DeFi on Hive.
Idea:
I came across a method to create EVM compatibile structures for non-Ethereum chains.
- I think it would be a perfect way to increase access to Defi on Hive, and with second layer tokens being the reward tokens on Defi on Hive we would eliminate the need for bridges altogether.
- There are some issues to be worked out to make the Hive wallet more like metamask, and some other tweaks, but I think it's doable.This would introduce a scenario where security on Hive would be the envy of the world.
- Imagine being able to interface with defi projects from your hive engine wallet and add different portions of different hive-engine tokens to liquidity pairs on a decentralized dex on Hive.
- We have LeoDex and Hive Engine Dex, but we need smart contracts for liquidity pairs, and reward tokens .
- I would start with Hive-EVM token, a EVM token would be valued at one HBD, purchased from Hive Engine.
- I would sell them and buy them for one HBD.
- The initial air drop would be soul tokens, so they couldn't be sold, only deposited in an liquidity pair to earn non-bound EVM tokens.
- This would promote wide distribution of EVM tokens and avoid the inevitable Token price crash when the air drop occurs and people sell all their air drop tokens.
- I have always wanted to build such a EVM structure for amart cntracts on Hive, but lacked the expertise and the idea for soul bound tokens.
- But after reading articles on them, and an article by @edicted the idea came to me as a potential solution to the air dropped token problem.
- I will do more research in the EVM chains and the difficulty of creating the EVM on Hive, then forking the soldity contracts to run on Hive-Engine and a new LP pair project. Alomg with smart contracts on hive-engine for soulbound tokens and the LP payments.
- Hibve could become a self contained ecosystem with potentially much better cryptographic security for your trading wallet then metamask and Brave or Trust wallet.
- I would be intersetd in feedback on this idea.
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i lack tech expertise to understand fully, but sounds great.
Soul tokens would be dropped to HP holders? Or?
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(4/10)
This is pretty cute.
:)
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There were a few 2nd layer solutions that they wanted to build for EVM related but I don't think any of them were actually built.
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I read about a company/project that was planning to create them for Bitcoin, Litecoin and Dash. But I have lost the reference.
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Have been thinking about this for a few years now and I see it as a crucial step for us to have an EVM compatible sidechain or maybe an L2 ?