The Honeypot — August 2022
Hello, and welcome to the very first Honeypot.
This will be a monthly round-up from the team here at Honey. It will cover not just how the protocol has progressed from a development perspective but also everything else we’re doing behind the scenes, what’s happening within our community and maybe some sneak peeks of what is soon to come.
Only together do all these catalysts move us closer to our mission of empowering all of you to make the most of what DeFi has to offer with simple financial tools.
So what’s changed in August…
It has been a big month in the space, and for Honey.
This month we took a big step towards our goal of bringing a truly powerful hybrid P2P & P2C lending and borrowing protocol to NFTs. The first step on that path was launching our P2P lending beta, which we did successfully earlier this month. Kicking it all off with our very own Honey Bees.
As many of you already know, we at Honey believe that the real opportunity with NFT lending and borrowing lies not only with your 10k PFPs, but with financial NFTs. With that in mind, Strikr was the first of many verified collections on Honey P2P. This was the first step in our strategy to integrate financial NFTs into Honey. More liquidity, more volume, more debt… we believe financial NFTs will be the future of NFT x DeFi.
This Monday (5th Sept) our P2C devnet went live to the public. Our pollinators got first access over the weekend, but now it is open for anyone to experiment with through a prototype UI. On the devnet you are able to place bids, open positions and see liquidations take place in real time, but don’t forget that this UI isn’t what you will see when we fully launch (an update is coming soon…).
Crucial to our progress now and always is feedback from our community, so if you observe or experience anything whilst using the protocol that you think the team would benefit from hearing, please head to the feedback channel in our discord and let us know.
In the last four weeks we have also:
- submitted our code of auditing with OtterSec
- begun partnerships with DeFi protocols on eth
- released Honey Resources
- became financially transparent
Our founder Tom goes into much more details about the improvements we’ve brought in August in his latest report here:
Build, build, build…
All summer our brilliant team of devs have been non-stop developing and shipping product and we’re not slowing down in September. In the coming month, we plan to deliver to you:
- a brand new UI/UX !!
- the results of our SOL audit
- launch of P2C SOL lending beta
- send ETH P2C to audit
- ETH P2C testnet
- DAO bounty board
Apart from the protocol developments and improvements that will be rolled out. We’re going to be concentrating on raising awareness of Honey ahead of the launch of our new UX/UI within the Ethereum and Solana communities. There are many ways in which we will be doing this, increasing our appearances on podcasts, Twitter spaces and YouTube shows, collaborating with project communities and pushing out more branded content just to begin with.
💡 You can amplify the community and our movement simply by adding our honey pots (🍯,🍯) to your Twitter name. Just like our founder Tom 👇🏻
In our recent community survey (big thank you to those that completed it) we asked you whether this is something you would be happy to do and the overwhelming response was yes! So, now is the time to get Twitter buzzing 🍯
Let’s shout about Honey
AMA w/ Gaius 🎙
Earlier this month we did an AMA with our the SOL legend that is Gaius and his The Library community. This was a brilliant opportunity to fill everyone in on the host of updates and changes we’ve made to the protocol since we last spoke before the summer. If you missed it, you can still go and listen back here:
Dappie Gang 🎙
Then just last week Dappie Gang invited us to join a Twitter space panel alongside a host of other SOL DeFi protocols that we admire, including Marinade Finance, Lifinity, Bridgesplit, Cardinal, Penguin Finance and Sharky. It was a fascinating conversation around the wider trends influencing Solana NFT projects, the varying DeFi utility on offer, and how early we really are.
Go and check out the conversation here:
Over the coming weeks and months we’re going to be appearing on more spaces, podcasts and YouTube shows as we roll out our beta on both SOL and ETH… if there are any you would like to see us on be sure to let April (our new Head of Communications) know.
NFT lending & borrowing in the news…
This month we have seen NFT lending and borrowing featuring prominently in crypto media in no short part due to the incident with BendDAO. If you missed it, or want to get a deeper understanding of how it happened, and how Honey are building to avoid a similar fate you need to go and read the blog post from our team member @basgchaserjoe.
BendDAOver — The Greed in NFT P2C Lending
Then, as part of the wider NFT conversation James Caunt featured Honey in his article for Blockmate examining how NFTs will infiltrate our everyday life. He highlights Honey as a leading example of how lending and borrowing will be applied to NFTs.
6 game-changing use cases that will bring NFTs into your everyday life
“The most obvious use case for NFTs in DeFi is collateralization for loans. NFTs are currently illiquid assets, requiring an active market and willing buyers in order to realize their value. However, platforms such as Honey Finance will enable borrowers to get liquidity for their NFTs, while lenders obtain high yields. The NFT is automatically returned to the borrower when the debt is paid. If the debt defaults, the NFT is made available to the lender.”
Of course this isn’t all that has happened in the media, here are some highlights:
NFT NOW — Looking for Liquidity? Here’s Everything to Know About NFT Lending
Coin Telegraph — NFT lending protocol Bend DAO proposes emergency changes amid credit crisis
Meltem Demirors — Building Market Microstructure for NFTs
Coindesk — How to Get Liquidity From NFTs Without Selling Them
Tweet tweet
Outside of Discord, Twitter remains a hub for us to engage with the Honey community and beyond, and we’ve been enjoying doing that more than ever in August.
In our community survey it was revealed that Twitter threads and spaces are your favourite way to learn about DeFi and NFTs, so this is something we’re going to be working hard to deliver more of in the coming weeks and months.
Let’s keep buzzing…
A quick message from Tom…
Thank you to our community for standing by our side during this critical building phase. It has allowed us to thoughtfully develop a scalable product that we can be proud of.
There are three big updates on the horizon, for which we will need to enlist the full support of our community:
Open Source — we reap the true benefits of open source when we’re able to share our code with brilliant developers, so make sure to help us broadcast our upcoming open source incentives 👀
New Dapp — We’ve completely redesigned our new interface to be simple and intuitive for NFT users, but only you can tell us if we got it right.
HIP#4 — We can’t reveal too much about this event just yet, but when the time comes, we’ll need all of you to be present. (Announcement September 20th)
That’s it for this month, we hope you feel as excited as we are about the developments that are kicking into gear. Stay tuned for all sorts of good stuff next time.See you then 🍯
