT, the buyer also received an Applebee gift card containing $1,300. (Cointelegraph) [2021/12/18 7:47:46]

First of all, in terms of values, the organization of bees is an altruistic organization: bees make honey and do not eat for themselves. As a decentralized organization, we naturally hope to build such community values. The core participant of the blockchain is the DAO, and the bee is the best DAO in our opinion.

Ecologically speaking, bees have a very healthy ecology. In this ecology, each type of bee performs its own duties and develops together to ensure their long-term prosperity.

In terms of output, in addition to being self-sufficient, bees can also create surplus value honey that is higher than their survival needs. We also hope to provide our value to the entire industry.

Swarm Foundation: Soft launch of Bee mainnet will take place on June 13: According to official news, the Ethereum decentralized storage network Swarm Foundation announced that it will soft-launch the Bee mainnet on June 13, 2021. Swarm stated that the Bee client has been running for a while now, and projects such as Fairdrive, Waggle, Swarm.city, Beefree, Ready Fighter One, Atelier Ludensis have all adopted the Swarm Network and used it for their DApps. The network is currently ready for a full mainnet launch, as well as the deployment and distribution of BZZ tokens. [2021/6/4 23:10:29]

3. Entering 2020, the development of DeFi has accelerated significantly, and the current locked assets have exceeded 10 billion US dollars. However, in the entire financial industry, it is still a very small player. What do you think of the current situation of the DeFi market? If DeFi wants to go to the mainstream crowd, what aspects should be solved?

I would like to summarize the DeFi market in two words:

The first is potential: In 2020, the DeFi market will usher in explosive growth, and the locked-in value of DeFi as an indicator to guide market liquidity has been soaring all the way. On September 18, the locked-in value of DeFi hit a new high of 10.812 billion US dollars. The explosion of DeFi fully demonstrates that the open and transparent decentralized financial model based on the blockchain has huge development potential and will play an important role in the future development of the industry.

Time magazine uses Beeple's NFT creation as its cover: On April 27, digital artist Beeple used technology from Nvidia to create a cover for Time magazine, adding: \"I think we are at the bottom of art history The beginning of a chapter.\"It is reported that Beeple's real name is Mike Winkelmann, born on June 20, 1981, he is a graphic designer from Charleston, South Carolina, USA. [2021/4/28 21:06:59]

The second is the bottleneck: Behind the sharp rise in the prices of various DeFi project governance tokens, their market share is only 1% in the entire blockchain ecosystem, which is a drop in the ocean compared to the size of the entire financial market. A large number of blockchain users have not yet participated in the DeFi market.

The reason, we think, is the technical level of the public chain first: most DeFi projects are developed based on ETH, and other projects cannot participate. In addition, ETH is facing high congestion, and high handling fees are a hurdle that all users and project parties need to face.

The second is the level of mining mode: the current liquidity mining on the market is basically unlimited mining and unlimited dolls. This method makes tokens continue to inflate and issue infinitely more. Users cannot see the value support, cannot build consensus, and the project cannot go further, which is not enough to support the sustained attention of blockchain users, let alone help the blockchain industry to reach more people.

BeeSwap reached a strategic cooperation with Huobi Mining Pool HPT: According to official news, BeeSwap, an NFT-DAO ecological mining pool based on the Huobi ecological chain Heco, announced a strategic cooperation with Huobi Mining Pool, and will officially launch the pledge on January 22 HPT won the honeycomb blind box airdrop event.

Huobi Pool Token (HPT) is the ecological token of Huobi Pool, which is organically combined with various businesses of Huobi Pool. HPT holders can receive incentives for holding digital assets in Huobi Mining Pool every day, and can also deeply participate in the future development of Huobi Mining Pool. The current circulating market value of HPT is 26.9072 million USDT, the circulation volume is 6,383,682,200 HPT, and the cumulative number of users is 319,094. In this event, users can obtain BeeSwap blind box airdrops by staking HPT.

BeeSwap is based on the NFT-DAO ecological mining pool of HECO (fire coin ecological chain), and introduces the NFT-DAO mechanism in community governance to help users capture higher ecological value and create a highly cohesive community consensus. At present, it has received strategic investment from many institutions such as N7Labs, GXChainCapital, NovaClub, Fusion Capital, IT.Capital, Leading Capital, Pixiu Capital, etc. [2021/1/22 16:47:55]

So we mainly solve it from two levels. From the community governance mechanism, we introduced NFT attribute tokens to build our queen bee, so as to gather community consensus, capture value, and enable more users to truly participate in community governance. From a technical perspective, we are committed to building a cross-chain aggregation platform.

News | qiibee appoints vice president of American Express as chief strategic advisor: qiibee, a Swiss loyalty token protocol startup, recently announced that it has appointed Chris Cracchiolo, vice president of American Express, as its chief strategic advisor. Cracchiolo has worked at American Express for 12 years, and currently serves as the general manager and executive vice president of American Express Global Membership Rewards and Loyalty Program. Nearly 20 years of professional experience. Talking about his role as qiibee's strategic advisor, Chris said, "qiibee is at the forefront of changes in the loyalty industry, effectively combining the loyalty industry with blockchain applications. By helping brands run their loyalty programs on the blockchain, improve The efficiency of the loyalty industry can significantly improve the loyalty experience of brands and consumers. The platform created by qiibee is very unique, and I am honored to be able to participate in it.” [2018/10/8]

4. The current DEX has some pain points, such as the impermanent loss of liquidity providers, high transaction fees for traders, slow transaction speed, poor trading experience, etc. Does BeeSwap have any improvement measures in these areas?

An AMM system can choose an unlimited number of specific curves for pricing, and the current platform uses a single curve. We can abstract all these different pricing functions, calling the entire class Constant Function Market Makers (CFMMs). BeeSwap will support multiple AMM curves according to the characteristics of different tokens, such as using the Stable curve in stable coins. the

For the problem of high transfer fees, we will also try to introduce the ETH Layer2 protocol to solve this problem. At present, the industry already has some relatively mature technologies, and we are communicating with them to come up with corresponding solutions.

5. Different from the current single-token model of various swaps, Beeswap adopts a dual-token operation mechanism, which includes the DAO-governed token BEE and the ecological token HON. Why do we adopt this mechanism design? Two tokens What are the uses of each coin, and what value does each capture? What is the relationship between them?

BeeSwap adopts a dual-currency governance structure, which is composed of BEE, the DAO governance token, and HON, the BeeSwap ecological token. The two complement each other. BEE can produce HON, and HON can also feed BEE to generate more HON. the

Bee (BEE) is a governance currency, which mainly governs the community through him and NFT-BEE. The synthetic queen bee (NFT-QUEEN) needs to pass BEE. The queen bee can propose, and the proposal also needs to consume BEE, and users also need BEE to vote on the proposal. Govern the community through the NFT-DAO model based on BEE and NFT-BEE. The higher the community consensus, the higher the value of BEE.

Honey (HON) is the currency of the Swap ecological platform, which can be generated through BEE pledge, and can also be used to feed BEE to help it generate more HON; thus forming a linkage with the value of BEE. In addition, HON will also serve as a hard currency in BeeWorld to anchor the value of NFT-QUEEN and NFT-BEE, and participate in auctions in the mall.

In addition, as a Swap platform currency, users who provide liquidity can also get HON rewards. The HON handling fee generated will be used for repurchase and destruction. It can be said that the higher the liquidity on BeeSwap, the higher the value of HON.

6. How are the governance token BEE and ecological token HON generated and distributed? Is there a plan for liquidity mining?

As I just said, BEE is mainly generated through staking. We now support several mainstream pools, and will also support LP mining of liquidity providers on platforms such as Uniswap to generate BEE.

HON is generated through BEE pledge mining, and it may also support the liquidity mining of BEE trading pairs in the future. Even HON's transaction pair liquidity mining.

For the specific distribution ratio, please pay attention to our official website. Pool selection and allocation, future users can participate by voting.

7. In BeeSwap, it is very special that it has BeeWorld. BeeWorld can generate Queen Bee NFT and Synthetic Bee NFT. Can you introduce how they are generated? what is the purpose? What is the reason for this design?

There are three ways to produce the queen bee. Users can obtain it by lottery by participating in pledge mining and liquidity mining. In addition, BEE synthesis also has a certain probability of producing a queen bee. Synthetic bee will be simpler, as the name suggests, it can be synthesized through BEE.

The queen bee and the synthetic bee have two uses. The first one is to pledge to generate higher honey income. The second is to conduct auctions through our auction platform.

The main purpose of launching NFT attribute BEE is to capture community value. There is a saying in the industry that DeFi provides high liquidity and NFT captures high value. The spiritual leader of bees is the queen bee, and the core value of the community should be defined by NFT-QUEEN. The higher the value of the queen bee, the higher the value of the colony, and vice versa.

The birth of the queen bee is based on luck and is born by lottery, which is in line with the laws of nature, just as each of us cannot decide our own origin. But the queen bee also has the right not to be a queen bee, and he can auction off his own value. Synthetic bees are designed to convey the principle of fairness, the more you pay, the more benefits you will get.

In addition, in terms of community governance, 99 queen bees are equivalent to 99 nodes. Nodes have the right to make proposals, and every BEE holder has voting rights, so they can participate in the governance of the community and make the community more healthy. The value of the queen bee itself is not only reflected in its scarcity, but the value it can create and the increase in output rights are the best benign support for its value.

8. In terms of project progress, what is the current stage, and what is the plan for the next year?

Our audit work has been completed and will be launched in the near future. After going online, users can obtain BEE through Staking. For the specific launch time, pool and quota, you can pay attention to our official website. In the coming year, we will gradually improve our products and develop an ecological cluster around BeeSwap. Including BeeWorld, BeeStore, etc., to create a high-consensus decentralized trading platform based on NFT-DAO to provide better DEX services for everyone.

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