The Honeypot — November 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.
Despite market turmoil, we shipped in November…
We had a lot on our agenda this month, and our team has been working non-stop to ship as efficiently as possible despite the crazy markets trying their best to distract us. The month kicked off with most of the team getting together IRL in Lisbon to attend Solana Breakpoint.
🌍 Breakpoint
The energy was on another level in Lisbon for Breakpoint.
It was a fantastic opportunity to get together, not only as a team, but with the wider Solana community.
Everyone left Lisbon more bullish than ever on what Solana and our fellow builders are creating.
✅ Verified markets are live
The first verified markets went live with our friends Pesky Penguins, Lifinity Flares and OG Atadians.
To become verified on Honey, admins must create a verification proposal for their markets. This proposal requires 10 million veHONEY (currently 👀) to be approved, inviting DAOs to enlist their communities for the vote, or to bribe existing veHONEY holders.
📊 Permissionless markets are on-the-way
Honey is doubling-down on DeFi and soon anybody will soon be able to create their own markets on Honey!
DAOs, NFT projects, or Individuals can now become market admins, creating and operating markets on Honey Finance for profit. Any Solana NFT collection supporting the Metaplex standard can be used to spin up a lending market, inviting lenders and borrowers to engage in isolated markets hosted on Honey.
Learn more here: Permissionless lending for NFTs
The build continues 🧱
2022 has been an incredible year for Honey, and as it comes to an end, we still have a lot to ship before the laptops close for Christmas.
In December, you can expect:
- EVM testnet launch
- EVM sent to audit
- new veHoney program live
- swap page integrated
- implementation of HIP#4
- HIP#5 goes live
Let’s shout about Honey
HONEY HOUR 🍯
This month we’ve hosted three Twitter spaces — two Honey Hour AMAs with Tom and a collab space with Frakt to explore the future of NFTs. 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.
15th November — AMA w/ Tom post Breakpoint
18th November — AMA w/ Tom & Sailor
22nd November — Honey x Frakt: the future of NFTs 🎙
- How Frakt & Honey tackled the market downtown
- The need for a robust oracle infrastructure
- The relationship between AMMs and NFT lending
- The differences between Frakt & Honey
How Honey is revolutionising NFT lending 🖋
We often get asked…”how is Honey different?” This month Tom took to Medium to breakdown exactly that. If you haven’t read it yet, dive in:
How Honey is revolutionising NFT lending
NFT lending & borrowing in the news 📰
Following the collapse of FTX it is no surprise that the news (accurate or otherwise) focussed on the fallout of the exchange collapse and the story’s antagonist SBF. Despite that, there were a few articles outside of that saga that caught our eye.
It is some comfort to know that despite the turbulence of recent weeks, prominent DeFi protocols such as Aave and Uniswap “continue to hum along, attracting supply with premium interest rates, servicing non-custodial trades, and liquidating under-collateralised loans all at the speed of Ethereum.” — Decrypt
It is no small accomplishment that such a black swam event was coped with so effectively, not only on Ethereum but across the wider crypto landscape. On reflection we may find that this one event was a catalyst for those holding crypto funds to make the move to self-custody and explore the world of DeFi in a way that they previously hadn’t. Just take a look at Uniswap’s volume during that period:
If anything, this should be taken as a timely reminder that “transparent alternatives to the traditional centralised arrangement are proving why decentralised finance is so important. And these alternatives work really well.”
This month The Defiant also predicted that the next “growth spurt in crypto will come from tokens supporting loyalty programs that motivate community engagement, not from yield-generating protocols.” They go on further to predict that loyalty tokens will be the real driving force behind mass crypto adoption as they tap into the ‘fundamental’ value of crypto — community.
Tweet tweet 🐦
Outside of Discord, Twitter remains a hub for us to engage with the Honey community, our partners and beyond, and that has continued as usual in November!
Let’s keep buzzing…
A quick message from Tom…
Honey Labs is extremely proud of what we’ve built in November, and we’re grateful for all of the feedback we’ve gathered from the community (both on socials and IRL).
I personally got to meet many of you at both Breakpoint and Art Basel, and the passion within our community is clearer than ever. We’ve been able to discuss our product with various members of within the ecosystem, in order to adjust it to the needs of our users during this bear market.
Simply put, leveraging degen mints and speculating on floor prices is no longer the main focus of the community, and our product needs to reflect that. Luckily, we have an extremely versatile protocol, which can hedge and protect just as well as it can leverage.
We are taking all of this feedback into account, to build a resilient liquidity tool that will help our users through the bear market.
This market is an important trial run, emphasising the need to build valuable products instead of degen gambling, and we will come out the other side much stronger. In this spirit, we’re doubling down our efforts on certain projects such as insurance and fixed rates, to empower and protect bear market users. You can expect beta testing and documentation for these to start rolling out in the coming weeks.
Thank you for your continued support !
Tom Pandolfi, Founder of Honey Labs
That’s it for this month — we hope you feel as excited as we do about the developments that are kicking into gear as we approach the end of 2022. Stay tuned for all sorts of good stuff next time, and join us in the discord in the meantime.
See you then 🍯
