The Honeypot — December 22
We’re back to the latest edition of The Honeypot.
This is a monthly round-up from the comms team here at Honey. It covers 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.
That being said, let’s dive in.
2022 was a big year for Honey, and we ended it how we mean to go on…
🎄 We shipped for Shipmas
As the year came to a close, the team were determined to go out with a bang! We worked hard to end the year shipping everything we could for you all in the form of Shipmas. In the days running up to the holidays, we delivered:
- Elixir AMM integration
- Dialect integration
- HIP#5
- Market creator tool / GUI
- Many performance improvements across the dapp
- Permissionless farms
- Open source code
- Dark mode
📜 HIP#5
If you missed it, one very important recent release was Honey Improvement Proposal #5.
This proposal adds power in the hands of veHONEY holders, by granting authority and control over future implementations of Honey. It will set the trend for how Honey accomplishes it’s mission of building transparent and democratised financial infrastructure.
In anticipation of the voting going live very soon, we advise you head to the forum to read the proposal then attend one of our AMAs or jump into the discord to ask any questions.
🌴 Miami Art Basel
As we know, there is nothing quite like the opportunity to come together with the Solana and wider crypto community IRL, so that is exactly what Tom and Sailor did at the start of December when they attended Art Basel in Miami.
Whilst there they couldn’t miss the opportunity to do some shopping at Solana Spaces…
The build continues 🧱
Don’t forget to look back, here is a little reminder of Honey’s journey in 2022! Things only get bigger and better as we head into 2023…
Let’s shout about Honey
HONEY HOUR 🍯
This month we’ve hosted three Twitter spaces — two Honey Hour AMAs with Tom, and we featured on the Wired In Show by Netrunner. We’re committed to being as transparent as possible with our progress and plans, and providing you with plenty of opportunities to ask us questions!
If there are any topics you would like to hear us dive into next, let us know.
2nd December — Honey Hour — EVM launch AMA
https://twitter.com/i/spaces/1DXxyvneLBLKM?s=20
12th December — Wired In Show hosted by Netrunner NFT
https://twitter.com/i/spaces/1DXxyvneLBLKM?s=20
15th December — Honey Hour — Navigating the bear
https://discord.com/channels/881855452537823232/943944130059440248/1053485157572673548
AMMs, CLMMs — What are they? 🖋
Our BD Pedro has had the writing juices flowing this month! Not only has he tweeted a host of viral threads on the Solana ecosystem, but he has also taken the time to write this blog post that covers the differences between AMMs and CLMMs…if you haven’t had the chance to read it yet, get it bookmarked!
NFT lending & borrowing in the news 📰
In December the media were covering one of the trickiest problems facing all NFT lending platforms — the lack of quality and accurate pricing data. First up, oracle Chainlink announced in a blog post that it is offering floor price feeds for a number of Ethereum based NFTs.
“Chainlink’s NFT price feeds gather market data from multiple NFT marketplaces, calculate averages through Coinbase Cloud’s data analysis features, then deliver price data to smart contracts and applications through a decentralized oracle network.” — CryptoSlate
Following the launch of their NFT lending platform in September, X2Y2 are also looking to tackle this problem. They have established a partnership with NFTBank to provide accurate pricing data.
NFTBank years of work “led to an advanced machine learning-based statistical algorithm to provide price estimates for individual NFTs with over 90% accuracy. By using information such as floor price, rarity and bid/ask distribution, NFTBank’s ML model computes a single price value for any given NFT in a collection.”
Widely recognised for its NFT pricing information, NFTBank has recently integrated into MetaMask’s portfolio DApp, while also providing data for Chainlink, NFTfi, Pine, Stater and Unlockd Finance.
Honey is also in on the action, we have been working with NFTBank to facilitate pricing feeds on our Polygon testnet — keep up the good work NFTBank 🤝
Tweet tweet 🐦
Outside of Discord, Twitter remains a hub for us to engage with the Honey community, our partners and beyond. Despite Elon locking down our account for most of the month, the community continued vibing as usual in December!
Let’s keep buzzing…
A quick message from Tom…
December has allowed us to perfect a product that we are very proud to present. The market has changed a lot, and so has our strategy going into 2023.
For the team, 2023 means a lot of exciting milestones and narratives on the horizon.
The first will be the launch of our v1 — an audited and fully scalable protocol for NFT lending in the month of January.
Narrative 1 — Capital Efficiency
While capital efficiency has always been important in DeFi, it is now gaining more traction than ever, as a new wave of protocols learn to capture value from improved protocol designs.
Capital efficiency has always been one of Honey’s strongest points of competition, so we look forward to introducing it in a major way into NFT x DeFi.
Narrative 2 — Multichain
The goal of multichain is not to be on every chain, but instead to strengthen projects by becoming agnostic to individual chains. Users will have access to Honey, without having to worry about what chain they are on, as we abstract more and more of the blockchain infrastructure in our app.
Narrative 3 — Permissionless
Permissionless tools allow apps to massively scale during bull markets, while also future-proofing the protocol. Trending assets can immediately be integrated into the project by their communities in a few clicks, placing Honey at the heart of upcoming trends (tokens, collections, yield strategies, metas, etc.)
The team has been moving fast in recent weeks, as we attempt to change our development process. Our focus is on increasing feedback, shipping prototypes, and improving them with the community. No more building in silos — even if this allowed us to build something very close to our platonic ideal / vision, it can’t be a sustainable strategy for growth. Growth is done with speed, and we are overhauling the team and internal organisation in 2023 to do just that.
Tom Pandolfi, Founder of Honey Labs
That’s it for this year — we hope you feel as excited as we do about the developments that are kicking into gear as we go full steam ahead into 2023! Stay tuned for all sorts of good stuff next time, and join us in the Honey discord in the meantime.
See you then 🍯
